Monitoring Tools Market By Component (Software, Services) , By Deployment (Cloud, On-Premises) By Type (Infrastructure Monitoring Tools, Application Performance Monitoring Tools, Security Monitoring Tools, End-user Experience Monitoring Tools) By Vertical (BFSI, Retail & E-commerce, Healthcare, IT & Telecom, Media & Entertainment, Manufacturing, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Monitoring Tools Market
The monitoring tools market was valued at $26.5 billion in 2023 and is projected to reach $140.4 billion by 2032, growing at a CAGR of 20.1% from 2024 to 2032.
A monitoring tool is a system required for inspecting the health & performance of IT applications and networks. The tool identifies problems and optimizes system performance in real time, ensuring consistent availability of IT infrastructure. The major elements that a monitoring tool focuses on during surveillance include system traffic, latency, saturation, and errors. Increase in the complexity of IT infrastructure owing to the advent of ingenious technologies such as cloud computing, the Internet of Things, and hybrid systems has necessitated the deployment of monitoring tools.
Increase in the complexity of IT infrastructure has elevated concerns regarding cyberthreats and data breaches, thereby boosting the adoption of efficient monitoring tools. In addition, rise in the popularity of real-time insights regarding system performance has augmented the development of the monitoring tools market significantly. With informed decision-making gaining popularity among businesses, the integration of predictive analytics technology into monitoring tools is trending in the market. The technology analyzes patterns from the extensive data generated by systems, thereby helping businesses to improve resource allocation and make data-driven investments.
However, the implementation & operation of monitoring tools is a capital-intensive process and requires highly proficient technicians. These factors act as a restraint for the growth of the monitoring tools market. Furthermore, challenges pertaining to technological obsolescence owing to frequent upgradation requisite hampers the market development significantly. On the contrary, as the popularity of remote work continues to expand, the monitoring tools market is anticipated to witness several lucrative opportunities in the future. According to the findings of Upwork—an American freelancing platform—approximately 32.6 million individuals are expected to be working remotely in the U.S. only. This is projected to boost the adoption of monitoring tools among companies to ensure the security of their sensitive data.
Segment ReviewThe monitoring tools market is segmented into component, deployment, type, vertical, and region. On the basis of component, it is bifurcated into software and services. Depending on deployment, it is classified into cloud and on-premises. By type, it is divided into infrastructure monitoring tools, application performance monitoring tools, security monitoring tools, and end-user experience monitoring tools. As per vertical, it is categorized into BFSI, retail & e-commerce, healthcare, IT & telecom, media & entertainment, manufacturing, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA
Key FindingsOn the basis of component, the services segment held a high share of the market in 2023.
Depending on deployment, the cloud segment acquired a high stake in the market in 2023.
By type, the infrastructure monitoring tools segment was the highest shareholder in 2023.As per vertical, the BFSI segment dominated the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe major players of the global monitoring tools market include Amazon Web Services, Inc., Cisco Systems, Inc., Dynatrace, Inc., Google LLC, IBM Corporation, Microsoft, Microsoft Corporation, NETSCOUT Systems, Inc., NetScout Systems, Inc., New Relic, Inc., Riverbed Technology LLC, and Splunk Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy ComponentSoftware
Services
By DeploymentCloud
On-Premises
By TypeInfrastructure Monitoring Tools
Application Performance Monitoring Tools
Security Monitoring Tools
End-user Experience Monitoring Tools
By VerticalBFSI
Retail E-commerce
Healthcare
IT Telecom
Media Entertainment
Manufacturing
Others
By RegionNorth America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersAmazon Web Services, Inc.
Cisco Systems, Inc.
Dynatrace, Inc.
Google LLC
IBM Corporation
Microsoft
Microsoft Corporation
NETSCOUT Systems, Inc.
NetScout Systems, Inc.
New Relic, Inc.
Riverbed Technology LLC
Splunk Inc