Digital Experience Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Enterprise Size (Large Enterprises and SMEs), Deployment Type (On-Premises and Cloud), and End-User (BFSI, IT and Telecommunications, Retail and Consumer Goods,

Digital Experience Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Enterprise Size (Large Enterprises and SMEs), Deployment Type (On-Premises and Cloud), and End-User (BFSI, IT and Telecommunications, Retail and Consumer Goods, Healthcare and Life Sciences, and Others)

The global digital experience monitoring market size is expected to grow from US$ 2,156.71 million in 2021 to US$ 5,960.87 million by 2028. Digital experience monitoring market size is estimated to grow at a CAGR of 15.9% from 2022 to 2028.

The customer feedback system critical to any functional and profitable industry has been enhanced thanks to technology improvements. For example, companies are implementing an online feedback system using a cutting-edge Customer Relationship Management (CRM). As a result, client input directly aids in making real-time modifications and updating the company’s software to conduct a real-time assessment of the quality and adjust or change as needed. Any company experiencing a digital transition must implement digital experience monitoring systems. Streamlining the digital procedures involved in running a company lays a strong basis for future system changes or ongoing innovation. The rise in the adoption of technologies such as the Internet of things (IoT), artificial intelligence (AI), and big data across industries fuels the digital experience monitoring market share, and it aids businesses in resolving issues and improving IT decisions concerning devices and application performance. According to Statista, as of 2022, 35.82 billion IoT devices are installed worldwide, and by 2025, there will be 75.44 billion devices. From smartwatches to voice assistants, IoT gadgets are changing the way we work, communicate, and interact with one another. Consumer internet and media devices, such as smartphones, automobiles, IT infrastructure, and asset tracking and monitoring are the most important IoT devices in the consumer market. End-user adoption of smart devices is a major driver of end-user experience monitoring, which will boost the demand for the digital experience monitoring market.

Cloud and mobility are hastening an unprecedented wave of corporate upheaval, with 70% of the top ten global enterprises being founded for the first time. Companies such as Amazon, Southwest Airlines, Apple, Disney, TD Bank, and others emphasize their customers and end-user experience to enhance the software/application they deliver thus impacting the digital experience monitoring market share. As more digital services go beyond firewalls and Application Performance Management (APM) becomes less cost-effective, end-user or digital experience monitoring (DEM) technologies will become increasingly popular. Therefore, modern end-user digital experience monitoring solutions are specially built to monitor performance and availability from the user's perspective.

Insurers utilize IoT to identify risk correctly, improve client interaction, and speed up and simplify the underwriting and claims process in the finance industry. For example, auto insurers have traditionally used indirect factors to determine premiums, such as a driver's age, residence, and creditworthiness. Owing to the Internet of things, data on driver behavior and vehicle use, such as automobile speed and frequency of night driving, is now available. Insurers may contact clients more regularly and provide new services based on the collected data thanks to the technology. Customers frequently deal primarily with agents or brokers and only get the insurer directly for policy renewal or claims management, making the digital experience monitoring market suitable for efficiency advantages. Thus, to enhance the performance of IoT application and system, end-user or digital experience monitoring (DEM) plays a crucial role.

Impact of COVID-19 Pandemic on Asia Pacific Digital Experience Monitoring Market

APAC is highly affected by the COVID-19 pandemic due to many cases. The country is the most crucial manufacturer and industrial producer since it trades more manufacturing goods than any other country worldwide, and it is a world leader in several types of goods. The Center for Strategic and International Studies has reviewed the estimates of China’s growth, and a drop was observed in GDP in 2020. Other major economies, such as India, South Korea, Australia, and Japan, have also been impacted by the pandemic and are experiencing a decline in the digital experience monitoring market growth. However, the increasing number of COVID-19 cases and high death rates in countries, such as India and various Southeast Asian countries, slightly affected the market growth in 2020. Furthermore, the region's growing use of cutting-edge technologies, such as AI and IoT, would drive the market after the COVID-19 pandemic. These technologies are becoming increasingly significant in enhancing IT choices and assisting organizations in effectively solving challenges linked to user experience and device performance. Hence, the impact of the COVID-19 pandemic on the growth of various industries in the region slightly influenced the digital experience monitoring market growth in 2020.

Digital experience monitoring market analysis by enterprise size, the digital experience monitoring market is segmented into large enterprises and SMEs. Digital experience monitoring market analysis by deployment type, the market is segmented into on-premises and cloud. Based on end-user, the digital experience monitoring market is segmented into BFSI, IT and telecommunications, retail and consumer goods, healthcare and life sciences, and others. Based on geography, the global market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).

The global digital experience monitoring market has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and digital experience monitoring market forecast concerning all the market segments. Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights into the topic. Participants in this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the digital experience monitoring market.

BMC Software, Inc.; Broadcom Inc.; AppDynamics LLC; Dynatrace LLC; IBM Corporation; ControlUp Technologies LTD; Lakeside Software, LLC; Aternity LLC; Nexthink SA; and Catchpoint Systems, inc. are among the key companies operating in the digital experience monitoring market.

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List of 14 Companies

AppDynamics LLC
BMC Software, Inc.
Broadcom Inc.
Catchpoint Systems, inc.
Dynatrace LLC
IBM Corporation
Micro Focus
Oracle Corporation
Riverbed Technology, Inc.
SAP SE
ControlUp Technologies LTD
Lakeside Software, LLC
Aternity LLC
Nexthink SA