Northbrook, IL 60062 -- (SBWire) -- 07/26/2023 --The global Observability Tools and Platforms Market size is expected to grow from USD 2.4 billion in 2023 to USD 4.1 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period, according to research report by MarketsandMarkets™.
The advancements in cloud technology, open-source software, and development tools, monitoring tools, rise in cloud-native demand, a surge in adoption of cloud computing services, the growth of advanced technologies such as AI, ML, IoT, real-time data analytics, enablement of AI-based tools in IT operations, are few key factors driving the growth of the observability tools and platforms market.
Browse 250 market data Tables and 60 Figures spread through 210 Pages and in-depth TOC on "Observability Tools and Platforms Market - Global Forecast to 2028"
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By component, the solution segment to hold a larger market share during the forecast period
Observability platform provides tools for evaluating, monitoring, and managing cloud services, applications, and infrastructure. It provides features such as full visibility across the cloud, eliminating blind spots, and early detection of issues and vulnerabilities to secure the cloud, better insights, cost control, fast troubleshooting, and performance tracking across the cloud. Moreover, Observability solutions are built for organizations of various sizes, and as the cloud activity increases, the monitoring tool can scale simultaneously. These solutions are also available on a subscription-based model, which reduces operational expenditure. These advantages of the solutions are expected to fuel their demand in the future.
By vertical, Retail and consumer goods exhibits significant growth in the market during the forecast period
Data observability in the retail industry helps improve internal analytics, and shopping experiences, notably reducing time-to-detection of data quality issues and increasing revenue with reliable and trustworthy data. Challenges that were faced by the industry in the past years were such as missing and duplicative data, complicated queries, and inconsistent logic across pipelines which created confusion in analytics, missing ingestion pipelines from marketing sources, loss in visibility to increase marketing spend efficiency, lack of access to fresh, up-to-date data for stakeholders to make decisions. With Data observability, the retail industry has gained a few benefits such as custom alerting for known business logic, such as update frequency for third-party data, field-level lineage graphs that help show the downstream impact of changes, and automated thresholding for data quality metrics across key tables. With the advent of e-commerce and online retailers, the retail industry has faced tremendous changes in recent years and has readjusted itself to the new business environment. Shop retailers are adopting more innovative technologies, such as cloud computing and big data analytics, to sustain and thrive.
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Asia Pacific to grow at the highest rate among regions in the observability tools and platforms Market during the forecast period
Observability Tools and Platforms market in Asia Pacific has been studied for countries such as China, Japan, India, and the Rest of Asia Pacific. The region is expected to experience extensive growth opportunities due to high consumer spending, internet penetration, and the rising adoption of advanced technologies, such as AI, ML, analytics, and cloud computing. The presence of many prominent large multi-national companies and emerging fruitful startups in the region has led to rising demand for the latest Observability tools and platforms. Major factors for technological advancements in the region are the rising levels of urbanization, technological innovation, and government support for the digital economy. Rapid advancements in telecommunications, cloud computing, and IoT have led to several organizations adopting cloud-based strategies. The increasing adoption of cloud technologies and the massive amount of data has led to the complexity of managing workloads and applications manually, which is the primary factor in adopting observability solutions among enterprises in this region.
Market Players
The Major Players for observability tools and platforms market include some of the key vendors as well as startups offering Observability solutions across the globe, which include Dynatrace (US), ScienceLogic (US), LogicMonitor (US), Auvik (Canada), New Relic (US), GitLab (US), AppDynamics (US), SolarWinds (US), Splunk (US), Datadog (US), Sumo Logic (US), Monte Carlo (US), Acceldata (US), IBM (US), StackState (US), Nexthink (Switzerland), Riverbed (US), Broadcom (US), Lightstep (US), Microsoft (US), Atatus (India).
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Observability Tools and Platforms Market Size Is Projected to Reach USD 4.1 Billion by 2028, Growing at a CAGR of 11.7%
The study includes an in-depth competitive analysis of these key players in the observability tools and platforms market with their company profiles, recent developments, and key market strategies.