Observability Tools and Platforms Market worth $4.1 billion by 2028, growing at a CAGR of 11.7%: Report by MarketsandMarkets™

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Chicago, Sept. 20, 2023 (GLOBE NEWSWIRE) -- 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 a new report by MarketsandMarkets™.

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Observability Tools and Platforms Market Dynamics:

Drivers:

  • Growing adoption of hybrid cloud and multi-cloud strategies across verticals
  • mergence of AI-enabled tools in IT operations

Restraints:

  • Rise in cyberattacks and data breaches
  • Difficulties involved in application portability

Opportunities:

  • Emergence of hybrid cloud infrastructure
  • Proactive investment by enterprises in cloud-based models

List of Key Players in Observability Tools and Platforms Market:

  • Dynatrace (US)
  • ScienceLogic (US)
  • LogicMonitor (US)
  • Auvik (Canada)
  • New Relic (US)
  • GitLab (US)
  • AppDynamics (US)
  • SolarWinds (US)
  • Splunk (US)
  • Datadog (US)

The degree to which a user can comprehend a complex system's internal state or condition based solely on knowledge of its external outputs is known as observability. The faster and more accurately a user can trace a performance issue back to its source without additional testing or coding, the more observable a system is. In the context of IT and cloud computing, observability also refers to software tools and methodologies for gathering, correlating, and analyzing a continuous stream of performance data from a distributed application and the hardware and network it uses in order to more efficiently monitoring, troubleshooting, and debugging the application and the network to meet customer experience standards, service level agreements (SLAs), and other business requirements. To assist IT teams in understanding what is happening internally at any given time, observability tools measure system outputs. These platforms combine three types of system-wide telemetry data to achieve this:

  • Metrics, which are KPI measurements of performance like memory usage and transactions per second
  • Unstructured, qualitative logs of system events are records of those events.
  • Traces that link together events that happened in succession.

The solutions segment is expected to have the largest market share during the forecast period. Organizations worldwide are realizing the advantages of cloud infrastructure and thus are finding value in moving a part or all their infrastructure into the cloud. However, this growing cloud adoption has increased challenges for IT administrators in terms of visibility, security, scalability, and management of the cloud infrastructure. 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 the operational expenditure. These advantages of the solutions are expected to fuel their demand in the future. It also reduces the hurdles by providing greater visibility into and control over multiple cloud environments.

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The services segment is expected to grow at the higher CAGR during the forecast period.   In the Observability tools and platforms market, the services segment plays a crucial role in enabling organizations to effectively implement and utilize these tools. While the market primarily consists of software solutions, the services segment complements these tools by providing various professional and managed services. Professional services offered in the Observability market include implementation, integration, and customization of the tools to suit specific organizational requirements. These services help businesses successfully adopt and deploy observability solutions, ensuring smooth implementation and optimal performance.

Managed services within the Observability market involve ongoing support, maintenance, and monitoring of the observability tools and platforms. Service providers offer expertise in managing and optimizing these tools, allowing organizations to focus on their core business activities while leveraging the full potential of observability solutions. The services segment thus acts as a critical component in the Observability market, assisting organizations in effectively implementing, managing, and deriving value from observability tools and platforms.

The geographic analysis of the observability tools and platforms market is mainly segmented into five regions, namely, North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. North America is expected to hold the highest market share during the forecast period as a technology adopter. The strong economic landscape and increasing allocation of budgets to IT across enterprises to lure more customers and improve cloud collaboration are expected to drive the growth of the observability tools and platforms market in North America.

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Digital transformation is a top priority for American businesses, and they are frequently recognized as early adopters of cutting-edge technologies like the Internet of Things (IoT), additive manufacturing, big data analytics, connected industries, AI, augmented reality (AR), virtual reality (VR), and machine learning (ML), as well as the newest telecommunications technologies like 4G, 5G, and LTE. North America, being technologically advanced and developed, is the leading market in terms of developing cutting-edge technologies used in monitoring and tracking devices. Further, the rising expenditure of companies and individuals on digital solutions and advanced technologies boosts market growth. The significant adoption of technologies over the years has fueled the adoption of multi-cloud and hybrid cloud environments across the region. The high internet penetration among North American countries, coupled with the high digitalization rate among companies, is a major driver for the growth of cloud-based applications in the region.

For instance, the US had 288.1 million internet users in January 2020. Between 2019 and 2020, the number of internet users in the US increased by 1.8 million. North America is a mature market due to the presence of numerous players offering Observability tools and platforms solutions and services. Moreover, enterprises are increasing their budgets to accommodate Observability platforms solutions, which is favoring the growth of the market in the region. In addition, Asia Pacific is projected to grow at the highest rate during the forecast period. The observability tools and platforms market in Asia Pacific has been studied for 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, cloud computing. The presence of many prominent companies, large multi-national companies, along with emerging fruitful startups in the region has led to a 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 have led to the complexity of managing workloads and applications manually, which acts as the major factor in the adoption of Observability solutions among enterprises in this region.

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The public cloud segment is expected to have the larger market share during the forecast period.   Public cloud deployment plays a significant role in the Observability tools and platforms market by offering numerous benefits to organizations. By leveraging the public cloud infrastructure, observability tools can efficiently collect, analyze, and visualize vast amounts of data generated by applications, systems, and networks. Public cloud deployment provides scalability and flexibility, allowing organizations to easily scale their observability infrastructure up or down based on their needs. It eliminates the need for significant upfront investments in hardware and infrastructure, as cloud providers offer on-demand resources. This enables businesses to quickly adopt and integrate observability tools without the burden of managing complex infrastructure.

Additionally, public cloud environments provide a global reach, enabling observability across distributed systems and hybrid environments. They offer advanced analytics capabilities, machine learning, and AI-powered insights, enhancing the effectiveness of observability tools in identifying and resolving issues promptly. Overall, public cloud deployment in the Observability market empowers organizations with agility, scalability, and advanced analytics, driving efficient monitoring, troubleshooting, and optimization of their applications and infrastructure.

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