Therefore, the market in APAC would continue to grow at a high CAGR during the forecast period. The COVID-19 outbreak is anticipated to further drive the adoption of synthetic monitoring solutions among enterprises owing to increase in remote working trend and rise in number of endpoints and application usage among end users. Thus, there is a positive impact on the y-o-y growth rate of synthetic monitoring market in the year 2020, the high growth rate will further continue over the forecast period of 2020 to 2027.
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In the evolving technology landscape, companies are continuously striving to find solutions that could help them enhance overall business productivity, operational efficiency, consumer experience, and reduce the overall cost. Therefore, the demand for advanced application performance monitoring solutions such as synthetic monitoring is growing exponentially across various industries such as IT & telecom, government, retail, healthcare, and BFSI. Moreover, the growing penetration of advanced technologies such as artificial intelligence (AI), blockchain, cloud computing, and Internet of Things (IoT) in business environments is driving the need for efficient application monitoring solutions for web, mobile, AIP, and SaaS monitoring. These solutions help companies monitor, control, and modify/fix various types of applications, which further results in providing enhanced experience to end users. Amid COVID-19 outbreak, companies are adopting the culture of remote working owing to restrictions on on-premise business activities and implemention of lockdowns across various countries. Remote working involves several applications running on remote endpoints, which generates the need for the monitoring and fixing of performance issues. Therefore, the demand for synthetic monitoring solutions among enterprises is rising rapidly.
The synthetic monitoring market is segmented on the basis of deployment, organization size, monitoring type, industry, and geography. Based on deployment, the market is bifurcated into on-premise and cloud. In 2019, the on-premise segment held a larger share of the market. By organization size, the market is bifurcated into SMEs and large enterprises. The large enterprises segment accounted for a larger market share in 2019.The market, based on monitoring type, is segmented into API monitoring, SaaS application monitoring, mobile application monitoring, and web application monitoring. In 2019, the API monitoring segment held the largest share of the market. By industry, the market is segmented into BFSI, government, retail, healthcare, IT & telecom, and other industries. The BFSI segment accounted for the largest market share in 2019. The synthetic monitoring market, by geography, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, North America held the largest share of the market, followed by Europe and APAC. The market in APAC is projected to grow at the fastest CAGR during 2020-2027.
Rising Adoption of Digital Solutions and Applications among Enterprises Fuels Market Growth
Businesses worldwide are increasingly adopting digital and technological solutions to transform their business models and existing processes to enhance operational efficiency and increase revenue growth with existing resources. In the past few years, the proliferation of smart and connected devices, adoption of cloud computing, and emergence of technologies-such as artificial intelligence (AI)-have led to advent of smart workplaces. The demand for application performance monitoring tools for synthetic and real-time monitoring is rising at an impressive pace owing to the high penetration of web applications, mobile applications, and SaaS solutions in enterprises. Enterprises operating in various industries such as IT & telecom, government, education, BFSI, retail, healthcare, and manufacturing are adopting synthetic monitoring solutions to streamline business applications/systems and provide enhanced experience to their clientele. In addition, the growing demand for end-to-end business process optimization, enhanced operational efficiency, efficient IT issues detection, and reduced human errors are further fueling the adoption of enhanced solutions for mobile/web application performance checks and early detection of any discrepancies. Synthetic monitoring solutions also enable the detection and fixing of issues in the backend, performance benchmarking, monitoring complex transactions, adherence to service level agreements, and testing from end user perspective, thereby bolstering the growth of the global synthetic monitoring market.
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