The observability tools and platforms global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Observability Tools and Platforms Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The
observatory tools and platforms market size has grown rapidly in recent
years. It will grow from $2.54 billion in 2023 to $2.85 billion in 2024
at a compound annual growth rate (CAGR) of 12.3%. The growth in the
historic period can be attributed to regulatory compliance, aging
infrastructure, increased complexity of operations, focus on operational
efficiency, growing awareness of predictive maintenance.
The observatory tools and platforms market size is expected to see rapid growth in the next few years. It will grow to $4.43 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to industry 4.0 integration, sustainability and environmental concerns, globalization of supply chains, rise of performance-based contracts, increased emphasis on data-driven decision-making. Major trends in the forecast period include edge computing integration, artificial intelligence and machine learning adoption, blockchain for asset management, augmented reality (AR) for maintenance support, subscription-based and cloud solutions.
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Scope Of Observability Tools and Platforms Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Observability Tools and Platforms Market Overview
Market Drivers -
The
increasing adoption of IoT is expected to propel the growth of the
observability tools and platforms market going forward. Internet of
Things (IoT) encompasses a network of interlinked physical devices,
vehicles, appliances, and other objects equipped with sensors, software,
and connectivity, facilitating the gathering and sharing of data. and
network connectivity, enabling them to collect and exchange data. The
advancements in areas such as artificial intelligence (AI) and machine
learning (ML) are enabling deeper analysis of IoT data and unlocking new
applications. Observability tools and platforms enable the collection,
analysis, and visualization of vast amounts of data generated by IoT
devices, aiding operators and developers in understanding system
performance, identifying anomalies, and optimizing operations. For
instance, in November 2022, according to a report published by Ericsson,
a Sweden-based telecommunication company, broadband IoT (4G/5G), the
primary connectivity for most cellular IoT devices, achieved 1.3 billion
connections in 2022 and nearly 60% of cellular IoT connections are
projected to be broadband IoT connections by 2026, predominantly using
4G. Further, Northeast Asia currently leads in cellular IoT connections
and is expected to exceed 2 billion connections in 2023. Therefore, the
increasing adoption of IoT is driving the growth of the observability
tools and platforms market
Market Trends -
Major companies
operating in the observability tools and platforms market are developing
advanced technologies, such as artificial intelligence (AI)-powered
observability assistants, to gain a competitive edge in the market.
These solutions utilize artificial intelligence techniques to collect,
analyze, and interpret telemetry data such as logs, metrics, and traces
within a software system. For instance, in May 2023, New Relic, a
US-based software development company, launched relic grok, an
AI-powered observability assistant. It is uniquely designed by
leveraging generative AI and openAI's language models, to simplify
observability for engineers. The users can interact in natural language
to set up instrumentation, troubleshoot issues, generate reports, and
manage accounts. Grok performs AI-driven root cause analysis, assists
with code-level issue resolution, and automates reporting to support
multiple languages and handle administrative tasks.
The observability tools and platforms market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Type: Public Cloud, Private Cloud
3)
By End User: Banking, Financial Services And Insurance, Healthcare And
Life Sciences, Retail And E-commerce, Manufacturing, Telecom And
Information Technology, Government And Public Sector, Media And
Entertainment, Other End Users
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Regional Insights -
North
America was the largest region in the observatory tools and platforms
market in 2023. The regions covered in the observability tools and
platforms market report are Asia-Pacific, Western Europe, Eastern
Europe, North America, South America, Middle East, Africa.
Key Companies -
Microsoft
Corporation, International Business Machines Corporation (IBM),
Broadcom Inc., Splunk Inc., Datadog Inc., ScienceLogic, Inc., Dynatrace
Inc., Elastic N.V., New Relic Inc., SolarWinds Worldwide, LLC, Riverbed
Technology LLC, Sumo Logic Inc., GitLab Inc., Nexthink S.A., Grafana
Labs, AppDynamics LLC, LogicMonitor Inc., Auvik Networks Inc., Monte
Carlo Data Inc., Honeycomb.io Inc., Graylog Inc., Sysdig Inc., Raygun
Inc., Acceldata Inc., Lightstep Inc., StackState B.V., Instana Inc.
Table of Contents
1. Executive Summary
2. Observability Tools and Platforms Market Report Structure
3. Observability Tools and Platforms Market Trends And Strategies
4. Observability Tools and Platforms Market – Macro Economic Scenario
5. Observability Tools and Platforms Market Size And Growth
…..
27. Observability Tools and Platforms Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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