The latest report by IMARC Group, titled “Synthetic Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global synthetic monitoring market size reached US$ 960.7 Million in 2021. Synthetic monitoring, also known as proactive monitoring, is a technique that evaluates the performance of an application using a simulation or scripted recordings of transactions. It uses scripts to generate simulated user behavior for different scenarios, geographic locations, device types, and other variables. These behavioral scripts are monitored on a regular basis for enhanced performance in terms of availability, functionality and the time taken for responding. As a result, organizations are widely using synthetic monitoring to understand customer experience and improve website performance.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.??
Global Synthetic Monitoring Market Trends:
The market is primarily driven by the growing popularity of online shopping applications among the masses. Due to this, there is a high possibility of technical issues like poor coding, incompatible browser, and delays in loading during website browsing. Consequently, various companies are using synthetic monitoring to resolve such issues, simulate real user interactions, obtain 24×7 alerts about website glitches, and detect specific elements, such as uniform resource locator (URL) redirects and status codes. In addition, the growing need for synthetic monitoring solutions to support the current complex infrastructure requirements of businesses represents another key factor fueling the market growth. Besides this, as enterprises are widely adopting cloud-based processes due to the rapid digitization of business processes using the cloud on account of economic and business challenges posed by the coronavirus disease (COVID-19) outbreak, there has been an escalating demand for synthetic monitoring. Moreover, the growing reliance on online banking apps has increased the usage of synthetic monitoring solutions in the banking, financial services, and insurance (BFSI) sector, which is further propelling the market growth. Looking forward, IMARC Group expects the market value to reach US$ 2,292.70 Million by 2027, exhibiting a CAGR of 14.50 % during the forecast period (2022-2027).
Based on the type, the market has been classified into API, SaaS application, mobile application, and web application monitoring.
On the basis of the service, the market has been categorized into managed, consulting, implementation, and training and support services.
Based on the deployment mode, the market has been bifurcated into on-premises and cloud-based.
The market has been segregated based on the application into competitive benchmarking, service-level agreements monitoring, application testing, content delivery network testing, and others.
On the basis of the vertical, the market has been classified into BFSI, IT and telecommunication, retail, media and entertainment, travel and hospitality, and others.
Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the industry has also been examined, with some of the key players being BMC Software Inc., Broadcom Inc., Catchpoint Systems Inc., Cisco Systems Inc., Dell Technologies Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Micro Focus International plc, Microsoft Corporation, New Relic Inc., Riverbed Technology Inc. and Splunk Inc.
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