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Application Performance Monitoring Market Report 2024: Global Size, Share, Growth, Trends, Forecast to 2033
Application Performance Monitoring Market Report
According to The Business Research Company's, The application performance monitoring market size has grown rapidly in recent years. It will grow from $8.56 billion in 2023 to $9.66 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to increasing complexity of it environments, growing demand for user satisfaction, rise in digital transformation initiatives, risk mitigation and downtime prevention, increasing application complexity..
The application performance monitoring market size is expected to see rapid growth in the next few years. It will grow to $15.49 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to growing emphasis on cloud computing, proliferation of microservices architecture, focus on proactive performance management, globalization and distributed workforces, integration with devops practices.. Major trends in the forecast period include rise of observability platforms, application security integration, adoption of real-time analytics, focus on business impact analysis, collaboration with devops practices..
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Market Drivers and Trends:
The surging demand for cloud and mobile computing is expected to propel the growth of the application performance monitoring market going forward. Cloud computing refers to distributing different computing services via the internet, such as storage, processing power, and apps. In contrast, mobile computing is the capacity to access and interact with digital information and services via portable devices. Application Performance Monitoring (APM) is an essential aspect of cloud and mobile computing, as it helps ensure that applications perform optimally and deliver a great user experience. For instance, in December 2021, according to an article published by Eurostat, a Luxembourg-based statistics body for the European Union, 41% of organizations reported using cloud computing services in 2021, a 5.0 %age-point (pp) rise from 36% in 2020. Therefore, the surging demand for cloud and mobile computing will drive the application performance monitoring market.
Major companies operating in the application performance monitoring market are focused on innovating advanced solutions such as APM 360 to provide reliable customer service and strengthen their market position. APM 360 is a cloud-based asset performance management solution that covers overall asset health, predictive maintenance, and real-time condition monitoring. For instance, in June 2023. New Relic Inc., a US-based web tracking and analytics company, launched New Relic APM 360, the industry's subsequent application performance monitoring (APM) evolution. It goes beyond incident troubleshooting insights for chosen professionals to daily performance, security, and development insights for all engineers. APM 360 connects all critical telemetry data throughout the application stack and development cycle, including deployment modifications, essential transactions, service-level objects (SLOs), logs, facility failures, security, and debugging. APM 360 enables all engineering teams to obtain a shared picture of system health and remove instrumentation gaps, resulting in higher platform adoption and data flow into the system.
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Major Key Players of the Market:
International Business Machines Corporation (IBM), Oracle Corporation, Wavefront Technology Solutions Inc., Splunk Inc., Micro Focus International plc, Datadog Inc., Dynatrace Inc., Elastic NV, Quest Software Inc., New Relic Inc., Riverbed Technology LLC, SolarWinds Corp, Ensono Limited., Nexthink SA, AppDynamics, Coralogix Ltd., AppNeta Inc., Honeycomb.io, Catchpoint Systems Inc., Lightstep Inc., Aternity Inc., Site24x7, Nagios Enterprises LLC, Sematext Group Inc., Prometheus Group Enterprises LLC
application performance monitoring Market 2024 Key Insights:
• The application performance monitoring market is expected to grow to15.49 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%.
• Rising Demand For Cloud And Mobile Computing Drives Growth In The Application Performance Monitoring Market
• Innovative Solutions Redefining The Application Performance Monitoring Landscape
• North America was the largest region in the application performance monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
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