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Database Monitoring Software Market Trends, Top Companies, Share, Growth And Forecast 2033
Database Monitoring Software Market Trends
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According to The Business Research Company's, The database monitoring software market size has grown rapidly in recent years. It will grow from $1.77 billion in 2023 to $2.06 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to innovation in analytics and reporting, demand for scalability and flexibility, dependency on critical applications, real-time monitoring needs.
The database monitoring software market size is expected to see rapid growth in the next few years. It will grow to $3.63 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to resource optimization for cost efficiency, critical application dependency, rising demand for data storage, diverse database environments. Major trends in the forecast period include focus on performance optimization, compliance with regulations, automation for efficiency, enhanced security measures, data growth and complexity.
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Market Drivers and Trends:
The growing adoption of cloud services is expected to propel the growth of the database monitoring software market going forward. The cloud refers to a network of remote servers hosted on the Internet that store, manage, and deliver data, applications, and services to users and organizations. Cloud services play a pivotal role in database monitoring software by providing scalable infrastructure, facilitating real-time monitoring, and enabling seamless access to databases from diverse locations, enhancing overall efficiency and performance. For instance, in December 2021, according to Eurostat, a Europe-based intergovernmental organization, 41% of EU enterprises used cloud computing in 2021, primarily for hosting their e-mail systems and storing files in electronic form, an increase of 5% compared to 2020. Among large enterprises, the use of cloud computing was especially high, with 72% using it in 2021, representing a 7% increase from 2020. Medium-sized enterprises also saw an increase in cloud computing usage, with 53% utilizing it in 2021 compared to 46% in 2020. Small enterprises saw a 5% increase in cloud computing usage, making it 38% in 2021. Many businesses, specifically 66%, used cloud computing for storing files, while 61% used it for office software such as word processors and spreadsheets. Additionally, 58% utilized it for security software applications, while 46% used it to host their database. Therefore, the growing adoption of cloud services is driving the growth of the database monitoring software market.
Technological advancement is a key trend gaining popularity in the database monitoring software market. Major companies operating in the database monitoring software market are focused on developing new technological solutions using Artificial intelligence (AI), machine learning, and cloud computing to strengthen their position in the market. For instance, in April 2022, Tata Consultancy Services (TCS), an India-based IT services, consulting, and business solutions organization, launched the TCS ADD suite, an agile and intuitive risk-based monitoring solution for clinical trials, that promotes intelligent decision making, increased compliance and enhanced study efficacy. The new risk-based monitoring tool enables biopharmaceutical companies and related companies to identify site risks through advanced statistical algorithms and drive intelligent data-driven decisions. The data science-driven risk-based monitoring solution accurately predicts outcomes related to site workload and risks and allows stakeholders to develop proactive monitoring strategies.
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Major Key Players of the Market:
SolarWinds Worldwide LLC, Quest Software Inc., VirtualMetric B V, Sematext Group Inc., Heroix Corporation, eG Innovations Pvt. Ltd., Redgate Software Ltd., Nagios Enterprises LLC, Paessler AG, dbWatch AS, Dynatrace Inc., Intergral GmbH, Idera Inc., IT-Conductor Inc., Oracle Corporation, Cisco Systems Inc., Datadog, AppDynamics, New Relic, Riverbed Technology, Inc., Zoho Corporation Pvt. Ltd., Progress Software Corporation, BMC Software Inc., Splunk Inc., International Business Machines Corporation, Microsoft Corporation, AppNeta, LogicMonitor Inc., Micro Focus International plc, PRTG Network Monitor
Database Monitoring Software Market 2024 Key Insights:
• The database monitoring software market size is expected to see rapid growth in the next few years. It will grow to $3.63 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%.
• Rising Data Generation Fuels Database Monitoring Software Market Growth
• Innovative Solutions Drive Database Monitoring Software Market
• North America was the largest region in the database monitoring software market share in 2023
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