According to the new research report, titled “Synthetic Monitoring Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Deployment (On-Premise and Cloud), Organization Size (SMEs and Large Enterprises), Monitoring Type (API Monitoring, SaaS Application Monitoring, Mobile Application Monitoring, and Web Application Monitoring), and Industry (BFSI, Government, Retail, Healthcare, IT and Telecom, and Other Industries)” published by The Insight Partners, the market is expected to reach US$ 4,718.57 million by 2027, registering a CAGR of 11.6% from 2020 to 2027.
Synthetic Monitoring Market in APAC to Grow at Highest CAGR during 2020–2027
The APAC synthetic monitoring market is further segmented into Australia, India, China, Japan, South Korea, and Rest of APAC. Digital transformation is a new trend across the IT, BFSI, and healthcare sectors in APAC owing to rapidly improving connectivity and high pace of digital transformation in the region, which results in growing concern of technological threats among the businesses. The rapidly ongoing digital transformation in Asian countries would play a significant role in boosting the implementation of synthetic monitoring in enterprises in this region. Also, trending BYOD and cloud computing are propelling improvements in internet infrastructure, which would further contribute to the adoption of synthetic monitoring. The acceptance of synthetic monitoring varies significantly among APAC countries. However, the lack of skilled professionals and inadequate infrastructure might hamper the market growth in this region. Owing to the adoption of real-time payment, the BFSI sector is adopting synthetic monitoring technology for their websites.
The increasing adoption of mobile devices and IoT applications across enterprises is one of the major factors driving the growth of the synthetic monitoring market in APAC. Content available on the internet is presented to users by using Adobe Flash and JavaScript, which offers lucrative opportunities for synthetic monitoring providers in the region. In APAC, the synthetic monitoring technology is being deployed across various industries such as BFSI, government, IT & telecom, and healthcare. 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.
Key Findings of Study:
Large enterprises, especially in North America and Europe, are the prime end users of synthetic monitoring. The rising adoption of digital solutions and various applications among enterprises coupled with the growing demand for improved business processes, enhanced productivity, and reduced operating costs are driving the growth of the global synthetic monitoring market. However, the lack of awareness and shortage of supporting infrastructure hinder the market growth—especially in several developing and under-developed nations. Increasing demand for synthetic monitoring among SMEs, as well as large enterprises, for necessity of providing enhanced user experience and streamlining business applications/systems, and the growing adoption of cloud-based solutions would provide ample growth opportunities for players operating in the market. Moreover, the growing demand for end-to-end business process optimization, enhanced operational efficiency, efficient IT issues detection, and reduced human errors are fueling the adoption of enhanced solutions for mobile/web application performance checks and early detection of any discrepancies. A few companies operating in the synthetic monitoring market are Apica; AppDynamics; Broadcom; Dynatrace LLC; eG Innovations; IBM Corporation; Micro Focus; New Relic, Inc.; SolarWinds Worldwide, LLC; and Uptrends LLC. Moreover, rising trend of digital transformation to improve business processes, enhance productivity, and reduce operating costs would boost the adoption of synthetic monitoring among SMEs in the coming years.
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