digital experience monitoring Market

The global digital experience monitoring market size is expected to grow from US$ 2,156.71 million in 2021 to US$ 5,960.87 million by 2028. Digital experience monitoring market size is estimated to grow at a CAGR of 15.9% from 2022 to 2028.

Advancements in technology have improved the customer feedback system, which is crucial for any industry to function and generate profits. Many companies are now utilizing a cutting-edge Customer Relationship Management (CRM) system, allowing for online feedback from clients, resulting in real-time updates and modifications to improve the software's quality. For companies transitioning into a digital environment, digital experience monitoring systems must be implemented to streamline procedures and set a strong foundation for future innovation. The rise in adoption of technologies like IoT, AI, and big data across various industries is driving the digital experience monitoring market, enabling businesses to resolve issues and improve decision-making concerning device and application performance. According to Statista, the number of installed IoT devices worldwide reached 35.82 billion in 2022 and is projected to increase to 75.44 billion by 2025. From smartwatches to voice assistants, IoT gadgets are changing the way we interact and communicate with one another. Consumer internet and media devices such as smartphones, automobiles, IT infrastructure, and asset tracking and monitoring are the most important IoT devices in the consumer market. This end-user adoption of smart devices will significantly contribute to the growth of the digital experience monitoring market, boosting the demand for end-user experience monitoring.

Cloud and mobility are driving an unprecedented corporate transformation, with 70% of the top ten global enterprises being newly established. Leading companies such as Amazon, Southwest Airlines, Apple, Disney, and TD Bank prioritize their customers' end-user experience to improve the software and applications they provide, influencing the digital experience monitoring market share. As digital services extend beyond firewalls, Application Performance Management (APM) becomes less feasible, and end-user or digital experience monitoring (DEM) technologies become more popular. As a result, contemporary end-user digital experience monitoring solutions are specifically designed to monitor performance and availability from the user's viewpoint.

The finance industry is utilizing IoT to accurately identify risks, enhance client interaction, and expedite and simplify the underwriting and claims process. For instance, auto insurers traditionally used indirect factors such as driver age, residence, and creditworthiness to determine premiums. However, IoT technology now provides data on driver behavior and vehicle use, such as car speed and frequency of night driving, enabling insurers to offer new services and contact clients more frequently. As customers primarily deal with agents or brokers, and only interact directly with insurers for policy renewal or claims management, the digital experience monitoring market can provide efficiency benefits. Thus, end-user or digital experience monitoring (DEM) plays a critical role in optimizing the performance of IoT applications and systems.

Impact of COVID-19 Pandemic on Asia Pacific Digital Experience Monitoring Market

The COVID-19 pandemic has had a significant impact on the Asia-Pacific (APAC) region due to the high number of cases. APAC is a crucial manufacturing and industrial producer, with the highest volume of manufacturing goods traded globally, and is a leader in several product categories. The Center for Strategic and International Studies has reported a drop in China's GDP growth in 2020. Other major economies in the region, including India, South Korea, Australia, and Japan, have also been affected by the pandemic, leading to a decline in the growth of the digital experience monitoring market. Despite this, the market was slightly affected by the increasing number of COVID-19 cases and high death rates in countries like India and some Southeast Asian countries. However, the adoption of cutting-edge technologies like AI and IoT is expected to drive the market growth in the region after the COVID-19 pandemic. These technologies play a crucial role in enhancing IT decisions and helping organizations effectively address issues related to user experience and device performance. Therefore, the impact of the COVID-19 pandemic on the growth of various industries in the region had only a slight effect on the digital experience monitoring market growth in 2020.

Digital experience monitoring market analysis by enterprise size, the digital experience monitoring market is segmented into large enterprises and SMEs. Digital experience monitoring market analysis by deployment type, the market is segmented into on-premises and cloud. Based on end-user, the digital experience monitoring market is segmented into BFSI, IT and telecommunications, retail and consumer goods, healthcare and life sciences, and others. Based on geography, the global market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).

The digital experience monitoring market has been analyzed using both primary and secondary sources. The research process began with extensive secondary research using internal and external sources to gather qualitative and quantitative information related to the market. This helped to obtain an overview and digital experience monitoring market forecast for all market segments. In addition, primary interviews were conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants in this process included industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders who specialize in the digital experience monitoring market.

BMC Software, Inc.; Broadcom Inc.; AppDynamics LLC; Dynatrace LLC; IBM Corporation; ControlUp Technologies LTD; Lakeside Software, LLC; Aternity LLC; Nexthink SA; and Catchpoint Systems, inc. are among the key companies operating in the digital experience monitoring market.