MarketsandMarkets forecasts the global observability tools and platforms market size is expected to grow from USD 2.4 billion in 2023 to USD 4.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. The demand of helping business to receive continuous insight about the overall health of their deployed applications are expected to drive the growth of the observability tools and platforms market.
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By component, the solution segment to hold a larger market share during the forecast period
Observability platform provides tools for evaluating, monitoring, and managing cloud services, applications, and infrastructure. It provides features such as full visibility across the cloud, eliminating blind spots, and early detection of issues and vulnerabilities to secure the cloud, better insights, cost control, fast troubleshooting, and performance tracking across the cloud. Moreover, Observability solutions are built for organizations of various sizes, and as the cloud activity increases, the monitoring tool can scale simultaneously. These solutions are also available on a subscription-based model, which reduces operational expenditure. These advantages of the solutions are expected to fuel their demand in the future.
By vertical, Retail and consumer goods exhibits significant growth in the market during the forecast period
Data observability in the retail industry helps improve internal analytics, and shopping experiences, notably reducing time-to-detection of data quality issues and increasing revenue with reliable and trustworthy data. Challenges that were faced by the industry in the past years were such as missing and duplicative data, complicated queries, and inconsistent logic across pipelines which created confusion in analytics, missing ingestion pipelines from marketing sources, loss in visibility to increase marketing spend efficiency, lack of access to fresh, up-to-date data for stakeholders to make decisions. With Data observability, the retail industry has gained a few benefits such as custom alerting for known business logic, such as update frequency for third-party data, field-level lineage graphs that help show the downstream impact of changes, and automated thresholding for data quality metrics across key tables. With the advent of e-commerce and online retailers, the retail industry has faced tremendous changes in recent years and has readjusted itself to the new business environment. Shop retailers are adopting more innovative technologies, such as cloud computing and big data analytics, to sustain and thrive.
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Unique Features in Observability Tools and Platforms Market:
- Unified observability solutions that combine metrics analysis, monitoring, tracing, and logging into a single interface might be available on advanced systems. Through this integration, procedures can be streamlined, cooperation can be enhanced, and a deeper comprehension of system behaviour can be obtained.
- In order to provide observability technologies the ability to automatically spot abnormalities, recognise trends, and foresee prospective problems, artificial intelligence and machine learning could be substantially integrated into them. Teams can be assisted in problem-solving and system performance optimisation by AI-driven insights.
- Instead of only depending on batch processing, observability platforms may embrace real-time data streaming features, enabling users to watch and analyse data as it comes in. Insights on system behaviour and performance can be gained more quickly using this method.
- Observability technologies may enable thorough cross-cloud monitoring and analysis to provide consistent insights across various cloud providers as multi-cloud and hybrid cloud settings grow more common.
- With serverless architecture gaining popularity, observability tools may offer specialized features to monitor and troubleshoot serverless functions effectively. This could include fine-grained metrics and tracing for individual function executions.
- The seamless integration of observability tools with Kubernetes and other container orchestration technologies may be possible. This guarantees proper administration and maintenance of infrastructure and containerized applications.
- Intelligent event correlation techniques could be used by advanced observability platforms to decrease alert noise and deliver more pertinent notifications. Contextual notifications can assist in prioritising and concentrating on important concerns.
Major Highlights of the Observability Tools and Platforms Market:
- With more manufacturers and solutions entering the observability tools and platforms industry, the market is projected to keep rising quickly. The need for cutting-edge observability solutions will increase as businesses adopt cloud-native architectures and microservices at an increasing rate.
- The market may have undergone considerable consolidation as a result of larger companies purchasing smaller suppliers of observability tool providers to expand their product portfolios and market share given the intense competition in the industry.
- Organisations might favour observability solutions that combine monitoring, logging, tracing, and metrics analysis into a single solution. With this strategy, teams may work more effectively together and the health of the system may be seen more comprehensively.
- As containerization and cloud-native technologies like Kubernetes gain popularity, observability tools may concentrate on offering specialised capabilities for efficiently administering and monitoring these environments.
- The popularity of open-source observability projects may increase, giving businesses greater customisation and adaptability possibilities. The developer community may contribute more frequently as a result, increasing the tools’ potential.
- Some businesses could select managed observability services, which relieve them of the burden of managing and operating observability infrastructure.
- DevOps practises and observability technologies may further integrate, allowing for more rapid issue resolution and seamless communication between development and operations teams.
The market players have adopted various growth strategies, such as partnerships, agreements, acquisitions, collaborations, and new product enhancements, to expand their presence in the observability tools and platforms market. New product launches, collaborations, and product enhancements have been the most adopted strategies by major players in the past few years, which helped companies to innovate their offerings and broaden their customer base.
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LogicMonitor is committed to exploring and expanding possibilities for businesses by advancing their technology. The vision of the company is ‘Turn It On – Today’, monitoring keeps the world of business turning. LogicMonitor comprehensively monitors infrastructures, from on-premises to the cloud. Within a shorter time span, the team here works the way out, making it possible for businesses to advance their technology, ensuring airline passengers aren’t stranded due to system outages (travel and tourism, hospitality industry), food stays at safe temperatures (food and beverages industry), and spinning wheels don’t interrupt our favorite streaming shows (media and entertainment industry). The company believes in ‘Turn the Dial’, wherein they believe monitoring should do more than visualize today’s or current information, it should open new avenues for businesses to grow. LogicMonitor goes above and beyond to empower its customers, claiming to be the most extensible monitoring platform globally. When customers can solve problems before they start, they can shift their focus from maintenance to innovation. ‘Turn the Corner’ briefs that as AI/ML turns from sci-fi promises to day-to-day realities, technology is enabling businesses to see what’s coming before it happens. LogicMonitor collaborates closely with its customers to understand their risks, anticipate their needs, thereby providing insights that unlock their vision. Few reportable specialties offered by the company include network monitoring, server monitoring, application monitoring, NetApp monitoring, VMware monitoring, XenServer monitoring, Cisco monitoring, MongoDB monitoring, SQL monitoring, PostgreSQL monitoring, Netscaler monitoring, cloud monitoring, AWS monitoring, software as a service, cloud monitoring, hybrid monitoring, SaaS, infrastructure monitoring, GCP monitoring, Azure monitoring, and AIOps. The company has a global presence with offices in Santa Barbara, Austin, Boston, New York City, London, India, Australia, and Singapore.
New Relic is a technology-driven company, which develops cloud-based software to help website and application owners track the performance of their services. It delivers the observability platform for engineers to plan, build, deploy, and operate more perfect software. The company caters to more than 17,000 customers worldwide through 15 offices. It is one of the prominent players in the cloud performance management market. New Relic offers a wide range of cloud-based products and solutions. The company offers solutions for DevOps, cloud adoption, cloud-native, and digital customer experience. New Relic serves customers across different industry verticals, including e-commerce and retail, media, and the public sector. The company is focused on enabling customers to create perfect software by offering a comprehensive cloud-based observability platform. New Relic’s platform offers capabilities such as programmability, infinite tracing, integration, and security. Apart from products and solutions, the company also offers professional and support services. It has developed a strong relationship with several cloud providers, including Amazon Web Services, Google Cloud Platform, Microsoft Azure, IBM Cloud, Pivotal CloudFoundry, and others. The company serves a variety of industries, including e-commerce and retail, healthcare, media and entertainment, the public sector, and emerging start-ups. Its marketing strategy focuses on meaningful interactions with practitioners and buyers by targeting software developers, operations professionals, IT leaders, and technology executives across many industries and regions. The New Relic platform gives one clear picture of the software and simplifies the complexity of monitoring hybrid cloud infrastructure. It’s a pure Software-as-a-Service (SaaS) solution. The company provides various cloud solutions such as Application Performance (APM), Network Monitoring, Mobile Monitoring, Browser Monitoring, Infrastructure Monitoring, Log Management, and Model Performance Monitoring.
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