Observability Tools and Platforms Market worth $4.1 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 14, 2023 /PRNewswire/ -- With the introduction of cloud-native technologies, the move towards DevOps and SRE practices, and the growing complexity of IT infrastructures, the future of the Observability Tools and Platforms Market is bright. Improvements in AI-driven insights, enlarged observability capabilities, integration with security operations, industry consolidation, and continued innovation will all be seen in the market.

The 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, according to a new report by MarketsandMarkets™. The advancements in cloud technology, open-source software, and development tools, monitoring tools, rise in cloud-native demand, a surge in adoption of cloud computing services, the growth of advanced technologies such as AI, ML, IoT, real-time data analytics, enablement of AI-based tools in IT operations, are few key factors driving the growth of the Observability Tools and Platforms Market.

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Scope of the Report:

 

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.       

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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.   

Asia Pacific to grow at the highest rate among regions in the Observability Tools and Platforms Market during the forecast period

Observability Tools and Platforms Market in Asia Pacific has been studied for countries such as China, Japan, India, and the Rest of Asia Pacific. The region is expected to experience extensive growth opportunities due to high consumer spending, internet penetration, and the rising adoption of advanced technologies, such as AI, ML, analytics, and cloud computing. The presence of many prominent large multi-national companies and emerging fruitful startups in the region has led to rising demand for the latest Observability tools and platforms. Major factors for technological advancements in the region are the rising levels of urbanization, technological innovation, and government support for the digital economy. Rapid advancements in telecommunications, cloud computing, and IoT have led to several organizations adopting cloud-based strategies. The increasing adoption of cloud technologies and the massive amount of data has led to the complexity of managing workloads and applications manually, which is the primary factor in adopting observability solutions among enterprises in this region.

Top Key Companies in Observability Tools and Platforms Market:

The Major Players for Observability Tools and Platforms Market include some of the key vendors as well as startups offering Observability solutions across the globe, which include Dynatrace (US), ScienceLogic (US), LogicMonitor (US), Auvik (Canada), New Relic (US), GitLab (US), AppDynamics (US), SolarWinds (US), Splunk (US), Datadog (US), Sumo Logic (US), Monte Carlo (US), Acceldata (US), IBM (US), StackState (US), Nexthink (Switzerland), Riverbed (US), Broadcom (US), Lightstep (US), Microsoft (US), Atatus (India).

Recent Developments

• In May 2023, Dynatrace collaborated with Red Hat, and with this deal, customers using Red Hat Ansible Automation Platform have the capability to integrate AI-powered insights and action from Dynatrace with Event-Driven Ansible to automate a broader range of DevSecOps use cases, including closed-loop issue and security remediation, application healing, and incident response. This supports platform engineering, DevOps, and security teams enhance and mature their automation practices in order to deliver flawless and secure digital experiences for their customers.
• In May 2023, New Relic launched Grok which is New Relic's AI observability assistant. With Grok, engineers can sift through data more easily and treat well through their unified telemetry data without having to write complex queries.
• In February 2023, Dynatrace launched AppEngine, a new Dynatrace® platform technology that empowers customers and partners with an easy-to-use, low-code approach to create custom, compliant, and intelligent data-driven app(s) for their IT services/solutions, development, security, and business teams. These custom apps [Smartscape^® Health View, Site Reliability Guardian, Carbon Impact] can address boundless BizDevSecOps use cases, while unlocking the wealth of insights available in the massive amount(s) of data generated by modern cloud ecosystems.
• In October 2022, ScienceLogic acquired ML analytics firm Zebrium to automatically detect the root cause of complex, modern (containerized, cloud-native) application problems. This deal drastically reduces the time taken to identify, diagnose and resolve business-service impacting issues, lowering IT costs, and delivering superior customer and employee experiences.
• In October 2022, Auvik acquired Saaslio and Boardgent. With this deal, Auvik will provide a unique toolset to enable IT professionals gain more control, visibility, and troubleshooting capabilities over the new last mile of the office network. It is believed that the combination of the firms' deep expertise in network monitoring and management, experienced workforces, proprietary technologies, and innovative solutions allow the unified company in delivering the ultimate network monitoring platform.

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Observability Tools and Platforms Market Advantages:

• Real-time insights into the functionality of systems, applications, and infrastructure are provided via observability technologies. Response times, latency, throughput, error rates, and resource usage are just a few of the metrics that these tools keep track of. Organisations can locate bottlenecks, resolve performance problems, and optimise their systems for greater effectiveness by carefully monitoring these indicators.
• Thanks to observability tools, organisations can recognise and address issues before they affect end users. These instruments compile and analyse data from several sources, including logs, metrics, traces, and events, to provide a thorough picture of the system's health. In order to minimise downtime and its impact on everyday operations, proactive monitoring and alerting aid enterprises in quickly identifying and resolving issues.
• Tools for observability offer thorough visibility into distributed, complicated systems. Traditional monitoring techniques frequently fall short in the age of microservices architectures and cloud-based infrastructure. Organisations may comprehend the end-to-end flow of requests and identify the underlying causes of problems with the help of observability technologies, which provide comprehensive insights into the interactions and interconnections between various components.
• Faster root cause analysis and troubleshooting are made possible by observability tools. These technologies can shorten the time needed for manual research by combining data from many sources and correlating occurrences. Teams can immediately pinpoint the origin of an issue and take the necessary steps to resolve it with the use of contextual data, such as logs, metrics, and traces, which reduces the mean time to resolution (MTTR).
• Large-scale, distributed settings are supported by observability technologies. Massive amounts of data produced by contemporary systems can be gathered, handled, and analysed by them. Additionally, because these tools are frequently created to be versatile, organisations can modify and adapt them to meet their particular needs. Observability technologies can be scaled and customised to fit the needs of businesses of various sizes, from small startups to global conglomerates.
• The use of observability tools fosters cooperation and communication among many teams, including those responsible for development, operations, and security. Teams can effectively detect and address problems when they collaborate to share a common understanding of the behaviour and performance of the system. Additionally, observability technologies frequently offer capabilities like dashboards, visualisations, and reporting that help teams and stakeholders communicate clearly and succinctly.
• Observability tools improve customer experience by continuously tracking and enhancing system performance. These technologies support businesses in locating performance bottlenecks, resolving them, ensuring high availability, and providing a seamless user experience. Organisations may improve customer happiness, loyalty, and retention by proactively addressing issues and reducing downtime.

Report Objectives

• To describe and forecast the Observability Tools and Platforms Market based on components (solution, and services), deployment type, verticals, and regions.
• To forecast the market size of five main regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
• To analyze subsegments with respect to individual growth trends, prospects, projections, and contributions to the total market
• To provide detailed information about major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
• To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for major players.
• To comprehensively analyze the core competencies* of key players in the market
• To track and analyze competitive developments, such as product/solution launches and enhancements; business expansions; acquisitions; and partnerships, contracts, and collaborations, in the market.

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