In its research study, Market Research Future (MRFR), emphasizes that over the forecast period , the global market 2020 is projected to rise exponentially, achieving a significant market valuation that surpasses USD 3.27 Billion recorded in 2018 and a healthy 10.6% CAGR over the review period.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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Drivers and Restraints
Growth in outsourced IT infrastructure management and the need for accountable and compliance-based use of the framework are major factors that drive market development. Another main factor driving the global device monitoring market is the need for better optimisation of business operations. In addition, a lack of knowledge about device monitoring is expected to present a challenge to this market ‘s growth. The concerns about data protection and privacy, as well as concerns about the use and access of intellectual property, are factors that restrict market development.
The global system monitoring market has been analyzed based on component, organization size, deployment type, vertical, and region/country.
Based on the component, the global system monitoring market has been bifurcated into solution and services. The solution segment has been classified as network monitoring, application monitoring, server monitoring, cloud monitoring, and others. The services segment has further bee divided into professional services and managed services.
Based on the deployment type, the global system monitoring market has been bifurcated into cloud and on-premise.
Based on the organization size, the global system monitoring market has been bifurcated into small- and medium-sized enterprise (SME) and large enterprise.
Based on the vertical, the global system monitoring market has been divided into IT & telecom, banking, financial services and insurance, government, energy and utilities, manufacturing, healthcare, and others.
The global business regional analysis was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world.
North America has the largest Covid 19 System Monitoring Market share as the corporations in this area have been world leader in technology advancement. Because of the rapid implementation of digital transformation, the US leads the market in North America; as a result, the country’s need for accountable and compliance-based program use is rapid.
Owing to the strong demand for better optimisation of business operations between companies across verticals and managed service providers, Europe is projected to be the second-largest market during the review period.
During the forecast period Asia-Pacific is projected to be the fastest-growing region on the global device monitoring region. Growth in outsourced IT infrastructure management is key driver of Asia-Pacific market growth.
The key market players operating in the global market as identified by MRFR are SolarWinds (US), ConnectWise Automate (US), Monitis.com (US), NinjaRMM (US), Continuum Managed Services (US), CA Technologies (US), Kaseya (Ireland), Oracle Corporation (US), Ipswitch (US), Red Gate Software Ltd (UK), Paessler AG (Germany), New Relic, Inc. (US), Microsoft Corporation (US), Nagios Enterprises, LLC (US), and Site24x7 (US). The major strategies implemented by most of the players are agreements, partnerships, and collaborations.
The other players in the Global System Monitoring Market include Panopta LLC (US), ScienceLogic (US), Datadog (US), ThousandEyes (US), and Exoprise Systems Inc. (US).
The global market for monitoring systems is experiencing a high growth as demand from various verticals such as business, energy and utilities, and IT and telecommunications is increasing. Major players have opted for alliances and new product development as their main strategies for organic growth to improve their market position and meet end-user demands across verticals.
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