Application Metrics and Monitoring Tools Market Trends

Growth Drivers

• Increased Research & Development Expenditure - As per data by the World Bank, global research and development (R&D) expenditure in proportion with gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.  The market growth is anticipated to be driven by increased R&D expenditure in the coming years, as it would help in improving the overall productivity of the tool by integrating new technologies or improving the existing equipment by innovating a completely new technology.

• Growing Digitization of Industries - According to statistics, the global spending on digital transformation in 2020 was around USD 1.2 trillion, which is projected to reach USD 2.7 trillion by the end of 2025.

• Increasing Number of Large Enterprises - According to estimates, in 2019 there were about 665 thousand large enterprises around the world.

• Rising Internet Penetration - According to the World Bank data, globally, the proportion of the population using internet was around 60% in 2020, up from 54% in 2019.

• Rising Adoption of Big Data and Artificial Intelligence – As per the data, in 2019, more than 95% of business organizations invested in Big Data and Artificial Intelligence initiatives to become data driven businesses.

Challenges

• Availability of Alternate Cost-effective Solutions - Application monitoring is crucial to maintaining the functionality of your infrastructure. It provides information about the functioning, expansion, and usage of the applications. However, these application may not be cost-effective for many organization especially small business. Hence the demand for various alternatives for application metric and monitoring is estimated to increase. Various type of alternatives includes solar winds server and application monitoring, Dynatrace, Zenoss, and more. Hence this factor is estimated to hinder the growth of the market.
• High Cost of Implementation
• Lack of Awareness about the Benefits of Product in the Industry