Unified Monitoring Market Growth Forecasts 2021-2026 - BFSI Sector Set to Experience Significant Growth and Drive the Market - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jun 29, 2021--
The “Unified Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)” report has been added to ResearchAndMarkets.com’s offering.
The unified monitoring market was valued at USD 3.73 billion in 2020 and is expected to reach USD 10.89 billion by 2026, at a CAGR of 19.56% over the forecast period 2021 - 2026. The increasing investment in IT infrastructure development, growing demand for a single monitoring tool that will reduce the cost and increase employee productivity, and enhance the customer buying experience are some of the major factors driving the growth of the unified monitoring market.
Growing demand for Digital Age Networking that enables enterprises to move toward digital transformation and generate new business outcomes by leveraging new digital age technologies such as the Internet of Things (IoT), cloud, and Artificial Intelligence (AI) is expected to drive the market. For instance, according to the report, 70% of companies either have a digital transformation strategy in place or are working on it, and 21% of companies perceive that they have already completed the digital transformation. Around 40% of all technology spending in 2019 is expected to go towards digital transformation.
Moreover, increasing emphasis on customer experience by the enterprise in order to grow the business is also compelling the market. The unified monitoring tools help companies to deliver an optimal customer experience by monitoring the availability and performance of all their services, applications, and technologies. It was found that companies that earn USD 1 billion annually can expect to earn, on average, an additional USD 700 million within three years of investing in customer experience. Additionally, companies using SaaS apps, in particular, can expect to increase revenue by USD 1 billion.
With the spread of Covid-19 across the globe the industries and their IT infrastructure has been tested for new challenges. The new work from home norm has exposed the end-user to new challenges where a single solution is not the efficient solution and has resulted in a silo-based approach for monitoring being of no longer sufficient to use, in which each technology tier was monitored independently by a different tool. The market is expected to experience new capabilities being integrated into existing solutions to address the emerging needs. indicating preparedness of vendors to meet the evolving needs.
Key Market Trends
BFSI Sector Will Experience Significant Growth and Drive the Market
- The banking, financial services, and insurance companies (BFSI) demand an IT infrastructure that is available 24/7 over 365 days and meets rigorous internal and external service level requirements. As the segment majorly deals with end customers, who contribute to companies’ revenue, an enterprise needs to ensure that the end-user applications and business services are monitored with a robust IT infrastructure management tool that also supports business-critical availability and performance and thus poses huge dependency on unified monitoring tools.
- Additionally, the BFSI sector faces major cyberattacks, and according to the report, financial firms are 300 times more likely than other institutions to experience cyberattacks and thus require a hypervigilant security system and its continuous monitoring. For instance, in 2019, Mastercard reported over 460,000 intrusion attempts each day, which has increased by 70% compared to the year prior.
- Further, during the Covid-19 coronavirus pandemic, most of the users are relying on digital banking, and there is a sudden increase in cyberattacks targeting the financial services sector. According to the VMware Carbon Black Threat Analysis Unit, cyberattacks spiked by 38% between February and March in 2020. Attackers are using Covid-19 to launch phishing attacks, trojans, backdoors, crypto miners, botnets and ransomware, and so increased vigilance and visibility into enterprise-wide endpoint activity are paramount than ever and so financial institutions are investing heavily to update their networking solutions which are expected to drive the market.
- Moreover, these organizations are geographically distributed and deal with different technologies from legacy systems to hybrid cloud-based solutions. Hence, there is a tremendous pressure on such financial organizations to monitor all the components with real-time data simultaneously maintaining security.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rapid Adoption for Networking Solutions by Enterprises
4.2.2 Increasing Cyber Safety and Security Concerns Among Organisations
4.3 Market Restraints
4.3.1 Uncertain Regulatory Standards and Frameworks
4.4 Market Opportunities
4.5 Industry Attractiveness - Porter’s Five Forces Analysis
4.6 Impact of COVID-19
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
- Dynatrace LLC
- Zoho Corporation
- AppDynamics Inc.
- Broadcom Inc.
- Zenoss Inc.
- GroundWork Open Source, Inc.
- Acronis International GmbH
- Paessler AG
- Opsview Limited
- Juniper Networks Inc.
- Verizon Enterprise Solutions LLC
7 FUTURE OUTLOOK OF THE MARKET
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/48dhek
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SOURCE: Research and Markets
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PUB: 06/29/2021 11:51 AM/DISC: 06/29/2021 11:52 AM