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LONDON, Jan. 31, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s Application Performance Monitoring Global Market Report 2024, the global application performance monitoring market is experiencing unprecedented growth, with the latest market report projecting a robust trajectory. The application performance monitoring market size is set to climb from $8.56 billion in 2023 to $9.66 billion in 2024, boasting a remarkable compound annual growth rate (CAGR) of 12.8%. The forecast period anticipates even greater expansion, with the application performance monitoring market expected to surge to $15.49 billion by 2028, at a CAGR of 12.5%.
North America Leads, Asia-Pacific Emerges as the Fastest-Growing Region
In 2023, North America held the largest share in the application performance monitoring market. However, the Asia-Pacific region is poised to be the fastest-growing in the forecast period. This geographic shift underscores the global nature of the application performance monitoring market, with organizations worldwide recognizing the critical role of application performance monitoring in their digital strategies.
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From Microservices Adoption to Cloud Emphasis: Catalysts Driving APM Market Growth
The historic period’s growth is attributed to the increasing complexity of IT environments, rising demand for user satisfaction, digital transformation initiatives, risk mitigation, downtime prevention, and escalating application complexity. Looking ahead, the forecast period is expected to see rapid growth driven by factors such as the growing emphasis on cloud computing, proliferation of microservices architecture, proactive performance management, globalization, distributed workforces, and integration with DevOps practices.
Observability Platforms, Real-Time Analytics, and Business Impact Analysis on the Rise
Major trends in the forecast period include the rise of observability platforms, integration of application security, adoption of real-time analytics, focus on business impact analysis, and increased collaboration with DevOps practices. The application performance monitoring market report emphasizes the need for organizations to adapt to these trends to stay ahead in the evolving landscape of application performance monitoring.
81.5% of Companies Already Using Microservices
The growing adoption of microservices architecture is identified as a significant driver for the application performance monitoring market. With complex applications being broken down into smaller, independently deployable services, efficient monitoring becomes imperative. According to Codeit, 81.5% of companies are already using microservices, and 17.5% plan to switch to this architecture type, showcasing a strong industry shift towards this modern software development approach.
Netreo Acquires Stackify, Strengthening APM Capabilities
Major companies operating in the application performance monitoring market include IBM, Oracle, Wavefront Technology Solutions, Splunk, Micro Focus International, Datadog, Dynatrace, Elastic, Quest Software, New Relic, Riverbed Technology, SolarWinds, Ensono, Nexthink, AppDynamics, Coralogix, AppNeta, Honeycomb.io, Catchpoint Systems, Lightstep, Aternity, Site24x7, Nagios Enterprises, Sematext Group, Prometheus Group Enterprises.
In April 2021, Netreo Inc. acquired Stackify LLC, enhancing its full-stack IT monitoring and Artificial Intelligence for IT Operations offerings with Stackify’s application performance monitoring capabilities.
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Strategic Insights for Business Growth
This comprehensive report equips players in the application performance monitoring market with strategic insights to navigate the evolving landscape. Manufacturers, investors, and policymakers can leverage the data to make informed decisions, capitalize on emerging trends, and align their strategies with the dynamic needs of the industry. By staying abreast of application performance monitoring market projections and understanding key drivers, stakeholders can position themselves for success in this rapidly growing market.
Application Performance Monitoring Global Market Report 2024 by The Business Research Company provides insights on the application performance monitoring market size, application performance monitoring market segments, application performance monitoring market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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