Authored By: Sarah
24 Aug 2024

Observability Platform Market Size to grow by USD 1.17 billion between 2024-2028

The Observability Platform Market is segmented by Component (Solutions and Services), Type (Large enterprises, Medium enterprises, and Small enterprises), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 1.17 billion, at a CAGR of 8.28% during the forecast period. There are several companies that are contributing to the market as per this report. Increasing demand for cloud-based system .

By Component, the Solutions segment is projected to dominate the market size in 2024

The observability platform market is experiencing significant growth in the solutions segment due to the increasing demand for enhanced business efficiency. This growth is driven by the widespread adoption of automation among end-users, the integration of artificial intelligence, and frequent product launches. The digital transformation of business processes and procedures, as well as the increasing volume of interactions and transactions, have resulted in an abundance of data. The observability platform's ability to provide a single source of truth for critical data and simplify the evaluation process for DevOps teams makes it an essential tool for managing the complexity of modern applications.

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Why is North America forecasted to hold the largest regional market size in 2024?

The North American observability platform market is primarily driven by significant revenues from businesses in the United States and Canada. The region's digital transformation initiatives are expected to see substantial investments, fueled by the integration of advanced technologies such as blockchain, artificial intelligence (AI), and Internet of Things (IoT) into system platforms. Vendors providing application programming interface (API) services for these advanced technologies as part of their observability platforms stand to benefit from additional revenue streams through product upgrades and maintenance fees. The demand for observability platforms is further propelled by the need for enhanced business process efficiency and transparency in the digital transformation journey.

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Research Analysis Overview

The Observability Platforms market is experiencing significant growth as more Cloud-based systems are adopted by various industries, including manufacturing companies, industrial organizations, IT companies, healthcare, and SMEs. This market is driven by the need to monitor and improve Business efficiency, reduce Failure rates, and minimize Errors in supply chain operations and product and service delivery. Observability platforms provide Risk-averting models and Predictive mechanisms to help organizations identify and address potential issues before they become critical. The Public cloud segment is leading the Observability services market, with Cloud service providers offering various deployment types, including Public, Private, and Hybrid cloud, to cater to diverse business needs. The market is also witnessing the integration of Observability platforms with DevOps practices, enabling continuous monitoring and improvement of IT systems. However, security concerns, such as Distributed denial of Service (DDoS) attacks, remain a challenge for organizations adopting cloud-based observability solutions. The growth opportunities in the Observability Platforms market are immense, with increasing adoption by various industries and the need for real-time monitoring and analysis of complex systems. The market is expected to continue its upward trajectory, providing significant revenue opportunities for players in the Cloud service providers and IT industries.

Market Research Overview

According to Technavio, the observability platform market is a segment of the larger IT consulting and other services market, which falls under the broader global IT services market. This market encompasses organizations providing IT consulting and information management services. The IT consulting and other services market size is determined by the consolidated revenue generated by companies engaged in the delivery of all IT consulting and information management services. The IT services market includes entities offering IT consulting and system integration, application, electronic data processing, business process outsourcing, infrastructure, and Internet services. - The Observability Platform Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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