Market Size of Unified Monitoring Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 19.56 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Unified Monitoring Market Analysis
The unified monitoring market was valued at USD 3.73 billion in 2022 and is expected to reach USD 10.89 billion by 2027, at a CAGR of 19.56% over the forecast period 2022 - 2027. The increasing investment in IT infrastructure development and the growing demand for a single monitoring tool that will reduce cost, 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.
- According to the report, 70% of companies either have a digital transformation strategy 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 2021 is expected to go toward digital transformation.
- Moreover, increasing emphasis on customer experience by the enterprise 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 also 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, 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 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 emerging needs. They indicate the preparedness of vendors to meet evolving needs.
- Furthermore, during the COVID-19 coronavirus pandemic, most consumers relied on digital banking, and cyberattacks targeting the financial services sector increased dramatically. According to the VMware Carbon Black Threat Analysis Unit, cyberattacks rose by 38% between February and March 2020. Attackers use COVID-19 to launch phishing attacks, trojans, backdoors, crypto miners, botnets, and ransomware. As a result, increased vigilance and visibility into enterprise-wide endpoint activity are more important than ever. Financial institutions are investing heavily to update their networking solutions, which will drive the market.
