Synthetic Monitoring Market: USD 402.81 million Growth from 2021 to 2026, High Competition Among Vendors due to Evolving Standards - Technavio
NEW YORK, Aug. 16, 2022 /PRNewswire/ -- Synthetic monitoring is an application utilized for performance monitoring techniques through a simulation or scripted recordings of transactions. It is a robot client application that can be easily installed on a device, browser, or computer and transmits a series of automated transactions to the application.
Technavio estimates that the synthetic monitoring market size is expected to grow by USD 402.81 million from 2021 to 2026. The growth momentum of the market will accelerate at a CAGR of 7.73% during the forecast period.
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Porter's Five Forces Analysis
Industry rivalry mainly depends on factors such as the number and concentration of vendors, market growth potential, product differentiation, switching costs, and high exit barriers. In the global synthetic monitoring market, there is intense competition among the existing players. In addition, the growth potential of the market is intensifying the competition in the market. However, the market has low exit barriers, which decreases the rivalry among the existing vendors. Therefore, the threat of rivalry was moderate in 2021, and it is expected to remain the same during the forecast period.
The synthetic monitoring market is fragmented, and the vendors are deploying growth strategies such as mergers and acquisitions and application launches to compete in the market. There are several other global and regional players operating in the market. The market is highly competitive due to the presence of a few big players. Moreover, new entrants are trying to establish their footprints. Some of the key vendors operating in the market include BMC Software Inc., Broadcom Inc., Catchpoint Systems Inc., Cisco Systems Inc., and Dell Technologies Inc.
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The synthetic monitoring market has been segmented by type into API monitoring, website monitoring, and mobile applications monitoring. The API monitoring segment will have a significant contribution to market growth during the forecast period. This growth is attributed to factors such as the growing popularity of third-party services.
By geography, the market has been segmented into North America, Europe, APAC, South America, and the Middle East and Africa. APAC will have the highest market growth during the forecast period. The early adoption of technologies and the strong existence and penetration of the top vendors will drive the growth of this region during the forecast period.
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Key Drivers and Trends
The pricing strategies of vendors will drive the growth of the market during the forecast period. Vendors are focusing on providing value-based pricing models. They are providing SaaS, commercial open-source models, and term licensing to be in sync with the changing demands.
The growing adoption of cloud-based applications is a trend in the market. The adoption of cloud-based monitoring or MaaS tools has been growing rapidly. The use of synthetic monitoring can enable organizations to set up an IT monitoring structure quickly, with low investments in hardware and software.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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