Observability Tools and Platforms Market Valuation to Hit $4.1 billion by 2028

The Observability
Tools and Platforms Market size
is expected to grow from USD 2.4 billion in 2023 to USD 4.1 billion by 2028, at
a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. The
advancements in cloud technology, open-source software, and development tools,
monitoring tools, rise in cloud-native demand, a surge in adoption of cloud
computing services, the growth of advanced technologies such as AI, ML, IoT,
real-time data analytics, enablement of AI-based tools in IT operations, are
few key factors driving the growth of the observability tools and platforms
market.

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Observability Tools and Platforms Market Dynamics

Drivers

·      
Growing
adoption of hybrid cloud and multi-cloud strategies across verticals

·      
Emergence
of AI-enabled tools in IT operations

Restraints

·      
Rise
in cyberattacks and data breaches

·      
Difficulties
involved in application portability

Opportunities

·      
Emergence
of hybrid cloud infrastructure

·      
Proactive
investment by enterprises in cloud-based models

List of Top Companies

·      
Dynatrace
(US)

·      
ScienceLogic
(US)

·      
LogicMonitor
(US)

·      
Auvik
(Canada)

·      
New
Relic (US)

·      
GitLab
(US)

·      
AppDynamics
(US)

·      
SolarWinds
(US)

·      
Splunk
(US)

·      
Datadog
(US)

·       Sumo Logic (US)

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By component, the solution segment to hold a larger market
share during the forecast period

Observability platform provides tools for evaluating,
monitoring, and managing cloud services, applications, and infrastructure. It
provides features such as full visibility across the cloud, eliminating blind
spots, and early detection of issues and vulnerabilities to secure the cloud,
better insights, cost control, fast troubleshooting, and performance tracking
across the cloud. Moreover, Observability solutions are built for organizations
of various sizes, and as the cloud activity increases, the monitoring tool can
scale simultaneously. These solutions are also available on a
subscription-based model, which reduces operational expenditure. These
advantages of the solutions are expected to fuel their demand in the future.

By vertical, Retail and consumer goods exhibits significant
growth in the market during the forecast period

Data observability in the retail industry helps improve
internal analytics, and shopping experiences, notably reducing
time-to-detection of data quality issues and increasing revenue with reliable
and trustworthy data. Challenges that were faced by the industry in the past
years were such as missing and duplicative data, complicated queries, and
inconsistent logic across pipelines which created confusion in analytics,
missing ingestion pipelines from marketing sources, loss in visibility to
increase marketing spend efficiency, lack of access to fresh, up-to-date data
for stakeholders to make decisions. With Data observability, the retail
industry has gained a few benefits such as custom alerting for known business
logic, such as update frequency for third-party data, field-level lineage
graphs that help show the downstream impact of changes, and automated
thresholding for data quality metrics across key tables. With the advent of
e-commerce and online retailers, the retail industry has faced tremendous changes
in recent years and has readjusted itself to the new business environment. Shop
retailers are adopting more innovative technologies, such as cloud computing
and big data analytics, to sustain and thrive.

Asia Pacific to grow at the highest rate among regions in the
observability tools and platforms Market during the forecast period

Observability Tools and Platforms market in Asia Pacific has
been studied for countries such as China, Japan, India, and the Rest of Asia
Pacific. The region is expected to experience extensive growth opportunities
due to high consumer spending, internet penetration, and the rising adoption of
advanced technologies, such as AI, ML, analytics, and cloud computing. The
presence of many prominent large multi-national companies and emerging fruitful
startups in the region has led to rising demand for the latest Observability
tools and platforms. Major factors for technological advancements in the region
are the rising levels of urbanization, technological innovation, and government
support for the digital economy. Rapid advancements in telecommunications, cloud
computing, and IoT have led to several organizations adopting cloud-based
strategies. The increasing adoption of cloud technologies and the massive
amount of data has led to the complexity of managing workloads and applications
manually, which is the primary factor in adopting observability solutions among
enterprises in this region.

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