Global Synthetic Monitoring Market Report and Forecast 2024-2032

Global Synthetic Monitoring Market Outlook

The global synthetic monitoring market stood at a value of around USD 1272.23 million in 2023. The market is further expected to grow at a CAGR of 15.3% in the forecast period of 2024-2032 to attain a value of nearly USD 4581.53 million by 2032.         

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Growing Demand for Website Monitoring to Bolster the Growth of the Synthetic Monitoring Industry

Based on type, the website monitoring segment accounts for a significant share in the industry and is anticipated to grow at a steady rate in the forecast period. The segment growth can be attributed to a significant increase in the website traffic of e-commerce, educational, and brochure and catalogue websites, among others.

Through website monitoring, a business can be bolstered as one can keep an eye on website traffic and judge the purchasing pattern of potential customers. Meanwhile, the growing utilisation of mobile apps is expected to enhance the demand for mobile application monitoring over the forecast period, thus, aiding the market.

North America to Account for a Significant Share of the Synthetic Monitoring Industry

The growing significance of cloud computing, BYOD, internet of things (IoT), and e-commerce in countries like the United States and Canada is likely to be a major factor driving the synthetic monitoring industry growth in North America. Over the forecast period, the market is anticipated to be augmented by the growing technological advancements and rapid digitalisation, particularly in emerging nations.

Synthetic Monitoring: Market Segmentation

Synthetic monitoring is defined as a monitoring technique which involves web browser script recordings or web transactions, wherein behavioural scripts are created to simulate a path that a user would take on a site. It helps monitor ongoing IT service performance. Synthetic monitoring, by tracking simulated user transactions, ensures that the problems and issues can be quickly identified and resolved, ideally before users complain or notice.

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Based on type, the market is divided into:

• API Monitoring
• Website Monitoring
• Mobile Application Monitoring

On the basis of end use, the market is segmented into:

• BFSI
• IT and Telecommunication
• Retail
• Media and Entertainment
• Travel and Hospitality
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing End Use of Synthetic Monitoring, particularly in the BFSI Sector, to Boost the Growth of the Synthetic Monitoring Industry

The global market for synthetic monitoring is driven by its growing demand in various end use industries, including the BFSI sector. There has been a significant increase in efforts of major financial and banking institutes to counter challenges such as mobile or net banking outages and the need to bolster accountability. This is driving the demand for synthetic monitoring in the BFSI sector. Furthermore, the growing utilisation of application-based services through smartphones for various purposes is anticipated to propel the demand for mobile application monitoring to analyse customer behaviour and enhance user experience, which is expected to aid the market in the forecast period. In addition, the growing dependence of millennials on gadgets such as smartphones, laptops, tablets, and others is expected to further aid the market. These gadgets are nowadays used for purchasing, streaming, and advertising. As synthetic monitoring is compatible with smart devices, it is expected to provide significant growth opportunities to the market.

Key Industry Players in the Global Synthetic Monitoring Market

The report gives a detailed analysis of the following key players in the global synthetic monitoring market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Dynatrace LLC
• Broadcom, Inc.
• Micro Focus International LLC
• Catchpoint Systems Inc.
• AppDynamics LLC
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report