During the forecast period, a CAGR of 8.2% is predicted for observability platform usage. Market analysts project that by 2032, the observability platform market would have grown from US$ 2,173.7 million in 2022 to US$ 5,553.2 million.
In the upcoming years, the market for observability platforms is anticipated to expand astonishingly quickly. A key factor driving the market’s expansion is the development in small to large-scale businesses’ reliance on cloud-based solutions for service virtualization, containerization, and other uses. The market for observability platforms is growing as a result of decreased setup and maintenance costs for process automation as well as a high demand for automated business process adoption and increased operational performance across numerous industrial verticals.
Observability platform is a system that provides the ability to monitor and understand the behavior and health of complex software systems and applications. The goal of an observability platform is to provide visibility into the inner workings of these systems, enabling engineers and operators to diagnose and resolve issues quickly and effectively.
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An observability platform typically includes a combination of tools, including logging, metrics, tracing, and alerting. Logging provides a record of events and messages generated by the system, while metrics provide numerical data that can be used to track performance and health. Tracing allows for the tracking of individual requests or transactions as they flow through the system, providing insight into how the system is functioning at a more granular level. Alerting can be used to notify engineers of issues or problems with the system, providing a fast response to potential issues.
In recent years, observability has become a critical component of modern software development and operations, as organizations strive to build and maintain highly available, scalable, and performant applications. By providing a comprehensive view of the system, an observability platform helps to ensure that applications are running smoothly and provides valuable insights into areas for improvement.
What are the Competitors in Observability Platform Market Doing?
- Splunk
Splunk (NASDAQ: SPLK), which was founded in 2003 and was among the first vendors to gain a foothold in the modern AIOps/log monitoring/cloud observability stack and continues to be the market leader, with over 15,000 paying customers for its proprietary offering. The company generated $2.4 Bn in revenue in 2020 and currently has a market capitalization of $23 Bn.
- NewRelic
New Relic (NYSE: NEWR) was one of the first cloud-based observability vendors. The 2008-founded company reported nearly $600 Million in revenue last year and claims to have over 17,000 customers.
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Key Segments Covered in the Observability Platform Market Report
By Solution:
- Observability
- Services
By Enterprise Size:
- Small Offices
- Small Enterprises
- Medium-Sized Enterprises
- Large Enterprise
- Very Large Enterprises
By Industry:
- Services
- Distribution Services
- Public Sector
- Finance
- Manufacturing and Resources
- Infrastructure
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
Table of Content
1. Executive Summary | Observability Platform Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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