The adoption of the observability platform is expected to register at a CAGR of 8.2% during the forecast period. The observability platform market size is anticipated to rise from US$ 2,173.7 Million in 2022 to US$ 5,553.2 Million by 2032.
The market for observability platforms is expected to grow incredibly quickly in the future years. The growing reliance of small to large-scale organizations on cloud-based solutions for service virtualization, containerization, and other uses is a major factor fueling the market’s growth. Reduced setup and maintenance costs for process automation, strong demand for the adoption of automated business processes, and improved operational efficiency across multiple industrial verticals are all contributing to the growth of the market for observability platforms.
A system that enables the monitoring and comprehension of the behavior and health of sophisticated software systems and applications is known as an observability platform. An observability platform’s objective is to enable visibility into these systems’ internal workings so that developers and operators can 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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