Large enterprises incur huge losses in case of an IT infrastructure downtime. This issue has been a sore spot for a long time, leading to a rise in the demand for IT infrastructure monitoring. The need for IT infrastructure monitoring is critical in today’s world where the safeguarding of information and the need for efficiently working communication channels has become imperative. Major corporations have massive IT infrastructure and the need to monitor its functioning is essential. The 2015 valuation of the market by revenue stood at US$19.24 bn and is projected to rise to US$34.1 bn at a 6.6% CAGR for the forecast period of 2016 to 2024.
Demand for Increased Uptime Driving Global IT Infrastructure Monitoring Market
Major companies and SMEs are targeting maximum uptime of its IT infrastructure to reduce company losses. An efficient IT infrastructure monitoring system reduces server downtime and provides real-time updates and prior warnings in case of system failure. Equipped with this information, precautionary measures can be taken accordingly to reduce downtime for the lowest possible period. This feature has significantly driven the global IT infrastructure monitoring market.
Security Concerns over Cloud-based Solutions Restraining Global IT Infrastructure Monitoring Market
Most companies are making a shift to cloud-based infrastructure, giving them freedom from handling IT-related issues since they are being handled by a dedicated third party. However, this has given rise to several causes for concern as cloud-based systems involve storing sensitive information on third party servers, making them highly susceptible to cyber-attacks. Hence cloud-based solutions pose a major restraint to the global IT infrastructure monitoring market.
Enterprise Segment Dominates Global IT infrastructure Monitoring Market
The global IT infrastructure monitoring market is segmented on the basis of type into individual software, bundled software, and service. Among these, the software segment stood at US$6.1 bn in 2015 and is projected to reach US$6.5 bn at the end of 2016. The service segment valued US$13.1 bn in 2015 and is expected to reach US$13.9 bn by the end of 2016. The SMEs segment held a 27% share of the revenue in 2015 whereas the large enterprises segment dominated the market with a 73% revenue share in 2015. The large enterprises segment is anticipated to continue its leading streak throughout the forecast period.
North America Leads Global IT Infrastructure Monitoring Market
North America is presently dominating the global IT infrastructure monitoring market by value owing to the presence of major companies in the region and the rise in cloud-based monitoring systems. This regional market is projected to continue its lead through 2024. The Asia Pacific IT infrastructure monitoring market is expected to rise at a 6.6% CAGR for the forecast period.
Key players in the global IT infrastructure monitoring market include Spiceworks Inc., Nagios Enterprises, LLC, ScienceLogic, SevOne, Inc., AppDynamics, Inc., Splunk Inc., Datadog, Inc., Zabbix LLC., CA Technologies, and PagerDuty, Inc.
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