Unified Monitoring Market - Growth, Trends, and Forecasts (2022 - 2027)

The unified monitoring market was valued at USD 3.73 billion in 2022 and is expected to reach USD 10.89 billion by 2027, at a CAGR of 19.56% over the forecast period 2022 - 2027. The increasing investment in IT infrastructure development and the growing demand for a single monitoring tool that will reduce cost, increase employee productivity, and enhance the customer buying experience are some of the major factors driving the growth of the unified monitoring market.

Key Highlights

• Growing demand for Digital Age Networking that enables enterprises to move toward digital transformation and generate new business outcomes by leveraging new digital age technologies such as the Internet of Things (IoT), cloud, and Artificial Intelligence (AI) is expected to drive the market.
• According to the report, 70% of companies either have a digital transformation strategy or are working on it, and 21% of companies perceive that they have already completed the digital transformation. Around 40% of all technology spending in 2021 is expected to go toward digital transformation.
• Moreover, increasing emphasis on customer experience by the enterprise to grow the business is also compelling the market. The unified monitoring tools help companies to deliver an optimal customer experience by monitoring the availability and performance of all their services, applications, and technologies. It was also found that companies that earn USD 1 billion annually can expect to earn, on average, an additional USD 700 million within three years of investing in customer experience. Additionally, companies using SaaS apps, in particular, can expect to increase revenue by USD 1 billion.
• With the spread of COVID-19 across the globe, industries and their IT infrastructure has been tested for new challenges. The new work-from-home norm has exposed the end-user to new challenges where a single solution is not the efficient solution and has resulted in a silo-based approach for monitoring being no longer sufficient to use, in which each technology tier was monitored independently by a different tool. The market is expected to experience new capabilities being integrated into existing solutions to address emerging needs. They indicate the preparedness of vendors to meet evolving needs.
• Furthermore, during the COVID-19 coronavirus pandemic, most consumers relied on digital banking, and cyberattacks targeting the financial services sector increased dramatically. According to the VMware Carbon Black Threat Analysis Unit, cyberattacks rose by 38% between February and March 2020. Attackers use COVID-19 to launch phishing attacks, trojans, backdoors, crypto miners, botnets, and ransomware. As a result, increased vigilance and visibility into enterprise-wide endpoint activity are more important than ever. Financial institutions are investing heavily to update their networking solutions, which will drive the market.

Key Market Trends

BFSI Sector Will Experience Significant Growth and Drive the Market

• The banking, financial services, and insurance companies (BFSI) demand an IT infrastructure that is available 24X7x365 days and meets rigorous internal and external service level requirements. As the segment majorly deals with end customers, who contribute to companies' revenue, an enterprise needs to ensure that the end-user applications and business services are monitored with a robust IT infrastructure management tool that supports business-critical availability and performance, thus posing a huge dependency on unified monitoring tools.
• Additionally, the BFSI sector faces major cyberattacks. According to the report, financial firms are 300 times more likely than other institutions to experience cyberattacks and thus require a hypervigilant security system and continuous monitoring. In 2021, Mastercard reported over 38,000 intrusion attempts each day, which increased by 60% compared to the previous year.
• Further, during the Covid-19 coronavirus pandemic, most users rely on digital banking, and there has been a sudden increase in cyberattacks targeting the financial services sector. According to the VMware Carbon Black Threat Analysis Unit, cyberattacks spiked by 47% between 2021-2022. Attackers are using phishing attacks, trojans, backdoors, crypto miners, botnets, and ransomware, so increased vigilance and visibility into enterprise-wide endpoint activity are more paramount than ever; financial institutions are investing heavily to update their networking solutions which are expected to drive the market.
• Moreover, these organizations are geographically distributed and deal with different technologies, from legacy systems to hybrid cloud-based solutions. Hence, there is tremendous pressure on such financial organizations to monitor all the components with real-time data, simultaneously maintaining security.
• In significant companies, automated remediation of non-compliant endpoints could include patching the system, enabling an antivirus tool and making sure it is up to date on patterns, emailing IT about unauthorized access, and much more solutions to meet consumer demand and reinforcing their position. In August 2022, Syxsense, a global leader in Unified Security and Endpoint Management solutions, today announced Syxsense Zero Trust, a new module within Syxsense Enterprise that enables endpoint compliance with Zero Trust Network Access policies (ZTNA). Zero Trust initiatives require a hyper-focus on endpoint protection, but traditional authentication solutions lack the ability to evaluate device health, ensure granular policy compliance, and automate risk remediation.

North America is Expected to Experience Significant Growth

• North America is expected to dominate the market throughout the forecast period due to rapid technological advancements and its penetration in various sectors such as education, healthcare, telecom, etc., development of data centers to meet the growing demand for servers and storage space, increasing cost of resources and rising investment in smart cities projects which are expected to drive the growth in North America.
• Most of enterprises with IT landscapes are featuring numerous software layers from multiple vendors, and thus there are rising support expectations from the users' side which is fueling the dependency on unified monitoring capabilities for automatically discovering all of the active software resources in the environment including end-user client applications, and application servers with business logic.

Competitive Landscape

The unified monitoring market is competitive and is dominated by a few major players like Dynatrace LLC, Zoho Corporation, AppDynamics Inc., Broadcom Inc., and Zenoss Inc. These major players, with a prominent share in the market, is focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

• August 2022 - Trend Micro the global leader in cybersecurity, recently announced the launch of Trend Micro One, a new unified cybersecurity and attack surface management platform. This launch is a major step towards consolidating a multitude of security products and features in a single platform, enabling customers to understand better, communicate, and mitigate cyber risks.
• July 2022 - Mindtree, global technology services and digital transformation company, today announced that it has partnered with Rubrik, the Zero Trust Data Securit Company, to launch a unified cyber-recovery platform named MINDTREE VAULT. It enables organizations to work through the full scope of recovery by empowering them to quickly shift to data-driven models, ensure data is immutable, and enhance their ability to guard against cyberattacks and swiftly recover from them.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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