Monitoring is an extremely necessary and salient part of any business for smooth process flow. Synthetic monitoring provides the examination of user behavior at regular intervals through-out an application or a website and offer an astute visibility of end-to-end performance of the system. Synthetic monitoring benefits the websites emulating all the possible errors that can occur. Effective monitoring requires data-driven insights for hassle-free maintenance and timely detection of unplanned downtime, resource saturation, and network intrusion in the websites. Subsequently, the demand for synthetic monitoring in information technology and banking sector are increasing rapidly. The availability of various tools such as Uptrends, Dynatrace, Pingdom, and Uptime.com deployed in the right manner provides tremendous benefits to these sectors. Hence, with the rising demand for high-efficient solutions in streams such as availability monitoring, web performance monitoring, Service Level Management (SLM), and transaction monitoring, the opportunities for the synthetic monitoring market are gaining significant traction.
As of 2018, the global synthetic monitoring market size evaluated to be $1.2 billion and the demand is poised to grow at a notable CAGR of 16% during the forecast period 2019-2025.
In the current scenario, almost half of the companies have declared that 31% to 60% of their IT systems are all-in cloud Software as a Service (SaaS) strategy. The major factor that is driving the growth of the synthetic monitoring market is the adoption of modern technologies such as SaaS. Synthetic monitoring is the method that vendors and IT teams are using to ensure that Service-Level Agreement (SLA) targets are being met to ensure the smooth flow of business-critical applications in SaaS. Additionally, while executing the SLA, document provides the information of all the suitable metrics that relates to the description of the work that are measured on different values and points. The two aspects of synthetic monitoring, tracking and monitoring are executed based on these parameters. As a consequence, by producing the real environment synthetic monitoring gives authority to the companies to scale up these SLAs. This allows the website owners and the vendors to follow and manage the agreements with high efficacy, which drives the growth of the synthetic monitoring market.
North America Dominating the Global Synthetic Monitoring Market
North America dominated the global synthetic monitoring market with a share of 37% in 2018. The market is flourishing due to the demand for pro-active monitoring of continuously increasing adoption of cloud-based applications, intricate applications, and rising need for DevOps applications. In addition to this, North America has a significant requirement for SaaS-based applications because of the mount in the adoption of DevOps. As the discrete manufacturing, banking, and professional services are investing heavily into cloud computing, the United States is expected to become the largest market for public cloud services in the upcoming years. In North America, as the consumers are constantly opting for online services, especially in the conventional markets, the companies are focusing on improving their application management services, and consequently, using synthetic monitoring services. Therefore, the synthetic monitoring is expected to propel in the region in the upcoming years.
BFSI is the Frontrunner Segment in the Synthetic Monitoring Market
BFSI is the fastest-growing segment in the synthetic monitoring market with a CAGR of 18.5% during the forecast period. The finance sector has always been the pioneers and early adopters of advanced technologies. With the use of a premium synthetic monitoring tool such as AlertSite, the users can monitor the availability and performance of all the applications thereby defining the accuracy of complex user transactions such as processing payments and filling forms. AlertSite monitor and alert settings together allow creating a powerful validation check of the banks, ensuring the security of the user. With these profound benefits in the BFSI, the synthetic monitoring market demand is accelerating during the forecast period.
Mobile Application Monitoring Encouraging Synthetic Monitoring Market Growth
There has been a predominant rise in mobile device website traffic, due to the increasing usage of mobile devices globally. Therefore the need to load website quickly and display apt information is rising. As a result, the increasing need for mobile devices is driving the growth of the mobile application synthetic monitoring in the marketplace. Mobile monitoring reduces the friction between teams and saves time that helps in eliminating prolonged meetings and debates along with speculation on what needs to be investigated. Performance for responsive designs, web apps, and mobile-enabled sites are optimized completely through mobile application monitoring. Additionally, automate testing for native, iOS and Android apps, and hybrid are driving the market growth. This influences the companies to examine the application and process it on various different devices, with varied resolutions and screen sizes. Subsequently, the major trend driving the synthetic monitoring market growth when real devices are combined with synthetic monitoring, it provides a detailed view of the application.
Dynatrace Synthetics Revolutionizing the Market
Dynatrace synthetic monitoring has made monitoring much easier nowadays by providing the performance and availability of the applications and websites. At a given time period, availability provides success rates that indicate if the application is available for the users and if it is fully functional. Also, the performance of the application quantifies that if the recorded interactions and web page is experiencing significant slowdowns as compared to the threshold. Furthermore, Dynatrace seamlessly brings together the cloud infrastructure monitoring, application performance management, digital experience management, and AIOps into one automated solution which are powered by artificial intelligence to the core. Thus, this development has been driving the synthetic monitoring market growth.
“Dynatrace synthetics monitoring has changed the perception of what can be done as its more cleaner, reliable and efficient. This has reduced drastically the building and recording a synthetic test and provides tremendous results along with reporting informs and impresses both the non-technical and technical audiences,” says Jourdan McClure, a senior systems engineer at First Tech Federal Credit Union.
Some of the key players operating in the synthetic monitoring market are Dell Technologies, Inc., IBM, Microsoft, Hewlett Packard, BMC Software Inc, CA Technologies Inc., New Relic Inc., Appdynamics, Inc., and Riverbed Technology. Many companies are introducing new products in order to increase their market presence or entering into strategic mergers and acquisition, joint ventures, and partnerships.
· CA Technologies Merged With Swisscom To Launch Open Banking Hub
CA Technologies, an American Multinational corporation, announced its partnership with Swisscom, a major telecommunication provider company, to launch an innovative open banking hub in September 2018. These two companies are standardizing on the CA Technologies API Management portfolio in order to create a simple and secure interface that connects the financial institutions and fintech startup companies. With Swisscom Open Banking Hub, the third-parties and financial institutions are more secure in terms of challenges as performance, availability, security, and transparency and infrastructural issues. Open banking hub ensures that all the users distinctively focus on being more compliant and competitive and developing the services.
· Keynote and Dynatrace Merged to Form Largest APM Company
In May 2019, Dynatrace and Keynote have merged together in order to form the world’s biggest and leading Application Performance Management (APM) Company with combined revenue of $359 million. The companies will be named under the Dynatrace brand. The Dynatrace customers will now be able to use the Keynotes insights consulting services that will help the organizations to analyze internal datasheets. The new company created will have the world’s biggest synthetic monitoring network with an ability to test traffic from 100,000 locations in 162 countries by using the APM-as-a-Service product. Simultaneously, the merging of both the companies will offer the firms and customers an outrage analyzer product which will record the internet usage in real time and will foresee the next big non-success and examine the root cause of the issue.
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