New York, May 18, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Digital Experience Monitoring Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Enterprise Size (Large Enterprises and SMEs), Deployment Type (On-Premises and Cloud), End User (BFSI, IT and Telecommunications, Retail and Consumer Goods, Healthcare and Life Sciences, and Others), and Geography”, the global digital experience monitoring market growth is driven by streamlining the digital procedures involved in running a company lays a strong basis for future system changes or ongoing innovation, adoption of AI and IoT in fintech business, demand for better end-user experience and adoption of cutting-edge technologies.
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| Report Coverage | Details |
| Market Size Value in | US$ 2.15 Billion in 2021 |
| Market Size Value by | US$ 5.96 Billion by 2028 |
| Growth rate | CAGR of 15.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 180 |
| No. Tables | 88 |
| No. of Charts & Figures | 83 |
| Historical data available | Yes |
| Segments covered | Deployment Type, Enterprise Size, End User, Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Digital Experience Monitoring Market: Competitive Landscape and Key Developments:
BMC Software, Inc.; Broadcom Inc.; AppDynamics LLC; Dynatrace LLC; IBM Corporation; ControlUp Technologies LTD; Lakeside Software, LLC; Aternity LLC; Nexthink SA; and Catchpoint Systems, inc. are among the leading players in the global digital experience monitoring market. Several other companies are functioning in the market and are contributing substantial revenues to propel the digital experience monitoring market share during the forecast period.
In 2021, Broadcom Inc. acquired AppNeta to bolster network performance monitoring across internet and hybrid cloud-based applications. By combining AppNeta's end-to-end visibility with Broadcom's award-winning and proven infrastructure and AIOps capabilities, the world's largest enterprises running the most complex networks will now have access to a single source of truth to support their cloud journey. Further, with AppNeta, DX NetOps solutions by Broadcom Software have visibility into Internet connections and can monitor and manage digital experiences for any user across any cloud, mobile, SaaS, or remote work scenario.
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Cloud and mobility are hastening an unprecedented wave of corporate upheaval, with 70% of the top ten global enterprises being founded for the first time. Companies such as Amazon, Southwest Airlines, Apple, Disney, TD Bank, and others emphasize their customers and end-user experience to enhance the software/application they deliver. As more digital services go beyond firewalls and Application Performance Management (APM) becomes less cost-effective, end-user or digital experience monitoring (DEM) technologies will become increasingly popular. Therefore, modern end-user experience monitoring solutions are specially built to monitor performance and availability from the user's perspective.
Insurers utilize IoT to identify risk correctly, improve client interaction, and speed up and simplify the underwriting and claims process in the finance industry. For example, auto insurers have traditionally used indirect factors to determine premiums, such as a driver's age, residence, and creditworthiness. Thanks to the Internet of things, data on driver behavior and vehicle use, such as automobile speed and frequency of night driving, is now available. Insurers may contact clients more regularly and provide new services based on the collected data thanks to the technology. Customers frequently deal primarily with agents or brokers and only get the insurer directly for policy renewal or claims management, making the market suitable for efficiency advantages. Thus, to enhance the performance of IoT application and system, end-user or DEM plays a crucial role.
The COVID-19 pandemic is expected to impact European digital experience monitoring market growth positively. During the pandemic, various European sectors adopted digital experience monitoring technology to improve the customer experience since understanding the audience's and end-user’s behavior and needs is critical. During the last decade, businesses have used digital experience monitoring technology to facilitate the contract, product demand, and user experience. Furthermore, in 2020, based on the report by Eurostat, 87% of EU citizens aged 16 to 74 said they had used the internet in the preceding three months. This percentage ranged from 70% in Bulgaria to 100% in Denmark. The percentage of people who use the internet has risen quickly, from 67% in 2010 to 78% in 2015. As a result, during the COVID-19 pandemic, the increased number of internet users aided the expansion of the digital experience monitoring market in Europe.
Demand for Better End-user Experience to Boost Digital Experience Monitoring Market Growth:
End-user experience monitoring (EUEM) allows IT workers to comprehend problems from end-users’ perspectives, provide a superior customer experience, and promptly resolve issues by automatically capturing errors, crashes, network requests, page load data, and other metrics. Monitoring gives IT teams additional power to enforce service-level agreements by making it easy to analyze how third-party APIs and content services affect the software performance. Companies are interested in measuring digital experience from the end-user perspective, due to which the IT model has shifted primarily from supporting call center operation to supporting a significantly larger virtual environment. The growing number of agents to provide better end-user experience, increasing need to measure the business impact of EUEM, and changing expectations of end-users are major factors driving the growth of the digital experience monitoring market.
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Digital Experience Monitoring Market: Sector Overview:
The digital experience monitoring market analysis by end user, is segmented into BFSI, IT and telecommunications, retail and consumer goods, healthcare and life sciences, and others. The BFSI segment led the market in 2020. Like in any other industry, in banking and financial services, client experience has emerged as a critical success factor. Although financial institutions use a variety of channels, such as call centers, branches, ATMs, and mobile banking, to create client loyalty, they frequently fail to adequately manage customer experience, regulatory compliance, and consumer sentiment. This is largely due to the lack of machine-first principles in customer experience monitoring, which require computers to undertake quality analysis first and only hand over exceptions to people. Artificial intelligence (AI) improvements, such as natural language processing (NLP), machine learning (ML), speech-to-text, and computer vision, have assisted banks in reimagining their customer experience monitoring role, which is one of the primary factors leading to the digital experience monitoring market growth.
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