According to the latest research report on "Digital Experience Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the digital experience monitoring market size is expected to reach US$ 5,960.87 million by 2028, registering a CAGR of 15.9% during 2022-2028.
The digital experience monitoring market is anticipated to witness substantial growth during the forecast period due to the rising demand for better end-user experience. Understanding the behavior and demands of end-users is crucial for any business, and end-user experience monitoring tools help developers gain new insights from the user's perspective. As per industry figures by Statista, more than 90% of the world's active internet users access the internet via mobile or smartphone devices, which has led to developers and SME manufacturers relying on digital experience monitoring solutions. End-user experience monitoring (EUEM) is an important feature of an end-to-end application performance management solution, which provides IT professionals with end-to-end visibility into the performance of their web and mobile software/applications. Through digital experience monitoring, IT teams can comprehend problems from the end-user's perspective, provide a superior customer experience, and quickly resolve issues by automatically capturing errors, crashes, network requests, page load data, and other metrics. Monitoring also enables IT teams to enforce service-level agreements by analyzing how third-party APIs and content services affect the software performance. The IT model has shifted primarily from supporting call center operations to supporting a significantly larger virtual environment, and companies are interested in measuring digital experience from the end-user perspective. 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 digital experience monitoring market growth during the forecast period.
North America has been severely impacted by the COVID-19 pandemic, with the US, Canada, and Mexico experiencing a significant increase in infected patients. As a result, various aspects of people's daily lives, both social and professional, have shifted online, from work and education to healthcare and fitness. The US, in particular, has seen a steady increase in confirmed cases since early 2020, leading to a surge in eCommerce demand. Organizations have adopted various technologies such as Artificial Intelligence, Machine Learning, and digital experience monitoring to function efficiently during the pandemic, driving the adoption of end-user monitoring (EUM) solutions among SMEs. Therefore, the digital experience monitoring market is focusing on enhancing customer satisfaction through end-user feedback mechanisms, which has led to an increase in the use of digital experience monitoring technologies.
Key Findings of Study:
The digital experience monitoring market can be analysed based on enterprise size, deployment type, end-user, and region. The enterprise size segment includes large enterprises and SMEs, while the deployment type segment comprises on-premises and cloud. The end-user segment includes BFSI, IT and telecommunications, retail and consumer goods, healthcare and life sciences, and others. The global market is categorized into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM) regions. The digital experience monitoring market has made a significant impact on the world since its inception. The market has attracted the attention of both new and established businesses, leading entrepreneurs and marketers to consider investing in digital experience monitoring development. Technology has transformed the commercial sector in recent years, and future digital experience monitoring developments will likely encourage businesspersons to seek advice from specialists and enter this industry to increase their digital experience monitoring market share.
The US government is required to perform end-use monitoring (EUM) under the Arms Export Control Act (AECA) to ensure that foreign end-users comply with the requirements established by foreign partners through government-to-government transfers or enforced by the US government. In the US, Cisco (appdynamics) is one of the leading companies in application performance monitoring. Moreover, various projects have been initiated in the region, such as NOC's release of FortiMonitor and FortiAIOps in 2021, to provide comprehensive monitoring and automation, which can help organizations improve their digital experience monitoring market and business outcomes. To succeed in the digital transformation, network operations teams must provide a high-quality user experience on every application from any location. These factors are driving the growth of the digital experience monitoring market in North America.
The digital experience monitoring market in Europe is experiencing significant growth. While some companies postponed their implementation of end-user experience monitoring during the COVID-19-induced recession, many businesses are now reevaluating their technology adoption goals and digitalization strategies, leading to increased demand for digital experience monitoring products and solutions. Various initiatives are taking place in the European end-user experience monitoring and application performance management sector, further driving this growth. For example, OpsRamp has partnered with TietoEVRY to expand the availability of the OpsRamp IT operations management platform across Nordic countries, where the AIOps-based OpsRamp system will be a key component of the company's next-gen enterprise services offerings, which include IT infrastructure, cloud, and application management. Such activities in the application and software management segment directly impact the adoption of digital experience monitoring to enhance customer experiences, taking into account the context surrounding digital experience metrics and increased user experience.
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