The market growth is expected to be driven by faster deployment and integration, scalability, and agility; compliance requirements, need for lower Capital Expenditure (CAPEX) and Operational Expenditure (OPEX), and uninterrupted business continuity.
MarketsandMarkets expects the unified monitoring market to grow from USD 3.32 billion in 2018 to USD 11.10 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 27.3% during the forecast period.
The service component is expected to witness a high growth rate over the next 5 years. Unified monitoring services help consult, integrate, and support organizations across various industries in effectively dealing with threats, thereby ensuring visibility and security across all business functions. On the basis of services, the unified monitoring market has been segmented into training and consulting, integration and deployment, and support and maintenance. With the increasing penetration of big data, IoT, edge computing, cloud, and related technologies, the demand for unified monitoring services among enterprises is gaining huge traction.
The cloud deployment type is expected to grow at a higher rate over the next 5 years. The cloud deployment of unified monitoring solutions offers various benefits, such as enhanced security, improved scalability, better flexibility, and lower costs. The cloud deployment type provides the option of scalability, whereas enterprises that are more concerned about security tend to opt for the private cloud deployment type. The cloud offers high-end performance and greater security. Moreover, it is highly scalable, flexible, and cost efficient as compared to the on-premises deployment type.
The SMEs segment is expected to grow at a higher rate than large enterprises in the next 5 years. Flexibility, failure prevention, automatic updates, lower CAPEX, collaboration, document control, and security are the main reasons encouraging SMEs for adopting unified monitoring at a rapid pace.
The hybrid cloud is a concept that incorporates the elements of both the public and private cloud. In this deployment model, enterprises use both private and public cloud at the same time. It simultaneously targets the 2 major concerns of scalability and security, which are difficult to attain by only using either the public or the private cloud deployment framework.
The consumer goods and retail vertical is expected to grow at the highest rate over the next 5 years, due to the rising consumer purchasing power. As the vertical deals with shipping orders and deliverables, it generates large volumes of data. The need to monitor and manage such voluminous data has led to the increased adoption of unified monitoring solutions in the consumer goods and retail vertical. Retailers can maintain strong relationships with their customers by gaining real-time business insights.
Asia Pacific (APAC) is projected to be fastest-growing region in adopting unified monitoring solutions and services, due to the increasing adoption of Internet of Things (IoT) and big data in the region. The vast and diverse locations, and the increasing customer expectations and competition are expected to create intense operational complexities for enterprises in the region. These complexities have led enterprises to invest in standardized unified monitoring that can adapt to the changing competitive landscape with minimum customizations.