July 23, 2020
According to the research report titled ‘Global Application Performance Management Market Size study with COVID-19 impact, by Platform Type (Software and Service), by Deployment Type (On-premises, Cloud and Hybrid), by User Type (Small and Medium Business and Large enterprise), Access type (Web APM and Mobile APM), by Vertical Type (BFSI, Manufacturing, Government, Healthcare, Retail and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global application performance management industry generated revenues worth USD 4.98 billion in the year 2019 and is expected to grow with a CAGR of 12.86% through 2026.
Notably, application performance management (APM) software is used to handle or monitor the overall employee involvement, transaction time, application dependencies and performance of code within an organization. It helps in enhancing internal efficiency as well as productivity of workforce, ensures compliances, decreases downtime of employees, and reduces operational cost.
Widespread incorporation of big data analytics and cloud computing technologies is fostering the demand for application performance management systems, which in turn is driving the market growth. According to Wikibon, global big data market share for services and software is estimated to reach USD 103 billion by the year 2027 from USD 42 billion in 2018.
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In addition, the unexpected wave of COVID-19 has resulted in slowdown of various economies and organizations. This has propelled the demand for application performance management systems in order to manage workforce, lower operation costs and increase productivity, thereby favoring the market scenario. However, high installation and maintenance cost of such solutions may hamper the market expansion.
As per platform type, the market is segmented into service and software. In terms of deployment type, the industry is bifurcated into hybrid, cloud and on-premises. Citing the user type, application performance management industry is split into large enterprise and small & medium business.
By access type, the market is divided into mobile APM and web APM. The vertical landscape of the overall market comprises of retail, healthcare, government, manufacturing, BFSI and others.
From the regional point of view, North America currently accounts for significant market share and is predicted to expand continuously during the forecast period, primarily driven by rising adoption of cloud computing and big data analytics technologies. On the other hand, Asia-Pacific application performance management industry is poised to accumulate commendable revenues in the forthcoming years. Proliferating mobile computing technologies and globalization of businesses are fueling the market outlook in the region.
The major companies in worldwide application performance management industry are New Relic, Riverbed Technology Inc., Microsoft Corp., AppDynamics, BMC Software, Dell Software, CA Technologies Inc., Compuware Corp., Hewlett-Packard Enterprise Co., and IBM Corp. among others.