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Global error monitoring software market generated revenue of US$ 826.3 million in 2021 and is estimated to reach valuation of US$ 2,352.6 million by 2030 at a CAGR of 12.8% during the forecast period, 2022–2030.
As businesses become increasingly reliant on data to make informed decisions and operate efficiently, they are demanding information that can identify and correct errors as quickly as possible. This has created a demand for error monitoring software market that can identify issues across various systems and platforms, efficiently communicate findings with users or end users, and help identify potential root causes.
The growth of the market is attributed to factors such as the increase in instances of data breaches and cyberattacks, which has necessitated the use of error monitoring tools to minimize their harmful effects. Additionally, advancements in analytics and machine learning are expected to play a significant role in driving the adoption of these tools across various industries.
Challenges faced by companies in managing information security incidents are reported to be one of the major factors hampering adoption of this technology by businesses. Insufficient understanding on how best to use this technology can also be another hindrance. Additionally, privacy concerns and compliance with governing regulations are said to be other key restraining factors that could adversely impact the market growth.
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Key Dynamics of Error Monitoring Software Market
Growing Adoption of Cloud-Based Technology
In the recent years, there is a substantial adoption to cloud-based platforms as a service model to identify and resolve application errors through error monitoring software solutions across various industries, resulting in increased cloud-related spending. For example, by gathering and showing errors generated by operating cloud services, Google Cloud Platform (GCP) Error Reporting & Logging management tools enables the users to recognize and comprehend application faults.
Additionally, the in-depth monitoring of the complete cloud infrastructure via different integrations is becoming increasingly necessary to deliver error-free apps in a short amount of time, which fuels the error monitoring software market growth.
Increasing Investments in Test Processes to Detect Errors
With the growing usage of Agile and DevOps methodologies, there is an increasing need for software testing automation which further drives up the cost of software testing technologies. They are more effective than manual testing for finding vulnerabilities. Hence, software testing is getting more effective and efficient because of the increased frequency of software changes. For instance, MIDAS and IQ, have recently collaborated to finalize the development of the MIDAS V.I.E.W. system to address the crucial flaws in the management, keeping the records, and destruction of extra medications in hospitals, clinical centers, pharmacies, research laboratories and other healthcare institutions.
With this ground-breaking software-based visual accountability solution in the error monitoring software market, human error, the abuse of controlled substances, and an unnecessary dependence on the "honor system" for medication handling will all be eliminated.
Furthermore, addressing problems and flaws early in the development process rather to waiting till the software product has been delivered to resolve them would be more cost-effective for the testing team.
Free Availability of Bug Tracking Software
There are several free and open-source bug tracking software products available in the global error monitoring software market that greatly assist small firms in saving money.
For example, Bugzilla, a well-liked open-source option, program can be utilized for flexibility and collaborative work by teams that are primarily concerned with development and require accurate task documentation. The free bug tracking and reporting tools provided by Bugzilla allow developers and development teams to keep track of open bug reports, their progress, and modifications.
Other software providers in the error monitoring software market are also providing free trials or free versions of their products, which primarily benefit customers financially but ultimately limit the market's growth.
Increasing Adoption of Automation In Software Development
With technological advancements, automated testing is becoming more widely used in a variety of industries and provides quick feedback on company goals, particularly in the BFSI and e-commerce sectors. Automated error reporting makes use of a company's user base to help find common software bugs. These automated tasks may free up programmers to focus on difficult design or strategic development problems. For instance, there are numerous approaches to automate the QA process using robotic test automation technologies like Robot Framework or Selenium WebDriver as well as programs like Zephyr.
Furthermore, the expanding adoption of artificial intelligence and the incorporation of a machine learning solution, which is a big trend in the error monitoring software market right now, may also significantly increase market growth.
By platform, global error monitoring software market is segmented into Windows, Android, iOS & others. The android platform captured the largest market share in 2021 and is predicted to continue its dominance well into the future. This is mainly because of its widespread use in mobile applications.
The windows segment is expected to witness the highest growth in the projected period. This is because Windows is the most popular operating system for laptops and desktop computers despite many mobile applications run on Android. Nearly 74% of the laptops and computers around the world use windows operating system.
Based on deployment, the error monitoring software market is segmented into cloud-based & on-premises segments. Wherein the cloud-based segment is dominating the market with highest market share and is expected to continue its dominance in the future as well. This is due to simple, accessible, and practical application. Moreover, it provides better adaptability, enable integration, and promote more mobility.
Our study suggest that it is frequently utilized in small and medium-sized businesses and demand little in the way of infrastructure and labor.
While the on-premises option has numerous difficulties and complications. They call for software infrastructures that are not present, particularly in small and medium-sized businesses.
Based on solutions, the error monitoring software market is sub-segmented into web solutions, mobile solutions, and server-side solutions. Wherein, the web solutions segment is holding the largest market share & is also predicted to grow at the fastest CAGR throughout the forecast period. This is primarily resulted due to their easy integrability in any marketable electronic device and accessibility through web browsers. Additionally, there are no downloads or installs needed to use web solutions. Their market expansion is pushed by the fact that they are frequently faster, easier, and more effective.
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Enterprise Size Analysis:
Based on enterprise size, the error monitoring software market is divided into Large Enterprises & Small & Medium Enterprises. Wherein the large enterprises segment held the largest market share in 2021 because of their cost-effectiveness and effective maintained business processes and workflows, which are crucial. Large organizations to provide timestamped changes, ensure adequate authentication, and interact with reviewers. The entire business lifecycle is accelerated as a result, and their websites and applications receive consistent client traffic.
While the small and medium sized enterprises segment is anticipated to grow at the highest CAGR throughout the forecast period. This is due to the gradual adoption of error monitoring systems by small and medium-sized businesses, which has contributed to the growth of the category.
By industry, the global error monitoring software market is divided into business & consumer applications, e-commerce, financial services, gaming, health technology, media & entertainment, and others.
The e-commerce segment is holding the highest share for error monitoring software market & is expected to continue growing at the fastest CAGR throughout the forecast period. Our study suggests that e-commerce operators witness a huge influx of consumers their platform and put a lot of pressure on the server accessibility. In order to avoid any errors and mismanagement of order and customer experience, these companies spend heavily on Error monitoring software to swiftly address any bugs or outages.
By revenue, North America is the largest region in the global error monitoring software market thanks to strong presence of well-developed technical institutions. In the US, where the rapid growth of mobile applications and cloud services has created an explosion in software bugs, Error monitoring solutions are in high demand.
There are many reasons for this. First, developers increasingly rely on automation tools to speed up their workflows. Second, organizations are becoming more diligent about detecting and correcting software defects as they happen rather than waiting for them to cause problems down the line.
Second, businesses are becoming increasingly competitive and are looking for ways to improve their performance overall. Error monitoring software can help attain these goals by providing real-time insights into how employees are performing and identifying potential issues early on.
This high demand means that there is a lot of competition in North America error monitoring software market. Many companies are offering similar products with a variety of features and prices. In order to stand out from the crowd, it is essential for companies to find a product that ticks all of the right boxes: it needs to be easy to use, provide comprehensive data analysis, and have a user-friendly interface.
While the Asia Pacific and Europe error monitoring software markets are anticipated to experience the strongest growth during the projection period.
Top Players in Error Monitoring Software Market
Sentry, Zoho Corporation, JetBrains, and Crashlytics (Google LLC) are some of the major market players worldwide. In 2021, these top 4 players accounted for 70%-75% share of the global error monitoring software market.
List of Key Companies Profiled:
By Enterprise Size
|Market Size Value in 2021||US$ 826.3 Million|
|Expected Revenue in 2030||US$ 2,352.6 Million|
|Unit||Value (USD Mn)|
|Segments covered||By Platform, By Deployment, By Solution, By Enterprise Size, By Industry, By Region|
|Key Companies||Airbrake, Bugsnag, Crashlytics (Google LLC), Honeybadger Industries LLC, Inflectra Corporation, Jetbrains, Raygun Limited, Rollbar Inc., Sentry, TrackJS LLC, Zoho Corporation, Other Prominent Players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Error monitoring software solutions ensure track of faults and mistakes in the online website or programme for smooth functioning, particularly after deployment.
The combined market share of five key players is around 75% in 2021.
The rising demand for error monitoring software is because of increasing investments in test processes to detect errors.
The Global Error Monitoring Software market is projected to grow at a CAGR of 12.8% during the forecast period 2022-2030 and is expected to reach US$ 2,352.6 Mn by 2030.
Rising adoption of cloud-based technology and Increasing investments in test processes to detect errors are key factors driving the market growth.
E-commerce segment holds the highest CAGR in the global error monitoring software market during the forecast period.
Asia Pacific is growing with the highest CAGR during the forecast period.
China is growing with the highest CAGR during the forecast period.
Availability of free bug-tracking software is a restraining factor that inhibits the growth of the error-monitoring software market during the forecast period.
By platform, deployment, solutions, enterprise size, and industry and region are the different segments in the global error monitoring software market.
Airbrake, Bugsnag, Crashlytics (Google LLC), Jetbrains and Sentry among others.
The error monitoring software market had a positive impact in the COVID-19 pandemic.
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