In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
June 2021: Sentry, a subdivision of Functional Software, Inc., announced the launch of additional enhancements to its Jira and Azure DevOps integrations. The enhancements include customizable dashboards and updates to efficiently stay on top of their application code health from frontend to backend.
May 2021: Bugsnag, inc., an application stability management pioneer added new error monitoring capabilities to its integrations to drastically simplify application development, enabling organizations to drive more significant business results with an improved user experience.
The global error monitoring software market is estimated to grow with a high CAGR during the forecast period, i.e., 2022-2030. The increasing investments in test processes to detect errors, and the growing demand to provide error-free software in a short time are anticipated to act as the major growth drivers for the market. Moreover, the increasing adoption of automation in software development using various advanced technologies, such as, artificial intelligence and block chain are also estimated to boost the market growth. The use of error tracking software makes it easy to follow everything, from simple customer questions to comprehensive technical reports on bugs and errors. Additionally, this software provides users with the ability to report a problem or error, keep track of the progress of the resolution of the issue, and identify the problem solver. This is estimated to boost the market growth. Moreover, the use of the software saves time, and it permits the system manager to modify the tracking method for efficient workflow, which is anticipated to further promote the market growth. Additionally, the adoption of cloud-based solutions from on-premise software models, cost-effectiveness, and cost-efficient error monitoring software is being adopted by multiple enterprises globally, thus driving the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
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The market is segmented based on deployment, into on-premise and cloud-based, out of which, the cloud-based segment is anticipated to grab the most significant share by the end of 2021, on account of flexibility, reliability, and security, offered by cloud-based software as compared to on-premise deployment. Moreover, cloud-based error monitoring software provides customized features needed as per the enterprise requirements, leading to segment growth.
Based on organization size, the small and medium-sized enterprises (SMEs) segment in the error monitoring software market are projected to grow with a significant CAGR over the forecast period. The segment is estimated to experience growth on the back of the fact that small and medium-sized enterprises account for the majority of the businesses globally and form the backbone of most of the economies worldwide.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global error monitoring software market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is predicted to grow at the highest CAGR over the forecast period owing to increasing advancement in cloud-based technologies and the adoption of 5G network in the region. Businesses in countries, such as, China, Japan, and Singapore are investing in cloud computing technology and error monitoring software, which is estimated to drive the market growth. Additionally, the increasing expenditure by the governments of various nations in automation and development of smart cities is estimated to boost the adoption of this software in various industries and sectors.
Furthermore, in 2021, the market in North America region is evaluated to occupy the largest share in terms of revenue. This can be attributed to the increasing adoption of software testing and debugging technology in the region. Moreover, the growing number of small and medium-sized enterprises in the region, especially in the United States, leads to the adoption of error monitoring software for efficient workflow. According to the data by the United States Trade Representative (USTR), there are 30 million small and medium-sized enterprises in the United States, which account for nearly two-thirds of net new private-sector jobs in the country in the past decade.
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The global error monitoring software market is further classified on the basis of region as follows:
Ans: Increase in adoption of cloud-based technologies and, increasing investments in test and debugging processes are the key factors driving market growth.
Ans: The market is anticipated to attain a high CAGR over the forecast period, i.e., 2022-2030.
Ans: Changing business requirements and lack of necessary IT infrastructure in lower economic regions are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to increasing advancement in cloud-based technologies, increasing IT infrastructure and the adoption of 5G network in the region.
Ans: The major players dominating the error monitoring software market are Rollbar Inc., Bugsnag, Inc., TrackJS LLC, Honeybadger Industries LLC, Raygun Limited, and Errorception, among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by deployment, organisation size, and by region.
Ans: With respect to deployment, the cloud segment is anticipated to hold the largest market share owing to better flexibility, security and efficiency for error monitoring workflow.