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Research Nester released a report titled “Error Monitoring Software Market : Global Demand Analysis & Opportunity Outlook 2030″ which delivers a detailed overview of the global error monitoring software market in terms of market segmentation by deployment, organization size, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global error monitoring software market is segmented based on deployment into on-premise and cloud-based. The cloud-based segment is anticipated to grab the most significant share by the end of 2021 on account of flexibility, reliability, and security, which cloud-based software offers compared to on-premise deployment, along with the increasing penetration of cloud-computing. On a global level, the cloud computing technology market generated a revenue of over USD 320 billion in 2020.
The global error monitoring software market is projected to grow with a high CAGR during the forecast period, i.e., 2022-2030. Market growth can be attributed to the growing integration of automation and advanced technologies such as artificial intelligence, blockchain, IoT, and other technologies in multiple industries such as e-commerce, financial services, health technology, etc. Moreover, the growing expenditure of investments on software testing is increasing due to the rising need for efficient, fast, and safe software globally. The global annual spend on software testing exceeds USD 250 billion. In fact, software testing takes up 25-45% of a typical IT budget.
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Regionally, the market is segmented into five regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The error monitoring software market in the Asia Pacific region is projected to grow at the highest CAGR throughout the forecast period owing to the increasing adoption of technology in the developing countries in the region. Currently, the market in North America holds the largest share. This can be attributed to the growing number of small and medium-sized enterprises in the region, especially in the United States, which leads to the adoption of error-based software for efficient workflow.
Increasing Investments in Testing and De-Bugging Processes in Software Development to Drive the Market Growth
The growing need for error free software development in the shortest possible time and the increased effort for software tests is estimated to drive the market growth. Moreover, the increasing government expenditure for IT services and software are growing globally, backed by the development of smart cities, integration of automation, use of artificial intelligence and machine learning solutions in multiple industries. This is anticipated to boost the market growth.
However, the lack of necessary IT infrastructure in lower economic regions and lack of technical knowledge for error testing is expected to hamper the market growth.
This report also provides the existing competitive scenario of some of the key players of the global error monitoring software market which includes company profiling of Functional Software, Inc. (Sentry), Rollbar Inc., Bugsnag, Inc., TrackJS LLC, Honeybadger Industries LLC, Raygun Limited, Errorception, Airbrake Technologies, Inc., Crashlytics, and Inflectra Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
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On the whole, the report depicts detailed overview of the global error monitoring software market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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