Surveillance and protection of data seem to have become important for any business. As data vulnerabilities have considerably increased, corporations have started to deploy real-time monitoring applications. From what it’s understood, real-time monitoring refers to the process of tracking and recording data. “To put it simply, real-time monitoring entails keeping an eye on data, systems, or processes in real-time. It involves following and analysing events as they happen. I think the data landscape has improved by real-time monitoring,” Ankit Sinha, co-founder and CTO, Tagbin, a technology service company, told FE TransformX.
An in-depth understanding
As per industry analysts, through real-time monitoring, businesses are able to procure appropriate data. The method also allows corporations to mitigate risks by building cybersecurity walls. Furthermore, in order to be able to check on a real-time basis, it’s seemingly vital to set monitoring objectives, create a framework, and then subject the entire procedure to scrutiny. Important elements, which are taken into account for real-time monitoring, are believed to be deployment frequency and application change time. “I believe real-time monitoring is a game-changer in the data landscape, uncovering trends and patterns for decision-making. It’s considered crucial for cybersecurity, detecting breaches and optimising data processing. In finance, it can help fight frauds, in retail, it can enhance the shopping experience, in healthcare, it can elevate patient care, and in manufacturing, it can boost efficiency. Its relevance should grow as data complexity increases,” Vinod K Singh, a serial entrepreneur, technological visionary and advisor, stated.
In terms of benefits, real-time monitoring can enable economical expenses, enhance worker productivity, betterment of systems, understanding of trends, high incident response time, among others. Sectors in which real-time monitoring is considered necessary are retail, contact hubs, sales, software creation, server and data centre management, fleet management, among others. With regard to examples, real-time monitoring software companies include New Relic, Quest Software, VMware Capacity Planner, Datadog, Nagios, Cisco AppDynamics, Fotra Vityl Capacity Management, among others. Going by market research insights, the influence of artificial intelligence (AI) and machine learning (ML) algorithms are crucial for real-time monitoring. Reportedly, the two main real-time analytics are continuous analytics and real-time analytics.
The numerical take!
According to MarketsandMarkets, a market research firm, the international monitoring tools market is expected to clock $24.5 billion in 2023. Furthermore, the firm mentioned that the market will reach a $63.7 billion valuation by 2028, at a 21.1% compound annual growth rate (CAGR) for 2023-28. Within this market, the monitoring categories are believed to be application performance monitoring (APM), network monitoring, server monitoring, cloud monitoring, security monitoring, log monitoring, and real-time monitoring. In terms of the highest market share, North America has been backed to be the dominator. Reportedly, the last couple of years has seen a rise in monitoring tools’ usage among North American sectors. Countries such as Canada and United States of America (USA) are considered to be the main initiators of this growth. Corporations such as Microsoft, Google, Amazon Web Services (AWS), International Business Machines (IBM), Solarwinds, among others, are expected to drive the specified market.
As per Future Market Insights (FMI), a market researcher, the real-time store monitoring platforms’ market is expected to clock $1482.1 million in 2023 and will reach $7171.6 million by 2033, at a 17.1% CAGR between 2023-33. A study published by IBM upheld the need for real-time data monitoring. Inputs from the 12th annual Cost of Data Breach study highlighted that in 2022, the average length of a data violation was enhanced by 1.8% to over 24,000 records. It’s believed that every data violation clocked average expenses worth $3.62 million. “In the context of cybersecurity, real-time monitoring can help evaluate system activity and network traffic, identifying breaches in real-time. By being responsive, incidents can be handled quickly, and the potential harm from cyber threats can be reduced,” Sinha mentioned.
Moreover, future predictions indicate that real-time monitoring will provide various commercial and open-source solutions, to help prevent data contravention. Market analysis suggests that cybersecurity techniques should integrate with real-time endpoint monitoring and streaming analytics, which can give companies an edge in competitiveness. “I believe that there is a need to go beyond conventional security procedures to defend networks, as the threat of cyber-attacks can grow complicated. By detecting any hostile behaviour that jeopardises the security of the IT infrastructure, websites, and data confidentiality, real-time monitoring in threat detection can strengthen the security of architecture,” Sujit Patel, founder and CEO, SCS Tech, a software development and consulting company, concluded.
