Chaos Engineering Tools Market Worth $2.9 billion by 2028, Growing At a CAGR of 8.8% Report by MarketsandMarkets™
Chicago, Nov. 24, 2023 (GLOBE NEWSWIRE) -- *The global **Chaos Engineering Tools Market* *size is expected to grow to USD 2.9 billion by 2028 from USD 1.9 billion in 2023 at a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period, according to a new report by MarketsandMarkets™.* The need to simulate security incidents and assess a system's ability to detect and respond to cyber threats drives the global chaos engineering tools market during the forecast period.
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*Chaos Engineering Tools Market Dynamics:*
*Drivers:*
1. Need for observability tools for managing distributed systems.
2. Gain real-time insights into system behaviour.
3. Measure the effects of injected failures with unprecedented accuracy.
*Restraints:*
1. Privacy and security concerns.
2. Raise valid apprehensions about data privacy and system security.
*Opportunities:*
1. Integration with monitoring and observability tools.
2. Enables quicker detection and response to issues.
*List of Key Players in Chaos Engineering Tools Market:*
· Microsoft (US)
· AWS (US)
· OpenText (US)
· Virtusa (US)
· Tricentis (US)
· Harness (US)
· Nagarro (Germany)
· PagerDuty (US)
· Cavission Systems (US)
· Gremlin (US)
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*Based on components, the services segment is expected to grow at the highest CAGR during the forecast period*.
The professional services segment includes services such as integration & implementation, consulting & advisory, and support & maintenance. Integration and implementation services are the medium to seamlessly integrate chaos engineering tools into an organization's existing infrastructure, applications, and workflows. They offer a tailored approach, ensuring the chosen tools harmonize with each client's unique technological ecosystem and business objectives. Moreover, these services go beyond mere installation; they guide businesses in configuring, customizing, and optimizing the tools for maximum efficiency. By doing so, they empower organizations to harness the full potential of chaos engineering, transforming what might otherwise be an abstract concept into a tangible and valuable asset for enhancing system reliability and resilience. This is expected to drive the growth of the chaos engineering professional services market.
*Based on deployment mode, the private cloud segment is expected to grow at a higher CAGR during the forecast period. *
The ability to customize and tailor chaos engineering environments is a significant driver for private cloud adoption, ensuring that chaos experiments precisely match an organization's unique use cases and needs. Private clouds offer enhanced control, isolation from the public internet, and predictable performance, making them a favorable choice for security-conscious organizations. Microsoft uses a private cloud platform to run its chaos engineering experiments for Azure. This enables Microsoft to identify and fix weaknesses in Azure before they cause outages for customers. In addition, Gremlin seamlessly deploys its chaos engineering platform in private cloud environments, offering organizations a secure and customized approach to resilience testing. Gremlin's agents are installed on hosts or virtual machines within the private cloud, enabling precise control over chaos experiments. The control plane remains within the private cloud, ensuring isolation and network security. This setup allows organizations to conduct controlled disruptions without affecting the public internet.
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*Based on vertical, the IT & ITeS vertical is to hold the largest market share in 2023. *
The Information Technology (IT) and Information Technology-enabled Services (ITeS) sector is increasingly turning to chaos engineering tools to fortify its digital infrastructure and meet the demands of a rapidly changing IT environment. In June 2023, Microsoft experienced service outages from some cyberattacks. Microsoft's 365 software suite, which includes Teams and Outlook, experienced an outage lasting over two hours, affecting thousands of users. This incident highlights the potential consequences of system failures in an industry where service interruptions can be financially devastating and damage reputations. Chaos engineering tools empower IT & ITeS organizations to proactively identify and mitigate vulnerabilities before they escalate into critical outages or security breaches. These tools improve system reliability and enhance incident response capabilities, ensuring quick and effective issue resolution. In a sector characterized by continuous delivery, cloud computing, and evolving technology stacks, chaos engineering tools are crucial in maintaining a competitive edge and delivering reliable IT services in the digital age.
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