Observability today is the key enabler of business growth. The platform empowers engineers to get all the telemetry data including metrics, events, logs, and traces. All the metrics along with full stack analysis tools help engineers and developers to do their best work with data to improve the overall uptime, reliability and operational efficiency. This leads to delivering better customer experience and helps organizations fuel innovation and growth.
The New Relic 2022 Observability Forecast report says: “today 86% of Indian customers say Observability is a key enabler for achieving core business goals”. It has become a board level imperative. Earlier it was limited to discussion among the developers and engineers’ community. The report also observed that 47% of companies today have achieved full stack Observability that could affect the overall customer experience. 88% of the audience are of the opinion that they are using half a dozen tools to monitoring the health of their systems. Observability platform on the other hand consolidates the platforms and consolidates the entire spend on the monitoring. Apart from this, Observability offers much better visibility across the tech stack. Therefore, 60 percent of the respondents preferred a single, consolidated Observability platform.
As per Observability Platform Market Outlook (2022 to 2032), the adoption of the Observability platform is expected to register at a CAGR of 8.2% during the forecast period. The Observability platform market size is anticipated to rise from US$ 2,173.7 Million in 2022 to US$ 5,553.2 Million by 2032.
Vidhur Bhagat, General Manager Enterprise Business, India at New Relic, said, “Observability essentially helps organisations to create a business level dashboard. So, you can create a business level dashboard, with all your key KPIs that you want to measure. And that is something that anyone at the C-Level can view. It totally depends on what you want to observe.”
When we discuss Observability, there is always a term that comes to mind – monitoring. To make things simple monitoring is more of a siloed approach. A lot of companies a decade back focused on only monitoring, but Observability offers the ability to measure how the IT systems are performing and how they are identifying issues and errors based on the external outputs. These external outputs are telemetry data, which comprises all the metrics, events, logs and traces together. It requires you to input your system to secure actionable insights and data that identifies an error and gives you details of when it happened, why it happened, and how it occurred.
So, Observability also involves collecting, analysing, altering, and correlating that data for improved uptime and performance. Vidhur says, “The goal of achieving Observability in organisations is by bringing all your data from different sources into one platform. And this is where your teams get the capability to collaborate, to troubleshoot, and to resolve the issues faster and at the same time ensure operational efficiency. This helps you to produce high quality software, which is the ultimate aim for any organization and digital native business today.”
Today’s businesses are increasingly dependent on digital channels for customer satisfaction by offering uptime in customers’ engagement. Observability empowers engineers with a data driven approach to planning, building and deploying and running great software. This is where the reference of New Relic comes, and it is the leading player in the market.
New Relic has strengthened its offerings across key industries in India including ecommerce, retail, media and entertainment, financial services, and healthcare. Vidhur adds, “We have a very strong footprint in the digital native business already. We have customers including Swiggy, HealthifyMe, Unacademy, Capillary Technologies, CaratLane, Zest money, HT Media to name a few.”
Capillary Technologies is a leading Bangalore – based omni channel loyalty management and customer engagement platform. It is a strong use case for Observability. New Relic enabled Capillary Technologies to drive a seamless customer experience for global retail customers of theirs. The company saw 75% to 80% improvement in their troubleshooting times, cutting issue resolution from over 60 minutes to under 10 minutes. That is quite a significant improvement in their overall uptime and platform stability. Their uptime increased from 99.5% to almost 99.9%.
He added, “We are working with a lot of companies that are born in the cloud. They are largely mature in their Observability strategy and practice, and they have not needed to embark on a digital transformation journey. For larger, more mature businesses and heavily regulated industries, such as financial services, this is a little slow in adoption. However, we are slowly starting to see that shift in the market today because a lot of companies are on the cloud transformation journey.”
New Relic started its India setup two and a half years back in September 2020. Today India accounts for almost 50% of the world’s professionally employed developers and this is still growing. While this is fueled by the growth in local digital native startups, it is also driven by the diversification of India’s leading digital brands into super app platform ecosystems. It is also being powered by pandemic and post pandemic decentralization of resources in leading digital businesses.
“So, from retail to finance, manufacturing to media and entertainment, as the global brands continue to digitally transform, we are seeing the rapid growth in the development of the tech teams here in India. At New Relic, we have not just seen growth in enterprise business in India, but we have seen rapid growth in the number of users on our platform,” added Vidhur.
“When they decide to add a credit card, we enable them to add more users and ingest more data and the free tier permits. Now, all of this makes India attractive market proposition for New Relic. Recently we re-bundled a couple of things – one is, student retention and startup offerings to overall enable a better experience for both the new users and new brands.”
New Relic is a leader in the Observability platform space. For New Relic, India is second only to North America, in terms of the number of users who are signing up for a free tier.
New Relic’s route to market is pretty hybrid. At a time when it engages the customers directly, it has also a strategic partnership with some of the leading cloud providers, channel partners, managed service providers, and technology partners in the market. However, the New Relic Partner Stack provides New Relic’s 1,000+ global partners with training and accreditation programs, marketing campaigns, personnel support, and sales tools and resources, to provide their own customers with industry-leading Observability directly from New Relic.
New Relic has also collaborated with Carta and Zendesk to expand access to its startups program to empower early-stage engineering teams with access to the same tools used by world-class organisations. The eligible startups can access to to the same developer tools world-class engineering organisations use to observe, analyse, and improve the performance of their software, including the New Relic observability platform that unifies 16 monitoring tools in one. Generous credits and discounts across the New Relic observability platform, Carta’s equity management and company-building solutions, and Zendesk’s customer service, engagement, and sales CRM solution so startups can focus on building companies around big ideas while preserving burn rates. Startups already qualified for Carta and Zendesk’s programs will likely qualify for New Relic for Startups, and startups in the New Relic for Startups program will likely qualify for programs provided by Carta and Zendesk.
New Relic is committed to investing in enriching India’s technology ecosystem, both through its growing presence on the ground and via New Relic University, a free global training platform for budding developers to sharpen their skills in Observability through industry best practices and resources. Participants can register for courses via the New Relic University website. Individuals interested in career opportunities with New Relic in India may visit New Relic Careers.
New Relic offers two SKU to the users. One is the full stack and the other one is TDP (telemetry data platform) based, and the entire offering is cloud based.
As Observability platform growth is expected to grow CAGR of 8.2% between 2022 to 2032, the growth in India, which is a nascent market, is bound to be more than the global average during the period. This offers an excellent chance for companies including New Relic to better their number.