Is the question mainly about innovation since it doesn’t state what kind of monitoring? However, this brings up an interesting point about innovation in general.
As a previous MSP, we needed to support customers, remote employees and all manner of remotely connected resources with Internet disconnections, outages and other problems at each location. There was little out there at the time but overly complex RMM tools or overly simple ping tools and shell scripts so we developed our own solutions.
We think we’re pretty innovative but it’s not easy to find us or our tools in a highly monetized Internet. At the time that we started, there were maybe two or three solutions out there but since then, several other ventures have shown up that offer similar tools. Each has a slightly different way of doing things giving potential users choices and combinations.
However, as mentioned, it’s not easy to be found on an Internet that is blowing up with innovative solutions of all sorts but finding those are the hard part.
I believe innovation is also being slowed by too much monetizing that makes it incredibly difficult for new technologies to be found. Search engines tend to favor the deep pockets long before a service gains enough organic weight that it can start holding its own.