Your organization is in the process of developing a new Azure-based application designed to handle high traffic volumes while ensuring optimal performance and availability. The development team has emphasized the need for a monitoring solution that can seamlessly collect, analyze, and act upon telemetry data from both Azure and on-premises environments. This solution should not only provide detailed insights into application performance but also proactively detect and diagnose issues, enabling the team to respond in real-time to critical events. Given the requirements for cost-effectiveness and scalability, which Azure service would best meet these needs? (Choose one option.)