when do you consider splitting a monolith?

hey folks, im currently working on a large, monolithic application and we're starting to feel the pain of its size. Development cycles are getting longer, deployments are risky, and its getting harder to adopt new technologies. We're considering breaking it down into microservices, but it feels like a massive undertaking. What are your experiences with splitting monoliths? What were the key indicators that told you it was time, and what were the biggest challenges you faced during the transition?