Global Cloud Discovery Market Grows at a Staggering CAGR of 16.2%

Introduction

Cloud discovery is a process that involves the identification and analysis of the cloud services, applications, and infrastructure that are utilized by businesses or networks. Cloud discovery enables enterprises to gain insights into several aspects of their cloud environment, including but not limited to cloud consumption, performance, security, compliance, and costs. It is beneficial to assist firms in enhancing their cloud strategy, governance, and administration. Organizations may effectively strategize and execute their cloud policies, standards, and best practices by acquiring a comprehensive knowledge of the cloud services and apps employed, how they are utilized, and the individuals responsible for their usage.

Market Dynamics

Increasing Adoption and Migration of Cloud Services and Applications by Organizations Drive the Global Market

One of the factors contributing to the phenomenon of cloud discovery is the growing prevalence and transition of enterprises towards utilizing cloud services and applications. Cloud services and apps offer a multitude of advantages for enterprises, encompassing scalability, flexibility, efficiency, and cost-effectiveness. Cloud services and applications enable enterprises to conveniently access and store data, execute processes, and provide services without investing in or managing physical infrastructure or hardware. Cloud services and apps have the potential to facilitate organizational adaptation to evolving industry requirements and demands by providing the ability to adjust resource allocation and capabilities.

Emergence of New Technologies and Trends Creates Tremendous Opportunities

The convergence of the Internet of Things (IoT) and edge computing enables the retrieval of cloud-based data from many sources and devices, facilitating the prompt delivery of real-time feedback. The integration of the Internet of Things (IoT) with edge computing enables the establishment of connections and communication channels between cloud services and applications by utilizing various components such as sensors, devices, networks, and platforms.

Furthermore, the utilization of the Internet of Things (IoT) and edge computing can facilitate the acquisition of cloud-based data from various geographical areas, diverse environments, and distinct contextual settings. The integration of the Internet of Things (IoT) with edge computing has the potential to significantly improve the cloud discovery process, hence opening new avenues for market expansion.

Regional Analysis

North America is the most significant global market shareholder and is anticipated to expand significantly during the forecast period. The region is expected to hold the leading market share during the forecast period due to the availability of several providers providing cloud discovery solutions and services in the region. North America has a large need for cloud services due to its large population and many businesses in different industries. Cloud service providers have made a major regional footprint because of this demand.

Furthermore, enterprises and research institutions in North America have been at the forefront of cloud technology innovation. They have invested significantly in research and development, resulting in cutting-edge cloud solutions and services. A favorable economic climate, including access to venture funding and an entrepreneurial culture, has aided the expansion of North American cloud discovery startups and companies. Such factors are expected to drive market growth.

Key Highlights

• The global cloud discovery market size was valued at USD 1.02 billion in 2022. It is projected to reach USD 4.48 billion by 2031, registering a CAGR of 16.2% during the forecast period (2023-2031).
• Based on components, the global cloud discovery market is segmented into solutions and services.The services segment dominates the global market and is expected to grow significantly over the forecast period.
• Based on organization size, the global cloud discovery market is divided into large enterprises and small-scale enterprises.The large enterprise segment is the highest contributor to the market and is expected to expand significantly over the forecast period.
• Based on industry vertical, the market is fragmented into BFSI, healthcare and life sciences, telecommunications and IT, retail and consumer goods, government and public sector, media and entertainment, manufacturing, and transportation and logistics. The telecommunication and IT segment owns the highest market share and is expected to expand significantly over the forecast period.
• North America is the most significant global market shareholder and is anticipated to expand significantly during the forecast period.

Competitive Players

Competitive Players

The major players in the market are BMC Software (US), ServiceNow (US), Puppet (US), CipherCloud (US), Zscaler (US), Cisco Systems (US), McAfee (US), Qualys (US), ASG Technologies (US), and NetSkope (US). 

Recent Developments

Market News

• In September 2023, NVIDIA and Jio Platforms collaborated to develop cloud-based AI infrastructure. It was stated that the new infrastructure will substantially accelerate several of India's major AI projects and activities, such as medication discovery, climate research, AI chatbots, and more.

Segmentation

Global Cloud Discovery Market: Segmentation

By Component

• Solutions
• Services

By Organization Size

• Large Enterprise
• Small Enterprise

By Industry Vertical

• BFSI
• Healthcare and Life Sciences
• Telecommunications and IT
• Retail and Consumer Goods
• Government and Public Sector
• Media and Entertainment
• Manufacturing
• Transportation and Logistics

By Regions

• North America
• Asia-Pacific
• Europe
• The Middle East and Africa
• Latin America