Cloud Discovery Market

Market Overview

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). Cloud discovery identifies and analyzes the cloud services, applications, and infrastructure used by organizations or networks. This can help organizations to understand their cloud usage, performance, security, compliance, and costs, driving market growth.

Cloud discovery identifies and analyzes the cloud services, applications, and infrastructure organizations or networks use. Cloud discovery can help organizations to understand their cloud usage, performance, security, compliance, and costs. It helps organizations to optimize their cloud strategy, governance, and management. Organizations can plan and implement their cloud policies, standards, and best practices by knowing what cloud services and applications are used, how they are used, and by whom they are used. They can also monitor and measure their cloud performance, security, compliance, and costs and make informed decisions to improve efficiency and effectiveness.

In addition, it helps organizations to improve their cloud innovation and transformation. Organizations can leverage their cloud opportunities and potentials by discovering the cloud services and applications that are new, emerging, or disruptive. They can also adopt or integrate cloud services and applications that are relevant, valuable, or competitive for their business goals and needs.

Market Dynamics

Global Cloud Discovery Market Drivers

Increasing Adoption and Migration of Cloud Services and Applications by Organizations

The increasing adoption and migration of cloud services and applications by organizations is one of the drivers of cloud discovery. Cloud services and applications can provide various benefits for organizations, such as scalability, flexibility, efficiency, and cost-effectiveness. For example, cloud services and applications allow organizations to access and store data, run processes, and deliver services without investing in or maintaining physical infrastructure or hardware. Cloud services and applications can also enable organizations to adapt to altering industry needs and demands, as they can easily scale up or down their resources and capabilities.

Global Cloud Discovery Market Restraints

Challenges and Expenses Associated with Gathering and Analyzing Data from Multiple Cloud-Based Systems

The difficulty and cost of collecting and processing cloud data from various sources and platforms can limit the growth of the cloud discovery market. If the cloud data is not collected and processed properly, it can lead to incomplete or inconsistent information about the cloud environment and usage. This makes it more challenging for businesses to gather insights and make decisions based on the findings of their cloud discovery efforts. It can increase the cloud discovery providers' and customers' operational and financial burden. If the cloud data is too large or complex to collect and process, it can require more resources and tools. It can also increase the operational and financial costs for cloud discovery providers and customers and reduce their profitability and competitiveness.

Global Cloud Discovery Market Opportunities

Emergence of New Technologies and Trends

The integration of the Internet of Things (IoT) and edge computing facilitates the acquisition of cloud-based data from diverse sources and devices, enabling the provision of instantaneous feedback. IoT and edge computing can connect and communicate with cloud services and applications using sensors, devices, networks, and platforms. In addition, IoT and edge computing can help to capture cloud data from different locations, environments, and contexts. IoT and edge computing can also help process the cloud data at the network's edge, closer to the source or user. IoT and edge computing can enhance the cloud discovery process, creating opportunities for market growth.

Regional Analysis

Based on region, the global cloud discovery market analysis is conducted across North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America Dominates the Global Market

North America is the most significant global market shareholder and is anticipated to expand significantly during the forecast period. The prevalence of numerous suppliers providing cloud discovery solutions and services in the region is anticipated to result in the region holding the dominant market share during the projected timeframe. The North American market has a high demand for cloud services due to its large population and numerous businesses across various industries. This demand has driven cloud service providers to establish a strong regional presence. In addition, North American companies and research institutions have been at the forefront of cloud technology innovation. They have invested heavily in research and development, creating cutting-edge cloud solutions and services. A favorable economic environment, including access to venture capital and a culture of entrepreneurship, has encouraged the growth of North American cloud discovery startups and companies.

One of the primary reasons behind the growth of the cloud discovery market in North America is the widespread adoption of cloud services by businesses of all sizes and industries. Cloud computing has become essential for organizations seeking to enhance agility, scalability, and cost efficiency. As a result, more companies are migrating their operations and data to the cloud, creating a pressing need for tools to help them manage and optimize their cloud resources effectively. In addition, cloud discovery tools are crucial in providing organizations visibility into their cloud environments. These tools enable businesses to discover and catalog all the assets and resources running in their cloud infrastructure, helping them gain better control over their cloud spending and security. Similarly, security and compliance have become top priorities for organizations in North America, especially in sectors such as finance, healthcare, and government. The cloud discovery market has experienced substantial growth as companies seek solutions that can help them address these concerns in their cloud environments.

Asia-Pacific is anticipated to expand substantially over the forecast period. Cloud technology is pivotal in this transformation, enabling companies to simplify processes, reduce costs, and enhance competitiveness. Asia-Pacific boasts a rapidly growing internet user base driven by increasing smartphone penetration and improving infrastructure. This widespread connectivity has created a fertile ground for cloud services, allowing individuals and businesses to effectively access and leverage cloud resources. Governments across the region are also recognizing the potential of cloud computing to drive economic growth. They are enacting laws and rules that give cloud service providers security and clarity to encourage its adoption.

Asia-Pacific has seen a surge in technology startups, particularly in countries like India and Southeast Asian nations. These startups often rely on cloud services to build and scale their businesses quickly, thanks to cloud platforms' agility, scalability, and cost-effectiveness. As these startups grow, they contribute to the overall expansion of the cloud market. Cloud service providers have also invested heavily in building data centers and expanding their infrastructure across the Asia-Pacific region. These investments ensure low-latency access to cloud resources, which is critical for applications requiring real-time processing and responsiveness. This infrastructure development has significantly contributed to Asia-Pacific's cloud market's growth.

Segmental Analysis

The global cloud discovery market is segmented based on component, organization size, and industry vertical.

Based on components, the global market is segmented into solutions and services.

The services segment dominates the global market and is expected to grow significantly over the forecast period. The services component is useful in the cloud discovery market because it provides various solutions and support for the discovery process and results. Services include consulting, integration, deployment, training, maintenance, and optimization services to help organizations plan, implement, manage, and improve their cloud discovery activities. It can help organizations to customize and tailor their cloud discovery solutions according to their specific needs and goals.

In addition, the services component can provide expert advice and guidance on selecting, configuring, and using the best cloud discovery tools and methods for their cloud environment and usage. It can help organizations to integrate and align their cloud discovery solutions with their existing systems and processes. Services components can also provide technical assistance and support in connecting, synchronizing, and coordinating their cloud discovery solutions with other IT infrastructure and applications.

Solutions components can include software, hardware, or cloud-based solutions to help organizations collect, process, analyze, and visualize the cloud data. The solutions component can provide tools and methods to simplify and speed up the cloud data collection, processing, analysis, and visualization. In addition, the solutions component can also provide features and functions that enhance the cloud data quality, accuracy, and reliability. The solutions component can provide dashboards and reports that display and summarize the cloud data clearly and comprehensively. The solutions component can also provide alerts and notifications that inform and update the organizations about their cloud performance, security, compliance, and costs.

Based on organization size, the global 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. Large enterprises use cloud discovery for various reasons, such as optimizing their cloud strategy, governance, and management. Cloud discovery can help large enterprises to understand their cloud usage, performance, security, compliance, and costs. Cloud discovery can also help large enterprises to plan and implement their cloud policies, standards, and best practices.

In addition, cloud discovery can also help large enterprises monitor their efficiency and effectiveness to enhance cloud innovation and transformation. Cloud discovery can help large enterprises to leverage their cloud opportunities and potential. Cloud discovery can also help large enterprises adopt or integrate cloud services and applications that are relevant, valuable, or competitive for their business goals and needs.

Small-scale enterprises use cloud discovery for various reasons, such as to save their time and money on cloud management. Cloud discovery can help small-scale enterprises automate and streamline their cloud management tasks to save time and money on cloud management. Cloud discovery can help small-scale enterprises to automate and streamline their cloud management tasks.

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. The IT and telecommunication sector is using cloud discovery the most because it can help them improve their performance, efficiency, and customer satisfaction by leveraging the benefits of cloud computing. Cloud discovery helps them identify and analyze their cloud services, optimize their cloud usage, security, and compliance, and reduce costs and risks. Cloud discovery also helps them innovate and offer new and personalized services that use cloud technologies, like big data analytics, artificial intelligence, and IoT. Cloud discovery is a valuable tool for the IT and telecommunication sector to stay competitive and agile in the rapidly changing market.

BFSI organizations use cloud discovery tools to gain insights into their cloud spending. By identifying underutilized resources, they can optimize their cloud costs and allocate resources more efficiently. It helps in reducing operational expenses and achieving better ROI. In addition, cloud discovery tools assist in monitoring cloud resources' security and compliance posture. BFSI firms need to adhere to strict regulatory requirements, and these tools help identify potential vulnerabilities and ensure that data stored in the cloud is secure and compliant with industry regulations.

Recent Developments

• 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.