Cloud Discovery Market – Global Industry Analysis and Forecast (2023-2029)

Cloud Discovery Market size was valued at US$ 11.35 Mn. in 2022 and the total revenue is estimated to grow at 16% through 2023 to 2029, reaching nearly US$ 32.09 Mn.
Cloud Discovery Market Overview:
The cloud discovery enables the accurate discovery and analysis of unmanaged cloud applications of the organization's IT infrastructure. As a result, it aids in the control of unauthorised access to corporate data while also protecting against the security risks associated with cloud technology. Instead of scanning their premises infrastructure, cloud discovery uses the cloud vendor's API to extract data from client cloud services. It is used for professional and managed services on the basis of services. Cloud discovery is critical in the IT and telecommunications industries.

The Global Cloud Discovery Market is being driven by various features of cloud discovery and the adoption of cloud computing technology across several industries. Furthermore, the growing adoption of multi-cloud environments is propelling the Global Cloud Discovery Market forward.To know about the Research Methodology:-Request Free Sample Report

The global cloud discovery market is expected to expand during the forecast period, owing to factors such as increased adoption of cloud computing technologies across multiple industry segments.

Cloud Discovery Market Drivers:

Various cloud discovery features, such as data sharing via high-quality web services, file feeds, and single sign-on across the network, are increasing cloud discovery adoption among industrial sectors.

Furthermore, the integration of big data technology and the use of multi-cloud technology by various cloud-based organisations is propelling the growth of the Cloud Discovery Market.

Furthermore, applications running in a dynamic IT environment and growing concerns about IT infrastructure security are expected to boost market growth during the forecasted period (2023-2029).

The increasing demand for security management in IT infrastructure drives the implementation of cloud-based services, which is expected to fuel the global cloud discovery market's growth.

Emerging economies are likely to present attractive opportunities for key players in the Global Cloud Discovery market.

Furthermore, the increasing use of cloud applications across the industry, as well as the growing trend of Bring Your Own Device (BYOD), is driving market demand for the Cloud Discovery Market.

The growing use of cloud discovery services and solutions by small and medium-sized businesses to efficiently monitor operations while maintaining high performance quality and security. This is also expected to have an impact on market growth and present robust opportunities for the global cloud discovery market during the forecasted period.

Cloud Discovery Market Restraint:

The government's stringent rules and regulations are expected to limit the growth of the global Cloud Discovery Market. While the market faces challenges such as delivering robust yet high-performance cloud discovery solutions. During the forecast period, the lack of adequate infrastructure among small and medium-sized businesses may impede the growth of the cloud discovery market.
Cloud Discovery Market Segment Analysis:
By Component, the service segment is expected to grow at a faster CAGR during the forecast period, while the Solutions component is expected to account for the majority of the Global Cloud Discovery Market. In 2019, the solutions segment held the largest share of the industry, accounting for nearly 62 percent of the market. The growing adoption of cloud discovery solutions and services by many small and medium-sized enterprises is driving growth, owing to the ease of use and flexibility provided by the Cloud Discovery Market. The flexibility and ease of adoption of solutions by several companies has been a significant benefit of using cloud solutions, increasing its demand in the industry.

Based on Organization Size, the global Cloud Discovery market is segmented into Large Enterprises and Small and Medium-Sized Enterprises. Many Small and Medium-Sized Enterprises (SMEs) are adopting low-cost cloud-based technologies to gain comprehensive visibility and control over the third cloud and IT infrastructure. Furthermore, the Large Enterprises segment accounts for more than 60% of the total Cloud Discovery Market.

Based on Vertical, the global Cloud Discovery market is segmented as Banking, Government & Publics Sector, Transportation & Logistics, Media & Entertainment, Manufacturing, Telecommunications and IT, Retail and Consumer Goods.The Retail and consumer goods segment is expected to grow at a higher CAGR during the forecasted period, as retailers pursue the use of cloud computing for cost reduction, quality benefits, and speed-to-market. As a result, it is expected that adoption of the trend of cloud discovery solutions will increase significantly in this vertical. Furthermore, telecommunications and information technology are expected to grow at a CAGR of 16.7 percent during the forecast period (2023-2029). Telecom companies have begun to transform into technology providers by developing mobile applications for VoIP calls and data storage on cloud platforms.
Regional Insights:
North America held a total share of 33.5% on the global level in 2022. North American region is estimated to hold the largest share in the market during the forecasted Period (2023-2029), owing to the early adoption of new and emerging technologies, and the presence of a large number of players in the region. Further, North America held the largest share on the global level due to the increase in adoption of advanced technologies. U.S. and Canada are the key players in this region.

Because of the growing demand for a more efficient computing framework and efficient security, Asia-Pacific is expected to grow at the fastest rate. Asia Pacific offers growth opportunities for the cloud discovery vendors, owing to the wide presence of Small and Medium-sized Enterprises (SMEs) that are extensively adopting the low-cost cloud discovery solutions to safeguard mission-critical data. Moreover, increasing smart technology innovations and growing demand to improve infrastructure scalability in various verticals are the major factors for the growth in the Asia-Pacific region. The Asia Pacific region is expected to grow at a CAGR of 17.5% during the forecast period (2023-2029).

Growing preference for the efficient computing framework and safe IT infrastructure in Europe are the key drivers for the market growth of this industry in Europe. Europe is expected to account for 25.5% of share on the global level in 2029.

The South American region is expected to experience advent growth in the forecasted years, owing to rising preferences for efficient computing frameworks and secure IT infrastructure among the region's emerging countries.

During the forecasted period, the Middle East and Africa are estimated to see lucrative revenue growth as a result of increased awareness about cloud services, assessment, and discovery among various organisations in the region (2023-2029).

The global market report's goal is to provide industry stakeholders with a comprehensive analysis of the Cloud Discovery market. This report analyses complex data in simple language and presents the industry's past and current state, as well as forecasted market size and trends. The report investigates all aspects of the industry, including a close look at key players such as market leaders, followers, and new entrants.

The global market report includes a PORTER and PESTEL analysis, as well as the potential impact of market microeconomic factors. External and internal factors that are expected to positively or negatively affect the business have been analysed, providing a clear future view of the industry to the stakeholder.

The report also aids in understanding the market dynamics, structure, and size projections by analysing market segments. The report serves as an investor's guide by providing a clear representation of competitive analysis of key players in the market by product, price, financial position, product portfolio, growth strategies, and regional presence.
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Cloud Discovery Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 11.35 Mn.


Forecast Period 2023 to 2029 CAGR:
16%
Market Size in 2029:
US $ 32.09 Mn.


 Segments Covered:
by  Component
Services
Solutions


by Size
Large Enterprises
Small Enterprises
Medium-Sized Enterprises


by Vertical
Banking
Government & Publics Sector
Transportation & Logistics
Media & Entertainment
Manufacturing
Telecommunications and IT
Retail and Consumer Goods



Cloud Discovery Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players are:
1. iQuate (USA)
2. Nephos Technologies (UK)
3. ScienceLogic (USA)
4. ServiceNow, Inc. (USA)
5. Zscaler, Inc. (USA)
6. Amazon Web Services (AWS) (USA)
7. BMC Software (USA)
8. ServiceNow (USA)
9. Puppet (USA)
10.CipherCloud (USA)
11.Zscaler (USA)
12.Cisco Systems (USA)
13.McAfee (USA)
14.Qualys (USA)
15.ASG Technologies (USA)
16.NetSkope (USA)

Frequently Asked Questions:

1. What is the forecast period considered for the global Cloud Discovery market report?
Ans. The forecast period for the global market is 2023-2029.

2. Which key factors are hindering the growth of the global Cloud Discovery market?
Ans. The government's stringent rules and regulations are expected to limit the growth of the global Cloud Discovery Market. While the market faces challenges such as delivering robust yet high-performance cloud discovery solutions.

3. What is the compound annual growth rate (CAGR) of the Cloud Discovery market for the forecast period?
Ans. The global market is estimated to grow at CAGR of 16% through the forecasted period (2023-2029).

4. What are the key factors driving the growth of the Cloud Discovery market?
Ans. The global market is expected to expand during the forecast period, owing to factors such as increased adoption of cloud computing technologies across multiple industry segments.