Global Cloud Discovery Market Size By Components, By Organization Size, By Industry Vertical, By Geographic Scope And Forecast

Cloud Discovery Market Size And Forecast

Cloud Discovery Market size was valued at USD 1176.33 Million in 2023 and is projected to reach USD 3856.49 Million by 2031, growing at a CAGR of 16.00% during the forecast period 2024-2031.

Global Cloud Discovery Market Drivers

The market drivers for the Cloud Discovery Market can be influenced by various factors. These may include

• Growing Cloud Service AdoptionCloud services are being rapidly adopted by organisations from a wide range of industries because to their cost-effectiveness, scalability, and flexibility. The move to cloud platforms is happening faster still thanks to the expanding trends of remote work and digital transformation.
• Better Cloud Security And Compliance Are NeededEnsuring data security and regulatory compliance becomes crucial as more businesses shift to the cloud.By assisting in the identification of all cloud services in use, cloud discovery solutions improve security management and enable compliance with regulations such as GDPR, HIPAA, and others.
• Multi-Cloud Cnvironments’ Complexity Numerous companies employ various cloud service providers, which creates complicated and challenging-to-manage systems. Through visibility into these multi-cloud systems, cloud discovery solutions aid in resource management, cutting expenses and redundancies.
• Concerns About Shadow ITThe term “shadow IT” describes the usage of IT resources and services without formal organisational consent, which raises security issues. By assisting in the identification and monitoring of unapproved cloud services, cloud discovery solutions help reduce the risks related to shadow IT.
• Cost Control And OptimisationOrganisations look for underutilised or idle resources in order to maximise their cloud spending. Tools for cloud discovery offer insights into resource utilisation, facilitating more effective cost control and optimisation.
• Enhanced Management And Operations Of ITTools for cloud discovery improve IT operations by giving users a thorough overview of all available cloud resources. Effective cloud service management, troubleshooting, and performance optimisation are made easier by this visibility.
• Developments In Machine Learning And AICloud discovery solutions become more proficient in spotting patterns, forecasting usage trends, and automating fixes for possible problems when AI and machine learning are integrated into them. The administration and discovery of cloud resources is now more accurate and efficient thanks to these cutting-edge technologies.
• The Requirements For Data Governance And RegulationsCloud discovery solutions are becoming more and more popular due to stricter data governance and legal constraints. Businesses must make sure that their use of the cloud conforms with internal governance guidelines and industry requirements.
• Improved Tools For Collaboration And ProductivityThe emergence of cloud-based productivity and collaboration tools requires efficient cloud discovery to manage these products.Overall organisational efficiency is increased when all cloud-based collaboration technologies are properly managed and accounted for.
• Vendor Collaborations And Ecosystem DevelopmentThe usefulness and attractiveness of these tools are increased through strategic alliances and integrations between major cloud service providers (such as AWS, Azure, and Google Cloud) and suppliers of cloud discovery tools. The need for all-inclusive cloud discovery solutions is fueled by the expanding ecosystems surrounding cloud services and platforms.

Global Cloud Discovery Market Restraints

Several factors can act as restraints or challenges for the Cloud Discovery Market. These may include

• Security And Privacy Concerns Because of worries about data security and privacy, organisations frequently hesitate to implement cloud discovery solutions. One major problem is ensuring the security of sensitive data when using cloud services.
• Compliance And Regulatory Concerns Regulations and compliance standards pertaining to data management and storage vary among industries and geographical areas. The adoption of cloud discovery solutions can be hampered by the complexity and expense of meeting these requirements.
• Lack Of Knowledge And Awareness It’s possible that many businesses are unaware of all the features and advantages that cloud discovery tools have to offer. Adoption of new technology may be impeded by this ignorance.
• Integration Difficulties It can be difficult and time-consuming to integrate cloud discovery solutions with the current IT architecture. Significant obstacles may also arise from old system compatibility problems.
• Cost Considerations Some organisations, particularly small and medium-sized firms (SMEs), may find the upfront cost of adopting cloud discovery solutions, as well as recurring maintenance and subscription fees, to be a disincentive.
• Lack Of Skill It’s common to find a deficiency in qualified individuals with the ability to administer and execute cloud discovery solutions. This disparity in expertise may prevent these technologies from being widely used.
• Vendor Lock-In Businesses can worry that if they rely too much on one cloud service provider, there might be problems with vendor lock-in. This may restrict their freedom to move providers if necessary.
• Performance And Reliability Issues Doubts regarding the dependability and performance of cloud services may potentially serve as a barrier. Business operations can be greatly impacted by delays or poor performance.
• Complexity Of Cloud Environments Managing and finding resources across these environments can get harder as cloud environments get more complicated with the usage of multi-cloud and hybrid cloud strategies.
• Cultural Resistance Another important barrier to change can be the culture of the organisation. Management and staff could be reluctant to embrace new procedures and technologies in favour of utilising tried-and-true on-premises systems.

Global Cloud Discovery Market Segmentation Analysis

The Global Cloud Discovery Market is Segmented on the basis of Components, Organization Size, Industry Vertical, And Geography.

Cloud Discovery Market, By Components

• Solutions These are the software tools and platforms that automate cloud discovery. They provide features like automated scanning, dependency mapping, and cost optimization.
• Services This refers to the professional services offered by cloud discovery vendors. These services include implementation, configuration, and ongoing support.

Cloud Discovery Market, By Organization Size

• Large Enterprises Large organizations typically have complex IT environments with a mix of on-premises and cloud resources. They are major consumers of cloud discovery solutions due to the need for centralized visibility and control.
• Small and Medium-sized Enterprises (SMEs) SMEs are increasingly adopting cloud services, but they may have limited IT resources. Cloud discovery solutions can help them gain visibility into their cloud usage and optimize costs.

Cloud Discovery Market, By Industry Vertical

• Banking, Financial Services and Insurance (BFSI) Financial institutions are highly regulated and need to ensure the security and compliance of their cloud deployments. Cloud discovery solutions can help them meet these requirements.
• Healthcare and Life Sciences The healthcare industry is increasingly reliant on cloud-based services for storing patient data and running medical applications. Cloud discovery solutions can help healthcare organizations ensure that their cloud deployments are HIPAA compliant.
• Telecommunication and IT Telecom and IT companies are early adopters of cloud technologies. Cloud discovery solutions can help them manage their complex cloud environments and optimize resource utilization.
• Other Verticals Cloud discovery is also used in various other industries, such as retail, government, manufacturing, and media and entertainment.

Cloud Discovery Market, By Geography

• North America Market conditions and demand in the United States, Canada, and Mexico.
• Europe Analysis of the Cloud Discovery Market in European countries.
• Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
• Middle East and Africa Examining market dynamics in the Middle East and African regions.
• Latin America Covering market trends and developments in countries across Latin America.

Key Players

The major players in the Cloud Discovery Market are

• BMC Software
• Puppet
• Zscaler
• Netskope
• Servicenow
• Mcafee
• Cisco Systems
• ASG Technologies
• Qualys
• Ciphercloud
• IBM
• Microsoft
• Oracle

Report Scope

Research Methodology of Market Research

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support

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