Cloud Discovery Market Overview
As per MRFR analysis, the Cloud Discovery Market Size was estimated at 3.58 (USD Billion) in 2022. The Cloud Discovery Market Industry is expected to grow from 4.28 (USD Billion) in 2023 to 21.3 (USD Billion) by 2032. The Cloud Discovery Market CAGR (growth rate) is expected to be around 19.51% during the forecast period (2024 - 2032).
Key Cloud Discovery Market Trends Highlighted
Cloud discovery tools are useful in giving businesses insight and command over their cloud environments and are increasingly indispensable due to the rise of multi-cloud strategies within organizations. This is driven by key market forces such as the increasing use of cloud computing, more complex cloud environments, and improved security and compliance requirements. The vendors should, therefore, consider developing real-time visibility into cloud usage, cost optimization capabilities, and support for hybrid cloud environments. They may also want to think about offering managed services that help customers with both discovery and optimization in the cloud.
Vendors should focus on developing tools that provide real-time visibility into cloud usage, cost optimization capabilities, and support for hybrid cloud environments as a means of capturing opportunities. To capture opportunities, vendors should develop tools that give real-time visibility to cloud usage, cost optimization capacities, and support for hybrid cloud environments. Similarly, vendors may consider providing managed services that would assist clients with respect to both discovering and optimizing on the cloud.
On the other hand, recent developments that have been taking place in this particular sub-sector include the rising use of artificial intelligence (AI)and machine learning, convergence between these tools with other solutions for managing clouds, and the appearance of native cloud discovery tools. These trends will continue during the next several years when more companies rely upon these model, gradually improving their activities related to clouds themselves.
Figure 1: Cloud Discovery Market Size, 2023-2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cloud Discovery Market Drivers
Growing Adoption of Cloud Computing
The increasing adoption of cloud computing services is a primary driver of the Global Cloud Discovery Market Industry. Organizations worldwide are embracing cloud platforms to streamline their operations, reduce IT costs, and enhance flexibility. Cloud discovery solutions enable enterprises to gain visibility into their cloud environments, identify unused or underutilized resources, and optimize cloud usage. As cloud adoption continues to rise, the demand for cloud discovery tools is expected to grow significantly.
Need for Enhanced Security and Compliance
The rising concerns over data security and compliance regulations are propelling the growth of the Global Cloud Discovery Market Industry. With the increasing adoption of cloud services, organizations need to ensure the security and compliance of their cloud environments. Cloud discovery solutions provide visibility into cloud assets, identify potential security risks, and help organizations meet regulatory requirements. The growing demand for security and compliance solutions is driving the adoption of cloud discovery tools.
Optimization of Cloud Costs
Solutions for cloud discovery help companies optimize the costs of their cloud resources. They identify the resources that are not used or used to the minimum extent and show in which areas the company can cut on spending. In addition, cloud discovery tools help organizations negotiate better pricing with cloud providers and optimize their infrastructure for cost efficiency. The adoption of solutions for cloud discovery is growing because companies are in need of the optimization of their costs.
Cloud Discovery Market Segment Insights
Cloud Discovery Market Deployment Model Insights
The Global Cloud Discovery Market is segmented based on the deployment model into public cloud, private cloud, and hybrid cloud. Among these, the public cloud segment held the largest share of the market in 2023 and is anticipated to remain the largest segment throughout the forecast period. The growth of this segment can be attributed to the increasing adoption of cloud-based services by small and medium-sized businesses at a global level. Public cloud offers a cost-effective and scalable cloud service, which is why the segment is expected to dominate the market in the coming years.
Moreover, the increasing adoption of Infrastructure as a Service and Platform as a Service offering is further expected to aid the growth of the public cloud segment. The private cloud segment of the Global Cloud Discovery Market is expected to grow significantly over the forecast period and gain traction in the market on account of the increasing adoption of cloud-based services by large enterprises. Public clouds are preferred by small and medium-sized businesses; however, the adoption of private clouds is increasing in large organizations because they want to have more control, security, and customization of the cloud environment.
The hybrid cloud model is also expected to grow in terms of market share because there is a growing adoption of the best cloud models by all types of organizations. The hybrid cloud model involves the use of both public and private clouds to get the best of both cloud models. Public clouds are more cost-effective, and private clouds offer more security and control; hence organizations have been increasingly using the private cloud model for cloud storage services and cloud computing services. The Global Cloud Discovery Market is expected to grow considerably over the coming years on account of a greater adoption of cloud-based services across the different regions of the world.
Cloud-based services are increasingly being used for data storage, data analytics, and application development, and the greater adoption of cloud services is expected to spur the growth of the market. Furthermore, the increased adoption of new technologies such as artificial intelligence and machine learning is purported to drive the growth of the Global Cloud Discovery Market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cloud Discovery Market Cloud Type Insights
The Cloud Type segment is a crucial aspect of the Global Cloud Discovery Market, influencing market growth and revenue generation. Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) are the primary cloud types, each catering to specific market needs. IaaS, providing fundamental infrastructure components such as storage, networking, and servers, held a significant market share of 45% in 2023. Its ability to offer flexibility, scalability, and cost optimization drives market growth. PaaS, enabling developers to build, deploy, and manage applications without managing underlying infrastructure, accounted for 30% of the market in 2023.
Its simplicity and efficiency contribute to its increasing adoption. SaaS, providing access to software applications over the internet, captured a market share of 25% in 2023. Its ease of use and affordability make it attractive for businesses of all sizes. The Global Cloud Discovery Market is projected to witness substantial growth in the coming years. This growth is attributed to the increasing adoption of cloud computing across various industries, driven by benefits such as enhanced agility, cost savings, and improved collaboration. The segmentation of the market into cloud types provides valuable insights into the dynamics and trends shaping the industry, enabling businesses to make informed decisions and capitalize on growth opportunities.
Cloud Discovery Market Application Insights
The Application segment of the Global Cloud Discovery Market is expected to witness substantial growth in the coming years. IT Asset Management is projected to hold the largest market share due to the increasing need for organizations to manage and optimize their IT assets effectively. Cloud Infrastructure Optimization is another key segment, driven by the growing adoption of cloud computing and the need to optimize cloud infrastructure for cost and performance. Security and Compliance Management is also expected to grow significantly as organizations seek to enhance their cloud security posture and meet regulatory compliance requirements.
Cloud Cost Management is another important segment as organizations look for ways to optimize their cloud spending and avoid overspending.
Cloud Discovery Market Organization Size Insights
The Global Cloud Discovery Market is segmented based on organization size into Small and Medium-sized Enterprises (SMEs) and Large Enterprises. The large enterprises segment held the largest market share in 2023, accounting for over 60% of the Global Cloud Discovery Market revenue. This is due to the increasing adoption of cloud-based solutions by large enterprises to improve their efficiency and agility. The SMEs segment is expected to grow at a faster CAGR during the forecast period, owing to the increasing awareness of the benefits of cloud discovery solutions among SMEs.
These solutions help SMEs to identify and manage their cloud resources effectively, which can lead to cost savings and improved operational efficiency.
Cloud Discovery Market Regional Insights
The regional analysis of the Global Cloud Discovery Market provides valuable insights into the market's geographic distribution and growth potential. North America held the largest market share in 2023 and is projected to continue its dominance. The region's substantial investments in cloud computing and digital transformation initiatives are major factors driving growth. Europe follows North America, with a significant market share attributed to the presence of leading cloud service providers and the region's focus on innovation. APAC is expected to witness the highest growth rate during the forecast period due to the increasing adoption of cloud technologies in emerging economies and government initiatives to promote digital infrastructure. South America and MEA represent smaller market shares but offer growth opportunities due to the rising adoption of cloud services in various industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cloud Discovery Market Key Players And Competitive Insights
Major players in the Cloud Discovery Market industry are constantly innovating and developing new products and services to meet the evolving needs of their customers. Leading Cloud Discovery Market players are investing heavily in research and development to stay ahead of the competition and maintain their market share. The Cloud Discovery Market is expected to witness significant growth in the coming years due to the increasing adoption of cloud computing and the growing need for businesses to discover and manage their cloud assets. The competitive landscape of the Cloud Discovery Market is expected to remain highly competitive, with major players vying for market share.
One of the leading companies in the Cloud Discovery Market is Netskope. Netskope provides a cloud-based security platform that helps businesses discover and protect their cloud assets. Netskope's platform provides visibility into cloud traffic, user activity, and data, and it can help businesses identify and mitigate security risks. Netskope has a strong track record of innovation and has been recognized as a leader in the Cloud Discovery Market by industry analysts.
Another major player in the Cloud Discovery Market is Cloudamize. Cloudamize provides a cloud-based asset discovery and management platform that helps businesses discover, track, and manage their cloud assets. Cloudamize's platform provides real-time visibility into cloud usage, costs, and security risks, and it can help businesses optimize their cloud investments. Cloudamize has a strong customer base and has been recognized for its innovative approach to Cloud Discovery.
Key Companies in the Cloud Discovery Market Include
-
Qlik
-
Talend
-
Snowflake Computing
-
Collibra Technology
-
IBM
-
SAP
-
Salesforce
-
Google
-
Power BI
-
Oracle
-
Amazon Web Services
-
Denodo
-
Microsoft
-
Informatica
-
Tableau
Cloud Discovery Market Industry Developments
The global cloud discovery market is anticipated to expand significantly, driven by the increasing adoption of cloud computing services and the need for better visibility and control over cloud environments. The market is expected to grow from USD 4.28 billion in 2023 to USD 21.3 billion by 2032, at a CAGR of 19.51%. Key factors driving market growth include the rising demand for cloud services, the increasing complexity of cloud environments, and the growing need for security and compliance. Major players in the market include VMware, Inc., BMC Software, Inc., IBM Corporation, Microsoft Corporation, and Cisco Systems, Inc.
Cloud Discovery Market Segmentation Insights
-
Cloud Discovery Market Deployment Model Outlook
-
Public Cloud
-
Private Cloud
-
Hybrid Cloud
-
Cloud Discovery Market Cloud Type Outlook
-
Infrastructure as a Service (IaaS)
-
Platform as a Service (PaaS)
-
Software as a Service (SaaS)
-
Cloud Discovery Market Application Outlook
-
Cloud Discovery Market Organization Size Outlook
-
Cloud Discovery Market Regional Outlook
-
North America
-
Europe
-
South America
-
Asia Pacific
-
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
3.58 (USD Billion) |
| Market Size 2023 |
4.28 (USD Billion) |
| Market Size 2032 |
21.3 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
19.51% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Qlik, Talend, Snowflake Computing, Collibra Technology, IBM, SAP, Salesforce, Google, Power BI, Oracle, Amazon Web Services, Denodo, Microsoft, Informatica, Tableau |
| Segments Covered |
Deployment Model, Cloud Type, Application, Organization Size, Regional |
| Key Market Opportunities |
Enhanced cloud visibility and controlImproved regulatory compliance and securityOptimized cloud costs and performanceAutomated cloud management and discoveryGranular Cloud usage insights |
| Key Market Dynamics |
1 Rising Cloud Adoption Increasing cloud adoption by organizations of all sizes leads to greater demand for cloud visibility tools2 Security Concerns Growing concerns about cloud security risks and the need for effective cloud visibility to mitigate them3 Complexity of Cloud Environments Increasing complexity of cloud environments due to multicloud and hybrid cloud deployments driving the need for comprehensive discovery solutions4 Compliance Regulations Stringent compliance regulations requiring organizations to have visibility into their cloud environments for effective risk management5 Cost Optimization Cloud discovery tools help organizations optimize cloud costs by identifying unused or underutilized resources |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Cloud Discovery Market is expected to reach an overall valuation of 4.28 USD Billion in 2023.
The Global Cloud Discovery Market is projected to grow at a CAGR of 19.51% from 2024 to 2032.
North America is expected to hold the largest market share in the Global Cloud Discovery Market in 2023.
The IT and Telecom industry vertical is expected to drive the highest demand for Cloud Discovery solutions in 2023.
Some of the key competitors in the Global Cloud Discovery Market include Cisco Systems, Inc., Microsoft Corporation, IBM Corporation, VMware, Inc., and Oracle Corporation.
The major factors driving the growth of the Global Cloud Discovery Market include the increasing adoption of cloud computing, the need for improved visibility and control over cloud environments, and the growing demand for data security and compliance.
The challenges faced by the Global Cloud Discovery Market include the lack of skilled professionals, the complexity of cloud environments, and the security concerns associated with cloud computing.
The key trends expected to shape the future of the Global Cloud Discovery Market include the adoption of artificial intelligence (AI) and machine learning (ML), the convergence of cloud and on-premises environments, and the increasing focus on data privacy and security.
The COVID-19 pandemic is expected to have a positive impact on the Global Cloud Discovery Market as organizations increasingly adopt cloud computing to support remote work and collaboration.
The key opportunities for growth in the Global Cloud Discovery Market include the development of new and innovative solutions, the expansion into new markets, and partnerships with other technology providers.
