The Cloud Discovery Market is expected to increase by USD 1533.5 million billion. As per the research report 2024-2028 published by Technavio, the market is expected to grow at a CAGR of 18.55% during the forecast period. The industry is segmented by Component (Solutions and Services) and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
In the dynamic landscape of the cloud discovery market, the solutions segment held a substantial market share in 2023. This segment encompasses application discovery and infrastructure discovery. Application discovery solutions are essential for businesses, enabling them to identify, manage, monitor, and collect vital information from all applications deployed across their IT infrastructure or networks. These solutions serve dual purposes: enhancing operational efficiency and bolstering security. Utilizing automated Application Performance Monitoring (APM) software, application discovery solutions scan all systems and servers to collect and transmit data to the APM application for comprehensive analysis. This intelligence empowers organizations to optimize application performance and mitigate potential risks or data breaches.
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The North America hold the largest regional market size in the current year. The Cloud Discovery Market refers to the global industry dedicated to identifying, classifying, and managing cloud resources and applications. This market is crucial for businesses seeking to optimize their cloud usage, ensure compliance, and enhance security. Vendors in this market offer solutions that automate discovery, provide real-time visibility, and integrate with other IT management tools. By leveraging these solutions, organizations can gain control over their cloud environment and make informed decisions based on accurate and timely data.
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The Cloud Discovery Market is a segment of the larger IT services market, specifically focusing on Internet services and infrastructure. This market encompasses businesses providing data centers, cloud networking and storage infrastructure, hosting services, IT security services, and cloud computing services. These companies generate their revenue from the provision of these specialized offerings, excluding software products. According to Technavio's market analysis, the global Internet services and infrastructure market size is determined by the combined revenues of these firms.
The Cloud Discovery Market is experiencing significant growth, fueled by the Increasing demand for cloud-based applications. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The Cloud Discovery Market is witnessing significant growth due to the increasing trend of migrating IT infrastructure to the cloud. However, market hindrances such as data security concerns and the complexity of cloud spanning across multiple cloud providers and on-premises infrastructure continue to pose challenges. To address these challenges, businesses are turning to high-quality delivery of cloud services through strategic cloud planning and the use of auto discovery tools. Cost efficiency is a key driver for cloud adoption, with businesses looking to reduce IT infrastructure costs by utilizing Cloud-native Apps, Platform-as-a-Service (PaaS), Infrastructure-as-a-Service (IaaS), and Software-as-a-Service (SaaS). Data security remains a top priority, with cloud providers offering APIs for audit and automated monitoring. Cloud discovery tools provide a consolidated view of cloud activities, enabling IT teams to manage and optimize their cloud infrastructure more effectively. Big data technology plays a crucial role in cloud discovery, with data sharing and interactive use facilitating more informed decision-making. Containers, such as Docker, are also gaining popularity for their ability to streamline application deployment and management in a cloud environment. The Data Bridge Market for cloud discovery offers a hybrid view, allowing businesses to manage both public and private cloud environments. Cloud databases and multi-cloud solutions are also becoming increasingly important, as businesses look to leverage the benefits of cloud services while maintaining control over their data. Ultimately, the future of cloud discovery lies in automation and the ability to seamlessly integrate with cloud provider APIs to ensure optimal performance and security.
Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
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