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Cloud Discovery Market

Cloud Discovery Market Analysis, By Component (Solutions, Services), By Organization Size (Large Enterprises, SMEs), By End Use (Telecom & ITES, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Government & Public Sector, Others) & Region – Global Market Insights 2023 to 2033

Analysis of Cloud Discovery Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Cloud Discovery Market Growth Outlook (2023 to 2033)

The global cloud discovery market is valued at US$ 1 billion in 2023 and is forecasted to climb to a valuation of US$ 4.5 billion by 2033, increasing at an impressive CAGR of 16.2% over the 2023 to 2033 forecast period.

Cloud discovery is the process of evaluating unmanaged cloud applications utilized by an organization's associates. This aids in preventing illegal access to corporate data and combating other security risks related to cloud-based technologies. Instead of scanning their on-premise infrastructure, cloud discovery leverages the cloud vendor's API to collect data on the client's cloud services.

Employing cloud discovery solutions has various advantages, including enhanced visibility into the public cloud environment and improved security posture by promptly identifying potential risks.

Furthermore, cloud discovery solutions enable enterprises to get useful insights about usage trends across all of their services, allowing them to improve performance and maintain compliance with data privacy standards such as CCPA or GDPR. Moreover, these solutions make it easy for businesses to save money on wasted resources while also reducing their risk exposure by detecting idle applications or resources that could be costing them money every month.

Since the cloud is becoming more popular, many organizations are seeking ways to improve efficiency and security within their public cloud infrastructure environments. Businesses can obtain important insights into their usage patterns and immediately detect any possible dangers by adopting cloud discovery solutions, ensuring their data is safe from cybercriminals while still improving performance for optimal efficiency.

The global market for cloud discovery solutions benefitted from the outbreak of COVID-19 as cloud discovery technology enables businesses to manage and safeguard their data in the cloud. Several organizations implemented a work-from-home policy to curb the spread of coronavirus.

Consequently, the global demand for cloud discovery grew significantly in 2020 and 2021 and is predicted to grow more throughout the projection period. To deal with the pandemic crisis, industries used a variety of solutions, with cloud discovery becoming increasingly popular among businesses.

Moreover, the increasing adoption of cloud computing technology throughout a variety of industries is projected to boost the demand for cloud discovery, mainly due to cloud discovery features such as high-quality web services, single sign-on across the network, and data sharing via file feeds.

Operations were historically performed manually, which necessitated significant amounts of time and money and was susceptible to errors due to the human labor needed. With the introduction of cloud discovery solutions, businesses can now automate procedures, resulting in enhanced efficiency.

Organizations throughout the world are concentrating on lowering their overall capital expenditure (CAPEX) and implementing innovative technologies with low CAPEX. Small and medium-sized enterprises and start-ups are embracing cloud solutions to take advantage of the scalability of cloud service providers' hardware and resources. Likewise, major enterprises have begun using cloud-based technology since they can scale their workloads as needed.

Another factor increasing the demand for cloud discovery is the growing adoption of IT-based applications among numerous information technology and other organizations. This is due to the different services provided by cloud discovery in dynamic application programming interfaces, such as optimized resources, robust capacity and performance, cost efficiency, and enriched data results for cloud services.

Report Attributes

Details

Cloud Discovery Market Size in 2023

US$ 1 Billion

Projected Market Value (2033)

US$ 4.5 Billion

Global Market Growth Rate (2023 to 2033)

16.2% CAGR

North American Market Share (2022)

33.5%

Leading End User Segment

Telecom & ITES

Key Companies Profiled

  • Alien Vault, Inc
  • Certero
  • ASG Technologies Group, Inc
  • Iquate
  • BMC Software, Inc
  • Ciphercloud, Inc
  • Cisco Systems, Inc
  • KMicro Tech
  • ConnectWise, Inc
  • McAfee LLC

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Why is the Cloud Discovery Industry Exhibiting Rapid Growth?

“Increasing Adoption of Multi-cloud Environment”

Organizations are increasingly relying on numerous cloud platforms to meet their diverse infrastructure and application requirements. Enterprises benefit from the multi-cloud environment's flexibility and the ability to handle numerous cloud services such as Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and Infrastructure-as-a-Service (IaaS).

The growing need for various applications is driving end-user adoption of multi-cloud. Multi-cloud is a sophisticated solution in which numerous clouds from various providers are used for different activities. With the growing popularity of multi-cloud computing, IT administrators must focus on maintaining track of all SaaS applications utilized by their employees across several clouds.

Multi-cloud discovery solutions are crucial for delivering accurate information on Configuration Items (CI) and relationships, detecting applications that could be at risk, and tracking complete multi-cloud systems to carry out the enterprise cloud strategy.

Furthermore, organizations choose multi-cloud services since they are concerned about providers imposing a lock-in period for cloud usage. With the growing demand for multi-cloud services, IT consulting firms are providing consultation services for the seamless integration and implementation of multi-cloud solutions, accelerating the adoption of cloud-based services.

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Which Factor Can Negatively Impact the Sales of Cloud Discovery?

“Lack of Technical Expertise in Developing Nations”

The primary hurdle to the worldwide market is a lack of technical competence in developing countries. Though demand for cloud discovery technologies is increasing in nations such as the United States, Canada, and many European countries, the dearth of a qualified workforce in developing countries will hinder market growth. The scarcity of trained workers induces project delays, which impacts project schedules.

Furthermore, different end-users necessitate distinct deployment models. As a result, everybody involved in cloud discovery must have a degree or equivalent expertise.

Cloud Discovery Market Size, Share, Growth and Forecast by Fact.MR

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Country-wise Insights

Why is the United States Holding the Top Spot in This Market?

“Strong Usage of Innovative Cloud-based Technologies”

North America held 33.5% share of the global market in 2022. The regional market is growing considerably as a result of increased demand for automation and cloud-based solutions to perform operations effectively across several verticals.

The United States is leading North America due to the country's widespread use of innovative cloud-based technologies across industries. Furthermore, the high presence of prominent companies in the United States is propelling regional market growth.

What Aspects are Boosting Market Growth in Japan and South Korea?

“Increasing Adoption of Low-cost Cloud Discovery Solutions by SMEs”

The Asia Pacific market is rapidly developing due to increased smart technology advancements and the rising need to boost infrastructure scalability across multiple verticals.

Moreover, many small and medium-sized enterprises in countries such as Japan and South Korea are widely embracing low-cost cloud discovery solutions to protect mission-critical data, bolstering market expansion.

What is the Demand Outlook for Cloud Discovery in Germany and the United Kingdom?

“Germany and United Kingdom to Witness High Demand for Cloud Discovery”

The European market is experiencing substantial growth. The increasing preference for efficient computing frameworks and secure IT infrastructure in Germany and the United Kingdom is raising the demand for cloud discovery tools.

Category-wise Insights

What Makes the Telecom & ITES Industry the Primary User of Cloud Discovery Technology?

“Increasing Shift towards Cloud-based Technologies”

The idea of a unified, outsourced solution appeals to modern IT administrators because the alternative is a jumble of partial add-on solutions with old on-premise IT infrastructure. Furthermore, as cloud services become more prevalent in the IT industry, servers and databases are being moved to the cloud. Increased cloud spending is expected to spur the demand for cloud discovery solutions.

Major telecom companies have also begun to transition into technology providers by developing mobile apps for VoIP calls and keeping data on cloud platforms. Moreover, increased security spending in IT organizations, together with cloud computing, is projected to generate new risk areas for operators, encouraging the adoption of a highly safe and robust cloud discovery platform.

The BFSI industry is also driving the demand for cloud discovery technologies. The industry makes use of information retrieval mechanisms to provide superior cloud-based solutions to speed its digital transformation process and harness technology to become more strategic and customer-focused.

Cloud discovery solutions offer an opportunity for the industry to connect with its users in a defined way since digital services aid in maintaining relationships with customers via the cloud. The advent of the cloud has enabled businesses to quickly access information from a remote location anytime for bankers and customers, promoting market growth.

Demand for cloud discovery is also increasing in the retail and consumer goods industry as retailers are increasingly adopting cloud computing for quality benefits, cost savings, and speed-to-market.

Competitive Landscape

Key players in the cloud discovery market have been seen to prioritize organic growth methods such as new product launches and other associated events such as product promotion and marketing. Other growth methods majorly embraced by these players are partnerships, collaborations, and acquisitions. Moreover, many start-ups are raising funds to make new developments.

  • Britive, a start-up based in the United States, closed a US$ 5.4 million seed round headed by Upfront Ventures in September 2021 to help redefine security for multi-cloud enterprise environments. The start-up allows users to instantly boost their own privilege levels (on a pre-authorization basis) to accomplish important administrative activities in the shortest amount of time. Britive's intelligent engine analyzes user behavior and advises privilege right-sizing for users and machine IDs, while actively monitoring for abnormalities that indicate privilege misuse.
  • Netskope, the leader of SASE, confirmed his membership in the Microsoft Intelligent Security Association (MISA) on May 27, 2021. MISA is an ecosystem for independent software suppliers and security service partners linked with Microsoft Security to assist customers in effectively protecting themselves in the event of a cyber threat.
  • StarLink, the META area's fastest growing 'Real' Distributor (VAD), established a relationship with BMC Software, Inc., a world leader in Autonomous Digital Enterprise software solutions, on April 21, 2021, as BMC Distribution Partner for BMC IT Software services and solutions in the MENA region.
  • Lookout Inc, a cybersecurity business headquartered in San Francisco, California, acquired CipherClouds in March 2021 to offer security to organizations from endpoints to clouds.

Key Segments of Cloud Discovery Industry Research

  • By Component :

    • Solutions
    • Services
  • By Organization Size :

    • Large Enterprises
    • SMEs
  • By End Use :

    • Telecom & ITES
    • BFSI
    • Retail & Consumer Goods
    • Healthcare & Life Sciences
    • Government & Public Sector
    • Media & Entertainment
    • Manufacturing
    • Transportation & Logistics
    • Others
  • By Region :

    • North America
    • Latin America
    • Europe
    • Asia Pacific & China
    • Middle East & Africa

- Premium Report Details -

Cloud Discovery Market
  • FACT8306MR
  • Jan-2023
  • Technology
  • 170 Pages
  • 84 Tables
  • 112 Figures

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The global cloud discovery market is valued at US$ 1 billion in 2023.

Global demand for cloud discovery solutions is projected to surge at a CAGR of 16.2% from 2023 to 2033.

The market for cloud discovery is estimated to hit US$ 4.5 billion by 2033.

North America accounted for 33.5% share of the global market in 2022.

Alien Vault, Inc, Certero, ASG Technologies Group, Inc, Iquate, BMC Software, Inc, Ciphercloud, Inc, Cisco Systems, Inc, KMicro Tech, ConnectWise, Inc, and McAfee LLC are key cloud discovery solution providers.

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