Global Cloud Discovery Market Size | Estimated Revenue Growth at 16% through 2023 to 2029, Expected to Reach US$ 32.09 M

Cloud Discovery Market to Reach Nearly US$32 Billion by 2029, Driven by Growing Demand for Cloud Visibility, Says Maximize Market Research

The global cloud discovery market is expected to reach nearly US$32.09 million by 2029, growing at a CAGR (compound annual growth rate) of 16% from 2023, according to a new report by Maximize Market Research. This growth is fueled by the increasing need for enterprises to gain comprehensive visibility and control over their cloud infrastructure, especially third-party cloud services.

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Market Overview

Cloud discovery solutions help organizations identify and track all cloud-based resources they utilize, including applications, storage, and services. This enhanced visibility helps optimize cloud spending, ensure security compliance, and manage cloud sprawl.

Market Scope

Maximize Market Research provides a detailed analysis of the global cloud discovery market landscape. The report offers insights into market size estimations, growth forecasts, key trends, and market dynamics across different regions. It also explores the impact of various segments on the overall market.

Market Segmentation: Services and Large Enterprises Lead the Way

The cloud discovery market is segmented by component (services vs. solutions), organization size, and vertical. Here's a look at the key segments:

Component: The services segment is expected to witness the fastest growth due to the increasing demand for managed cloud discovery solutions, especially among small and medium-sized enterprises.
Organization Size: Large enterprises are currently the primary adopters of cloud discovery solutions due to their complex cloud environments and stricter compliance requirements. However, the market for cloud discovery solutions among small and medium-sized enterprises is projected to grow significantly as they embrace cloud technologies.
Vertical: The banking, government & public sector, and telecommunications & IT industries are expected to be the leading adopters of cloud discovery solutions due to their heavy reliance on cloud-based resources and stringent data security regulations.

Market Players: A Competitive Landscape

The cloud discovery market features a mix of established IT management software providers and niche cloud discovery specialists. Here are some of the key players:

iQuate (USA)
Nephos Technologies (UK)
ScienceLogic (USA)
ServiceNow (USA)
Zscaler (USA)
Major cloud service providers like Amazon Web Services (AWS)

MMR Research Methodology Used

Maximize Market Research employs a robust research methodology that combines top-down and bottom-up approaches to estimate the market size. The report leverages secondary research to identify key market participants and integrates primary and secondary research to determine their market shares.

Objective of the Report

The report equips readers with a clear understanding of the global cloud discovery market landscape. It offers valuable insights into market growth drivers, challenges, and opportunities. Additionally, it provides a competitive analysis of key players and their strategies.

COVID-19 Impact

The COVID-19 pandemic accelerated cloud adoption as businesses shifted to remote work models. This increased reliance on cloud-based resources has underscored the need for cloud discovery solutions. While the pandemic caused temporary disruptions, the market is expected to recover and witness steady growth driven by the continued rise of cloud computing.

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