Cloud Discovery Market Size Worth $4.1 Billion By 2030: IndustryARC

Global Cloud Discovery Market size is predicted to reach $4.1 billion by 2030, growing at a CAGR of 16.4% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Growing adoption of multi-cloud environments and increasing need for compliance and security are expected to propel the growth of the Cloud Discovery Market., finds IndustryARC in its recent report, titled “Cloud Discovery Market – By Organization Size (Large Enterprises, Small & Medium Enterprises), By Component (Solutions[Application Discovery, Infrastructure Discovery], Services[Professional Services, Managed Services]), By Industry Vertical (BFSI, Healthcare & Life Sciences, Telecommunications & ITs, Retail & Consumer Goods, Government & Public Sector, Media & Entertainment, Manufacturing, Transportation & Logistics, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”

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APAC to Register Highest Growth:

The APAC Cloud Discovery Market is projected to experience significant growth CAGR of 18.1% during the forecast period. This quick growth is explained by the growing use of cloud computing by governments and companies in developing nations like China and India. The demand for efficient cloud discovery solutions is fueled by the region’s expanding IT infrastructure and the surge in digital transformation activities. APAC is a major player in the global cloud discovery market thanks to its rapid growth the region’s dynamic market environment and growing investments in cloud infrastructure. The region’s growing IT industry and dynamic economic climate are driving market expansion. APAC’s growing startup and tech-driven business scene is driving up demand for sophisticated cloud management and discovery solutions. Further driving the need for cloud discovery solutions are growing corporate and governmental initiatives to promote digitization.

Cloud Discovery Market 2023-2030: Scope of the Report

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Cloud Discovery Market Report – Key Takeaways:

Solutions Segment to Register the Highest Growth

Solutions Segment analyzed to grow with the highest CAGR of 17.8% during the forecast period 2024 to 2030. The requirement for all-inclusive technologies that offer cloud environment management, security, and visibility is what’s fueling this expansion. With the increasing use of multi-cloud and hybrid cloud strategies by enterprises, smart cloud discovery solutions have become indispensable due to the increasing complexity of managing and securing cloud resources. For instance, in May 2023, Google Cloud introduced two new AI-powered life sciences tools to expedite drug discovery and precision medicine for biotech companies, pharmaceutical enterprises, and public sector organizations. Businesses are investing in solutions that provide strong data protection and threat detection throughout their cloud environments due to the increase in cyber threats. Solutions that make it easier for businesses to detect and manage sensitive data are in great demand because they assist them in complying with strict data privacy requirements. Businesses are looking for ways to cut expenses, increase overall operational efficiency, and enhance cloud resource management.

BFSI Segment is Leading the Market

BFSI is dominating the Cloud Discovery Market in 2023 with a market share of approximately 35.7%. The industry’s widespread use of cloud technologies to manage enormous volumes of data, boost operational effectiveness, and enhance customer experience is what has allowed it to dominate this field. Cloud discovery solutions are critical to the BFSI sector’s ability to manage complex cloud systems, locate and safeguard sensitive financial data, and maintain regulatory compliance. Cloud discovery is critical to this industry because financial transactions require strong data privacy and risk management. Financial firms are subject to strict laws governing privacy and data security. Tools for cloud discovery make data and resources in the cloud visible, which helps to assure compliance. Cloud discovery is becoming more important for BFSI firms as a means of identifying and reducing security threats due to the volume of sensitive financial data being processed.

Data Security and Privacy is a Major Challenge

Data security and privacy provide a big obstacle for the cloud discovery industry. As more and more businesses go to the cloud, it becomes more important than ever to protect critical data. Although cloud discovery tools are made to locate and handle data on various cloud platforms, they frequently have trouble protecting data from breaches and unwanted access. The complexity of cloud environments public, private, and hybrid clouds, each with unique security protocols and vulnerabilities exacerbates this difficulty. Complying with data protection laws like the CCPA and GDPR also adds another level of complexity. Businesses need to make sure that their cloud discovery solutions enforce compliance with these standards in addition to providing visibility into data locations and usage.

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Key Opportunity Analysis:

Enhanced Regulatory Compliance

The market for cloud discovery has a lot of room to develop thanks to enhanced regulatory compliance. Globally, enterprises are looking for solutions to help them comply with the strict data protection standards that have been put in place. Companies may manage their data in compliance with regulations by utilizing cloud discovery solutions that incorporate compliance features like audit trails and automated data classification. For sectors where regulatory compliance is crucial, such as finance and healthcare, this possibility is especially important. Cloud discovery solutions can attract clients seeking to simplify and streamline their compliance operations by providing strong compliance capabilities, which in turn can promote market growth.

Integration with Advanced Analytics

In the cloud discovery sector, integration with advanced analytics represents yet another significant opportunity. To extract useful insights from the massive volumes of data that businesses create, advanced analytics is becoming increasingly important. For instance, in January 2023, Google announced the general release of Google Cloud Retail Search, its next-generation product search engine, and named Grid Dynamics as its official launch implementation partner, as part of its expansion of its Discovery solutions for the retail industry. Through better insight into data utilization and trends, cloud discovery solutions that interface with analytics platforms can assist businesses in making data-driven decisions and optimizing their cloud resource usage. By providing insights that improve operational efficiency and strategic planning in addition to data visibility, this integration can improve the value proposition of cloud discovery solutions.

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The report also covers the following areas:

• Cloud Discovery Market Size and Forecast
• Cloud Discovery Market Trends
• Cloud Discovery Market Analysis by Product Type

Cloud Discovery Market 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2023-2030
• Value Chain Analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Cloud Discovery Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Cloud Discovery Market

Covid and Ukrainian Crisis Impact:

The COVID-19 pandemic has accelerated the adoption of cloud technologies as businesses shifted to remote work environments. This transition heightened the need for cloud discovery solutions to manage and secure cloud assets effectively. Organizations faced increased cybersecurity threats and compliance challenges as remote work expanded the attack surface. Consequently, demand for cloud discovery tools surged, driving market growth. Additionally, the pandemic underscored the importance of digital transformation and resilient IT infrastructures, further propelling investments in cloud discovery solutions.

The conflict in Ukraine has had complex effects on the cloud discovery market. Geopolitical tensions and cybersecurity threats have intensified, leading to increased vigilance and investment in cloud security measures. Companies are prioritizing robust cloud discovery tools to safeguard their data and infrastructure against potential cyber-attacks and disruptions. Additionally, the conflict has prompted reassessments of data sovereignty and compliance requirements, driving further demand for comprehensive cloud discovery solutions.

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List of Key Market Players in the Cloud Discovery Market:

The Global Cloud Discovery Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• ServiceNow
• Amazon Web Services, Inc.
• Microsoft
• McAfee, LLC
• IBM
• Cisco Systems, Inc.
• Oracle
• Google LLC (Alphabet Inc.)
• Netskope
• Qualys, Inc.
• Intel Corporation
• Blazeclan Technologies
• Palo Alto Networks
• CloudNine
• Kyndryl Inc.

Related Reports:

Cloud Computing in Education Market: size is estimated to reach $76.9 billion by 2030, growing at a CAGR of 18% during the forecast period 2024-2030.

Government Cloud Market: growth of digital services across government agencies, easier access from remote endpoints, and the need for regulatory enforcement drive government cloud market growth across the globe. In the form of user logs, public policy, and systems, central and state governments have vast volumes of data.

Cloud Workload Protection Market: Increasing adoption of cloud workload protection in BFSI sector provide opportunities for the market growth.

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