Cloud Discovery Market Size, Share, Growth Analysis, By Components (Solutions, Services), By Organisational Size, By Industrial Vertical, By Region - Industry Forecast 2024-2031

Global Cloud Discovery Market size was valued at USD 1.65 billion in 2022 and is poised to grow from USD 1.92 billion in 023 to USD 6.37 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).

The cloud discovery market is poised for robust growth over the coming years, driven by the increasing global popularity and adoption of cloud technologies and services. As organizations across the globe seek to optimize resource utilization and enhance operational efficiency, the demand for accessing data and applications via cloud vendors' APIs is expected to rise significantly. Additionally, the growing concern over shadow IT practices and the evolving landscape of cloud security threats is further fueling the adoption of cloud discovery solutions. Governments and enterprises are increasingly recognizing the value of cloud solutions in mitigating risks and leveraging data more effectively. However, challenges such as the complexity of multi-cloud environments and rising concerns surrounding data privacy and compliance could impede the market's development. As businesses navigate these complexities, the need for effective cloud discovery solutions will remain critical to ensure secure and compliant access to cloud resources. Overall, the cloud discovery market is set to benefit from the ongoing transition to cloud-based operations, despite potential hurdles that could impact its trajectory in the future.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cloud Discovery market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Cloud Discovery Market Segmental Analysis

Global Cloud Discovery Market is segmented by components, organisational size, industry verticals and region. Based on component, the market is segmented into solutions and services. Based on organisational size, the market is segmented into large enterprises and small and medium-enterprises (SMEs). Based on industry vertical, the market is segmented into banking, financial services and insurance (BFSI), healthcare and life sciences, telecommunications and ITES, retail and consumer goods, government and public sector, media and entertainment, manufacturing, transportation and logistics and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Cloud Discovery Market

The Global Cloud Discovery market is primarily driven by the significant rise in the utilization of cloud services. Over recent years, there has been a notable surge in the adoption of cloud platforms due to their cost-effectiveness and the ability to scale operations seamlessly. This growing trend toward cloud-based solutions not only highlights their advantages but also fuels the demand for cloud discovery solutions. As organizations increasingly seek to optimize their cloud environments and enhance security, the need for effective cloud discovery tools becomes more critical, further propelling market growth in this dynamic sector.

Restraints in the Global Cloud Discovery Market

The Global Cloud Discovery market is likely to experience significant restraints due to the complexities associated with managing multi-cloud environments. The challenges involved in monitoring and ensuring the security of various cloud platforms can hinder the effectiveness of cloud discovery tools and solutions. As organizations increasingly adopt diverse cloud infrastructures, the difficulty in integrating and safeguarding these systems may deter investments and utilization of cloud discovery services. Consequently, this complexity is anticipated to negatively impact the market demand and growth prospects for cloud discovery solutions over time, as businesses grapple with the security and operational demands of multi-cloud platforms.

Market Trends of the Global Cloud Discovery Market

The Global Cloud Discovery market is witnessing a significant trend towards continuous monitoring, driven by the urgent need for enhanced security and compliance. As organizations increasingly migrate to cloud environments, cloud discovery providers are prioritizing the integration of advanced technologies like artificial intelligence and machine learning. This focus enables automated continuous monitoring of cloud platforms, allowing businesses to proactively identify and mitigate potential risks in real-time. This evolution not only enhances operational efficiency but also aligns with regulatory requirements, making continuous monitoring a critical component of cloud strategies. Consequently, this trend is expected to propel market growth and innovation in cloud security solutions.