The global cloud monitoring market is forecast to reach USD 4,907.6 Million by 2028, according to a new report by Reports and Data. With the increasing application of cloud services in the operation of different industries, cloud monitoring has gained significance like never before. It is with the help of this service; organizations can gain control over the performance of cloud applications. This service helps in getting an end-to-performance monitoring, AI-powered root cause analysis, and accurate alerting for cloud applications. It is also beneficial in avoiding complexities affecting user experience caused by cloud-native technologies and microservice architectures by monitoring key resources. Another mentionable factor contributing to the growing popularity of this service in the functioning of different end-users is its effectiveness in comparing business and technical performance metrics in real-time to make up-to-dated investment decisions wherein cloud helps in enhancing business performance.
In context to region, Europe can be seen to occupy a dominant market position. Continuous development of the IoT devices systems, expansion of the healthcare sector, formulation of data protection acts like Data Protection Act 2020 [UK], are some of the factors holding significant scope for further expansion of the market in this region.
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During the forecast period, the Services segment is poised to exhibit a remarkable growth rate of 18.7%, making it a significant driver of the overall market expansion. This robust growth can be attributed to several key factors that have converged to create a conducive environment for cloud monitoring services. One of the primary drivers behind this surge is the escalating deployment of cloud monitoring solutions across various industries. As organizations increasingly transition their operations to the cloud, the need for effective monitoring and management becomes paramount. This is because cloud environments are dynamic and require constant oversight to ensure optimal performance, security, and cost-efficiency.
Furthermore, the ever-evolving landscape of cybersecurity threats has heightened the importance of cloud monitoring. With cyberattacks becoming more sophisticated and frequent, organizations are turning to advanced cloud monitoring services to safeguard their digital assets and sensitive data. These services offer real-time threat detection, anomaly detection, and other security features that help mitigate risks and protect against breaches. As a result, the demand for cloud monitoring services, especially those related to security, has seen a significant upswing.
Another contributing factor to the rapid growth of the Services segment is the increasing demand for support and maintenance services. As organizations become more reliant on cloud technologies, they require continuous support to ensure the smooth functioning of their cloud-based infrastructure. This includes troubleshooting, performance optimization, updates, and ensuring compliance with industry regulations. Cloud monitoring service providers offer specialized support and maintenance services that cater to these needs, making them an essential partner for businesses in the cloud era.
some leading companies operating in the global Cloud Monitoring market.
Idera, CA Technologies, Dynatrace, Solarwinds, Cloudyn, Sevone, Datadog, Logicmonitor, Kaseya, and Opsview.
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Further key findings from the report suggest
- The cloud monitoring market held a market share of USD 1,410.0 Million in the year 2020 and forecasted to grow at a rate of 16.7% during the forecast period.
- In regards to Component, the Solution segment generated a higher revenue of USD 0.67 Billion in 2020, with a growth rate of 17.0% during the forecast period. Cloud monitoring solution’s extensive application in the functioning of different end-users due to its effectiveness in providing with a holistic view on all on-premises and cloud application tiers, automatically correlate events by mapping interdependencies between services, application, cloud component and ascertain effortless cloud monitoring by tracking and resolving the issue with cloud application contributes to the revenue generated by this segment.
- In regards to Organization size, the Large Enterprises segment yielded a higher revenue of USD 0.69 Billion in 2020, with a CAGR of 16.6% during the forecast period. The high deployment of the service in their operation because of elevated emphasis on maintaining data protection contributes to the revenue generated by this segment.
- In the context of the Service Model, the Infrastructure as A Service [IaaS] segment held the largest market share of 45.0% in 2020, with a growth rate of 17.0% during the forecast period. The market dominance of the segment is resultant of its benefits like it helps in dynamically configuring and opting devices, provides users with easy accessibility to cloud computing power, which results in its increased preference among end-users.
- In regards to the End-user, the Banking, Financial Services, and Insurance held the largest market share of 26.0% in 2020, with a growth rate of 17.5% during the forecast period. The sector being highly vulnerable to data breaches, security threats, and high cost of every stolen record in data breaches, propels the incorporation of the solution.
- In context to region, Asia Pacific is projected to witness the fastest growth rate of 18.5% during the forecast period, which is expected to occupy 22.5% of the market by 2028. The growth rate experienced by the region is attributed to its digital transformation, well-developed cloud infrastructure, and government initiatives like Digital India.
The global market is further segmented into type and application:
Component Type Outlook (Revenue, USD Billion; 2020-2028)
- Solution
- Services
- Support and Maintenance
- Integration and Deployment
- Training and Consulting
Organization Size Type Outlook (Revenue, USD Billion; 2020-2028)
- Large Enterprises
- Small and Medium-Sized Enterprises
Service Model Type Outlook (Revenue, USD Billion; 2020-2028)
- Platform as A Service [PaaS]
- Software as A Service [SaaS]
- Infrastructure as A Service [IaaS]
End-user Type Outlook (Revenue, USD Billion; 2020-2028)
- Healthcare and Life Sciences
- Banking, Financial Services, and Insurance
- Government and Defense
- Telecommunications and ITES
- Retail and Consumer Goods
- Media and Entertainment
- Manufacturing
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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