Cloud Discovery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Cloud Discovery Marke is expected to register a healthy CAGR of over 18% during the forecast period (2021 - 2026). Companies across the emerging economies are focusing on developing their cloud discovery solutions for the various end users to enhance service and security for the organizations.

• Owing to features of cloud discovery such as data sharing through file feeds, high-quality web services, and single sign-on connection across the network is fueling the adoption of cloud computing technology among various industry sectors
• Further, increasing implementation of the multi-cloud environment which facilitates managed cloud services such as, Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and Infrastructure-as-a-Service (IaaS) for the operation of enterprise cloud services are expected to strengthening the growth of cloud discovery market during the forecast period.
• Integration of multi-cloud and big data technology among various cloud-based organizations is expected to proliferate the growth of the market, owing to features offered by cloud discovery such as, automated monitoring that utilizes advanced hybrid and multi-cloud discovery to monitor cloud-based workloads via cloud provider APIs and displays a single hybrid view of resource interdependencies.

Key Market Trends

IT & Telecommunication Sector to Grow at a Significant Rate

• The concept of the unified, outsourced solution is alluring for modern IT admins since the alternative is a mess of partial add-on solutions with an aging on-premise IT infrastructure. Also, with the penetration of cloud services rising day-by-day across the IT industry, the databases and servers are now being shifted to the cloud. Also, growth in cloud spending is expected to drive the solution from the cloud discovery market.
• Prominent telecom organizations have also begun to transform themselves into technology providers by creating mobile applications for the use of VoIP calls and storing data on cloud platforms.
• In addition to this, growth in security spending in IT organizations along with the combined mobility and cloud computing is expected to create new frontiers of risks for operators, thereby driving the adoption of a highly secure and robust cloud discovery platform.

North America is Expected to Hold the Largest Market Share

• Due to the presence of a large number of vendors offering cloud discovery solutions and services across the region, it is expected to hold the largest market share during the forecast period.
• Enterprises are investing heavily in cloud computing technologies to gain a competitive edge over the competitors and improve their overall business operations. Moreover, the increasing adoption of cloud discovery across the region can be attributed to the widespread presence of Small and Medium-sized Enterprises (SMEs) that are implementing low-cost cloud-based technologies to achieve in-depth visibility and control over their cloud applications and IT infrastructure.

Competitive Landscape

Cloud discovery market is moderately competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with the advancement in the managed services, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.

• June 2019 - CipherCloud announced the new email security capabilities in its CipherCloud Zero Trust CASB+ platform, combining zero trust threat prevention with industry-leading data protection technologies. The CipherCloud platform provides innovative adaptive control enforcing zero trust cloud security with continuous risk assessment; zero-day threat protection and real-time blocking; and machine learning that detects compromised credentials and anomalous behaviors across cloud applications.
• June 2019 - McAfee released a special edition of its Cloud and Risk Adoption Report, focused on the business impact of cloud services and how organizations around the world are addressing security gaps to accelerate their businesses with the cloud, since with the increasing amount of sensitive data stored in the cloud, organizations are also finding challenges in managing their risk, which holds back many organizations from realizing their full potential.

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