The cloud monitoring market has witnessed rapid growth in recent years, progressing from $2.3 billion in 2023 to $2.69 billion in 2024, showcasing a compound annual growth rate (CAGR) of 17.0%. The growth in the historical period can be attributed to widespread digital transformation initiatives, efforts to achieve cost efficiency, growing concerns regarding security and scalability, and the increasing prevalence of remote work trends. Looking ahead, the market is expected to sustain its rapid growth trajectory, projected to reach $5.27 billion by 2028, with a CAGR of 18.4%. The anticipated expansion is driven by the rising adoption of multi-cloud deployment models, stringent compliance requirements, integration with edge computing technologies, the incorporation of artificial intelligence and machine learning capabilities, and the management of hybrid IT environments. Key trends in the forecast period encompass a focus on cloud security monitoring, the provision of end-to-end visibility across diverse cloud services, automation of incident response mechanisms, the development of cost management and optimization tools, and the implementation of robust compliance monitoring and reporting frameworks.
Major Driver In The Cloud Monitoring Market
Growth in cloud adoption across enterprises is significantly contributing to the growth of the cloud monitoring market going forward. Enterprises employ cloud adoption as a method to save costs and risk while increasing the scalability of Internet-based database capabilities. Cloud monitoring eliminates potential breaches ensuring real-time scans with continuous monitoring, as a result, cloud monitoring is required by various organizations that use cloud technologies and that increases the demand for cloud monitoring. For instance, in December 2022, according to Zippia Inc., a US-based career expert, at present, cloud services are used by 94% of businesses. Further, a multi-cloud strategy is in place or being developed by 92% of enterprises and cloud services reached $206.1 billion in 2022. Therefore, growing cloud adoption across enterprises drives the cloud monitoring market. The market size for cloud monitoring services is expected to reflect the increasing reliance on cloud technologies, with significant growth anticipated in 2023, 2024, and beyond.
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Cloud Monitoring Market Competitive Landscape
Amazon.com Inc., Alphabet Inc., Microsoft Corporation, New Relic Inc., IBM Corporation, Oracle Corporation, Broadcom Inc., Splunk Inc., BMC Software Inc., Datadog Inc., Kaseya Limited, Dynatrace Inc., SolarWinds Worldwide LLC, PagerDuty Inc., Sumo Logic Inc., Grafana Labs Inc., Elastic N.V., LogicMonitor Inc., AppDynamics Inc., IDERA Inc., xMatters Inc., InfluxDB Inc., SevOne Inc., VictorOps Inc., Site24x7 Inc., Zenoss Inc., Opsgenie Inc., Stackify Inc., Sematext Group Inc., OpenMetrics Project
Key Cloud Monitoring Market Trend
Strategic partnerships are a key trend in the cloud monitoring market. Major companies are partnering to strengthen their position. For example, in May 2022, The International Business Machines Corporation (IBM), a US-based technology corporation, partnered with Amazon Web Services (AWS), a US-based cloud computing platform. This partnership aims to provide a wide range of IBM's software catalog as Software-as-a-Service (SaaS) via AWS.
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Cloud Monitoring Market Segmentation
The cloud monitoring market covered in this report is segmented –
1) By Component: Solution, Services
2) By Model: Infrastructure As A Service(IaaS), Software As A Service(SaaS), Platform As A Service(PaaS)
3) By Organization Size: Small And Medium Sized Enterprises (SMEs), Large Enterprises
4) By Industry: Banking, Financial Services and Insurance, Healthcare And Life Sciences, Telecommunications And IT, Government And Defense, Manufacturing, Retail And Consumer Goods, Media And Entertainment, Other Industries
By Geography:The regions covered in the cloud monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the cloud monitoring market in 2023.
The Cloud Monitoring Global Market Report 2024 furnishes information about the global cloud monitoring market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
