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Cloud Monitoring: Unlocking Seamless IT Infrastructure Management
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According to The Business Research Company's, The cloud monitoring market size has grown rapidly in recent years. It will grow from $2.3 billion in 2023 to $2.69 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to digital transformation initiatives, cost efficiency, security concerns, scalability requirements, remote work trends.
The cloud monitoring market size is expected to see rapid growth in the next few years. It will grow to $5.27 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to multi-cloud deployments, compliance requirements, edge computing integration, AI and machine learning integration, hybrid IT environments. Major trends in the forecast period include focus on cloud security monitoring, end-to-end visibility across cloud services, automation of incident response, cost management and optimization tools, compliance monitoring and reporting.
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Market Drivers and Trends:
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.
Strategic partnerships are a key trend gaining popularity in the cloud monitoring market. Major companies operating in the cloud monitoring market are undergoing partnerships to strengthen their position in the cloud monitoring market. For instance, in May 2022, The International Business Machines Corporation, a US-based technology corporation partnered with Amazon Web Services, a US-based cloud computing platform. With this partnership, IBM company plans to provide a wide range of its software catalog as Software-as-a-Service (SaaS) via Amazon Web Services.
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Major Key Players of the Market:
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
Cloud Monitoring Market 2024 Key Insights:
• The cloud monitoring market size is expected to see rapid growth in the next few years. It will grow to $5.27 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%.
• Growing Enterprise Cloud Adoption Fuels The Cloud Monitoring Market
• Strategic Partnerships Shape The Landscape Of The Cloud Monitoring Market
• North America was the largest region in the cloud monitoring market in 2023
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