Global Cloud Monitoring Market - Growth, Trend and Forecasts (2018 - 2023)
The Cloud Monitoring market was valued at USD 723.81 million in 2017 and is expected to grow at a CAGR of 18.5% during the forecast period (2018 - 2023), to reach USD 2443.1 million by 2023. It is segmented on service models such as IaaS, PaaS, and SaaS. Apart from this, it has applications in end-user industries such as manufacturing, retail, BFSI, healthcare, and various others. The scope of our study is geographically limited to North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
End-user industries are incorporating cloud for scale and agility. However, gaining a clear view of performance in cloud environments can be a challenge. In order to intelligently manage the intricate, ever-changing applications and infrastructure, a monitoring solution is needed that’s as dynamic as the cloud. Moreover, growing adoption of cloud technology across industries such as BFSI, IT, retail, and various others is boosting the growth of cloud monitoring market. It is significant part of an overall cloud management strategy, enabling IT administrators to review the operational status of cloud-based resources. Growing deployment of SaaS offerings such as customer relationship management, human capital management, enterprise resource management, and other financial applications forms a favorable environment for adoption of cloud monitoring, especially in large organizations. Apart from this, it also provides a holistic view of cloud metrics, customer flow, log data and more. However, costs associated with the services and limited visibility are acting as a challenge for the cloud monitoring market.
Growing Demand from BFSI Sector to Augment the Market Growth
A shift toward modernization and digitization is occurring within the financial services industry, with institutions of all sizes shedding their caution about the cloud and embracing its capabilities. Deploying cloud allows financial institutions experience a shorter development cycles for new products, supporting a faster and more efficient response to the needs of banking customers. With greater customer expectation, growing technological capabilities and regulatory requirements, banking institutions are forced to adopt a proactive approach for its workflow. This, in turn, is expected to drive the cloud monitoring market. Cloud-based platforms can help in reducing implementation time and costs for banks trying to keep pace with regulations regarding organizational access controls.
Asia Pacific Expected to Witness the Fastest Growth during the Forecast Period
The cloud monitoring market in the region is driven by the growing adoption of cloud technology in the end-users, especially in China and India. In India, the interest in the cloud is being driven by the increasing need for business innovation and agility, coupled with the ability to scale fast in a competitive market, and the government’s thrust towards a Digital India initiative. The growth in cloud adoption can be proven by the fact that since the launch of AWS in Asia Pacific in June 2016, more than 120,000 customers including Tata Motors, Future Group, and Shoppers' Stop have adopted AWS Cloud for a broad range of applications. According to a report from The Economist in 2016, the cloud-computing business of the Chinese e-commerce behemoth grew by 126%, to USD 675 million and is unlikely to slow soon. To keep up with the growing demand Amazon Web Services, in collaboration with NWCD opened its second Chinese cloud computing zone, its 17th around the world.
Key Developments in Cloud Monitoring market
September 2017 - Logicmonitor launched LM Cloud, a SaaS-based performance monitoring tool for AWS and Azure.
September 2017 - Versa Networks announced a partnership with CA Technologies to integrate its cloud IP Platform with the network operations and analytics platform from CA.
Major Players: AWS, CA TECHNOLOGIES, CLOUDYN, DYNATRACE LLC, IDERA, INC., KASEYA LIMITED, LOGICMONITOR INC., OPSVIEW LTD, ORACLE CORPORATION, SEVONE, SOLARWINDS WORLDWIDE, LLC and ZENOSS INC., amongst others.
Reasons to Purchase Cloud Monitoring market Report
Current and future adoption outlook of Cloud Monitoring industry in the developed and emerging markets
Analysing various perspectives of the market with the help of Porter’s five forces analysis
The type of model that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
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