Cloud Monitoring Market Size, Share & Trends Analysis Report By Type (Cloud Storage Monitoring, Database Monitoring, Website Monitoring), By Service Model, By Enterprise Size, By Industry Vertical, By Region, And Segment Forecasts, 2023 - 2030

Cloud Monitoring Market Size, Share & Trends Analysis Report By Type (Cloud Storage Monitoring, Database Monitoring, Website Monitoring), By Service Model, By Enterprise Size, By Industry Vertical, By Region, And Segment Forecasts, 2023 - 2030

Cloud Monitoring Market Growth & Trends

The global cloud monitoring market size is anticipated to reach USD 9.37 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 20.9% from 2023 to 2030. Factors such as the growing complexity of cloud environments, the increasing size of datasets, and the need for better visibility and control over cloud resources are expected to drive market growth. Moreover, the growing adoption of hybrid and multi-cloud environments presents significant growth opportunities for the market.

Cloud computing brought a major transformation in the IT industry, which led to new challenges for managing and monitoring cloud environments. Many businesses are increasingly adopting cloud-based applications, and infrastructure that needs effective cloud monitoring solutions is becoming increasingly important. Cloud computing offers several advantages to businesses of all sizes, including scalability, flexibility, cost-effectiveness, and access to a wide range of services and applications. However, this shift to cloud computing has also introduced new complexities in managing and monitoring IT infrastructure. The need for effective cloud monitoring solutions has become more crucial as critical applications and data are being entrusted to the cloud.

Many businesses operate in multi-cloud or hybrid cloud environments, combining various cloud providers or integrating with on-premises infrastructure. Cloud monitoring solutions offer an integrated view across these diverse environments, simplifying management and monitoring. Since 2020, most IT leaders have planned to distribute workloads across multiple clouds, leading to the rise of multi-cloud systems in the cloud monitoring market.

Cloud Monitoring Market Report Highlights

• By type, the cloud storage monitoring segment accounted for the largest revenue share of 28.3% in 2022 and is anticipated to witness significant growth during the forecast period. Monitoring solutions for storage allow businesses to track resource usage, identify underutilized or overused resources, and optimize accordingly. It helps control costs and maximize the value of cloud investments.
• In terms of service model, the IaaS segment is estimated to grow at the fastest CAGR of 22.6% over the forecast period. Growth in demand for low-cost IT infrastructure and quicker data accessibility fuels the growth of IAAS. The adoption of cloud computing in various industries is also one of the key factors for the demand for IAAS, as it offers fast data accessibility regardless of the data center's location.
• In terms of enterprise size, the SME segment held the largest revenue share of 71.6% in 2022. Utilizing cloud monitoring tools enables SMEs to compete effectively by providing better services, maintaining high uptime, and delivering consistent performance to customers.
• In terms of industry verticals, the BFSI segment is estimated to grow at a significant CAGR of 21.6% over the forecast period. To fulfill their security and risk management responsibilities, financial institutions are increasingly implementing monitoring controls that help them avoid relying on historical assessments. These monitoring controls include using dashboards and logging capabilities offered by cloud service providers (CSPs) and compatible solutions. Such controls help monitor operational performance and security threats effectively, leading to the growth of cloud monitoring tools used in BFSI institutions.
• North America dominated the market with a share of 60.7% in 2022 and is anticipated to dominate the market over the forecast period. The ongoing evolution of IT infrastructure and adoption of hybrid and multi-cloud strategies in the region requires monitoring solutions capable of managing diverse cloud data smoothly, which fuels the demand for monitoring tools.

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