Cloud Monitoring Market - Virtual Scaling Strategies of Companies to Elicit Demand for Cloud Monitoring
February 25, 2020 by Market-NewsFlash
The global cloud monitoring market is expected to surge at 12% CAGR from 2017 to 2023 owing to emergence of various cloud data centers. The integration of cloud computing in business processes by major corporations and enterprises to scale extensively is likely to bolster the market demand till 2023. Cloud monitoring offers tools to manage and monitor workflow and processes within a cloud infrastructure. It offers business solutions in the form of three models, namely Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS).
Adoption of cloud across industry verticals such as retail, IT, and BFSI is expected to work in favor of the cloud monitoring market. The shift towards digitization amid growing demands from customers can spur the market demand. Advantages of cost effectiveness, flexibility, and high performance are likely to drive the adoption rate of cloud monitoring.
By component, the market is segmented into solution and services. Both component in cloud monitoring can generate significant revenue for the market.
By service model, the market is segmented into IaaS, SaaS, and PaaS. The SaaS segment is likely to expand at a rapid pace owing to adoption of solutions such as enterprise resource management, human capital management, and customer relationship management in large organizations. In addition, highest levels of data security offered by the solution combined with preference of buyers towards SaaS solutions can augur well for the cloud monitoring market. The PaaS segment is expected to thrive in the cloud monitoring market owing to adoption of Kubernetes for scaling and management of containerized solutions. Recently, LogicMonitor introduced two solutions, Kubernetes container monitoring and LMService Insight for managing dynamic environments.
By organization, the market is segmented into large and small & medium enterprises (SME). Among these, the large enterprise segment is predicted to garner significant revenues for the market.
End-users of cloud monitoring include media & entertainment, manufacturing, defense, government, telecommunications, healthcare, and BFSI. The BFSI segment is likely to contribute massively to the cloud monitoring market by 2023. This can be credited to the acceptance of cloud technology by financial institutions to provide rapid response to customers and expedite product development cycles. Changing regulatory policies amid launch of new technologies, fintech companies require smart approaches to reduce operational costs. This move can be monumental for the cloud monitoring market.
North America is touted to dominate the cloud monitoring market over the forecast period. Rapid adoption of cloud technology is expected to provide the region with first mover advantage and cater to demands of customers. Embracing cloud business models in SMEs and large enterprises is likely to boost the cloud monitoring market demand exponentially.
The Asia Pacific (APAC) region is anticipated to grow at a robust pace owing to enmasse adoption by large enterprises. Launch of various cloud solutions by reputed brands such as Amazon coupled with the push for digitization by nations in the region is likely to bode well forth cloud monitoring market regionally.
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