According to a new market research report "Cloud Discovery Market by Solution (Application Discovery and Infrastructure Discovery), Service (Professional Services and Managed Services), Organization Size (Large Enterprises and SMES), Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Cloud Discovery Market   size is expected to grow from USD 730.8 Million in 2018 to USD 1,564.1 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 16.4% during the forecast period.

The demand for cloud discovery is expected to be driven by growing adoption of multi-cloud and increasing need to efficiently manage the security of the IT infrastructure. Moreover, with the increasing usage of cloud applications across different verticals and the rising trend of Bring Your Own Device (BYOD), the adoption rate of cloud discovery among enterprises is expected to gain a major traction during the forecast period.

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The services segment is expected to witness high growth over the next 5 years. Cloud discovery services help consult, integrate, and support organizations across industry verticals in effectively dealing with threats, thereby ensuring visibility and security across all business functions. On the basis of services, the cloud discovery market has been segmented into managed services and professional services. The demand for cloud discovery solutions and services among enterprises is gaining traction, due to the rising number of unmanaged applications and infrastructure being used within an enterprise.

The infrastructure discovery segment is expected to grow at a higher rate over the next 5 years. The major advantage that has led to the popularity of infrastructure discovery is that it provides a comprehensive view of all the IT infrastructures that are being used within an organization’s environment, enabling the IT administrator to keep a strict control over the user’s data traffic. Organizations across the globe are adopting the infrastructure discovery services due to the benefits of clear visibility across all end-users and IT assets, such as servers, VMs, workstations, routers, and other IT resources used in an enterprise’s network.

The SMEs segment is expected to grow at a higher rate than the large enterprises segment over the next 5 years. Enhanced visibility, low CAPEX, reduced associated risks, and better control and security are major reasons encouraging SMEs to adopt cloud discovery solutions at a significant rate.

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The retail and consumer goods industry vertical is expected to grow at the highest rate over the next 5 years, due to the rising trend of BYOD, which is creating a large pool of IT resources being used on day-to-day basis. This industry vertical has a limited budget for the IT department, hence, they require an efficient and effective solution which could identify all the unmanaged IT resources. Moreover, retailers have large supply chains, which require thousands of interconnected devices dealing with critical shipping orders and deliverables. Hence, the need to manage these devices is expected to lead to the increased adoption of cloud discovery solutions in the retail industry vertical.

Asia Pacific (APAC) is projected to be the fastest-growing region in adopting cloud discovery solutions and services, due to the rapid advancements in telecom, cloud computing, and IoT. The vast and diverse locations, and increasing customer expectations and competition are expected to create operational complexities for enterprises in the region. These complexities are leading enterprises to invest in standardized cloud technologies that can adapt to the dynamic competitive landscape.

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