Cloud Monitoring: Global Market Trends and Forecast!
Growing cloud adoption is reflecting in the demand for cloud monitoring services.
While there is an increasing dependence on cloud computing technology, the security aspect remains to be a key concern in cloud services utilization.
Despite many advantages offered by a cloud environment, issues such as security, downtimes, storage and resource utilization continue to be the top concerns pertaining to cloud services.
Here is where the role of Cloud Monitoring comes into picture!
A cloud monitoring system tracks and monitors the performance of resources and processes to ensure uninterrupted workflows in a cloud environment. It also protects enterprise IT assets by analyzing and detecting any suspicious activities well in advance.
Global Cloud Monitoring Market
Cloud Monitoring holds a promising market.
The global cloud monitoring market was valued USD 723.8 million as of 2016 and is expected to reach USD 1,976.9 million by 2022, at a CAGR of 19.2%.
Another market research survey projects a 22.6 percent CAGR for the global cloud monitoring market during the 2019-24 period.
The demand for cost-effective and scalable security solutions continue to be the key drivers for the global cloud monitoring market.
Cloud Monitoring services have gained prominence owing to their role in ensuring cloud security across various industries, especially Banking, Financial Services and Insurance (BFSI), IT, telecom, retail and consumer goods industries.
By region, North America is expected to lead the global cloud monitoring market revenue share owing to the wider presence of major players and growing adoption of related services.
APAC region is expected to offer multiple opportunities to the market and is expected to register the highest CAGR over the forecast period (2016-22).
Lack of cloud visibility and data security are expected to the major barriers for the global cloud monitoring market.
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