The cloud monitoring market expected to grow at a Compound Annual Growth Rate (CAGR) of 19.2% during the forecast period and is projected to reach USD 1,976.9 million by 2022.
Cloud monitoring solutions are witnessing widespread adoption across various industries, as they provide scalable, advanced, cost-effective, and secure cloud management. The growing usage of cloud-based solutions and the increasing number of security threats across the globe are some of the other factors contributing to the growth of the cloud monitoring market.
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Cloud monitoring solutions are witnessing major technological changes and evolving with technological advancements. A few prominent technological advancements are the emergence of technologies, such as the use of Artificial Intelligence (AI) to automatically detect availability and performance issues for identifying the root causes. Monitoring involves supervising dashboards, responding to alerts, and manually analyzing data sets. AI automates this analysis to identify issues and pinpoints the underlying cause.
The support and maintenance services segment is expected to have the highest growth rate during the forecast period. These services include support related to the implementation and use of products, provided by cloud monitoring vendors. Maintenance services facilitate upgrades to the existing systems and assist in solving product issues. As the deployment of cloud monitoring solutions is increasing, the demand for support and maintenance services is also gaining traction.
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. SMEs are rapidly adopting cloud monitoring solutions, as these solutions provide increased scalability and enhanced security by detecting vulnerabilities. To improve their position in the cloud monitoring market, several vendors provide solutions based on the pay-per-use or subscription model targeted at SMEs. These capabilities provided by cloud monitoring is expected to positively impact the growth of the cloud monitoring market.
The Asia Pacific (APAC) market is expected to grow at the highest CAGR during the forecast period. The APAC region offers potential growth opportunities, due to the increasing investments in advanced technologies, rapid cloud adoption, and increasing government regulations for data storage.
Healthcare companies hold highly sensitive data, which usually remains unprotected and sometimes not even encrypted. Moreover, healthcare companies face the additional burden of compliance from regulatory authorities such as Healthcare Information Portability and Accountability Act (HIPAA). Cloud monitoring solutions provide enhanced security and insights in this sensitive data and the necessary controls required for compliance with regulatory authorities. The cloud monitoring providers can tap this growing demand for cloud monitoring in the healthcare industry.Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=252477280