According to MarketsandMarkets report Cloud Monitoring and Cloud Performance market will grow from $1.5B in 2022 to $3.9B by 2027 at 17.6% CAGR. The marketing firm expects large enterprises to lead this market, driven by the further need for better cloud security and performance.
Cyber attacks on cloud infrastructure accounted 20% in 2020. Cloud Monitoring as a Service is gaining popularity for large businesses interested in a fully managed cloud monitoring solution. Third-party providers offer such CMaaS services capable of 24x7x365 automatic monitoring and instant alerts.
Such a service is crucial for the banking and Financial services sector because these organizations deal with critical financial data and are heavily regulated. To stay competitive, financial organizations must automate their cloud operations and make them more efficient. Most financial institutions consider hybrid and multi-cloud deployments. With moving more data and services to the cloud their demand for CMaaS is higher than ever.
The demand for Cloud Performance and Automated Cloud Monitoring differs by region, and the Asia Pacific is projected to have the highest demand for these services. While some countries, like Japan have already established a solid cloud infrastructure, some others are only taking the initial steps in this direction. The highest CAGR is expected in this region due to the forecasted migration of complex workloads, particularly based on automation and machine learning technologies. With artificial intelligence and machine learning pipelines in their cloud infrastructure, large enterprises and financial organizations significantly increase the complexity of their cloud solutions, which turns into high demand for automatic monitoring and performance solutions for cloud management.
According to the report, leading Cloud Performance Management Market players include Microsoft, IBM, HPE, Oracle and others.