Cloud FinOps Market

Top Companies in Cloud FinOps Industry - AWS (US) and Oracle (US)

The global cloud FinOps market will grow from USD 13.5 billion in 2024 to USD 23.3 billion by 2029 at a compounded annual growth rate (CAGR) of 11.4% during the forecast period. Cloud FinOps, which stands for Financial Operations, helps businesses worldwide control and manage their cloud expenses efficiently. It is a cooperative process of finance, operations, and engineering, where cloud investments will meet all the organizational objectives at an optimal cost. Through the use of cloud FinOps best practices, organizations can monitor their actual usage of the cloud and, as a result, gain actionable insights on where they can cut costs and spend too much. It helps to create a culture of decisions where each team has to control its costs and optimize expenses on cloud services without reducing effectiveness.

Furthermore, cloud FinOps means organizations have the tools and best practices to help predict future cloud expenses, monitor current consumption, and analyze costs over time. It also facilitates agricultural decisions on resource up-scaling, cloud service providers’ discussions, and budget allocations. With organizations transitioning to the cloud for their operations, FinOps helps them support growth and innovation by effectively managing cloud costs. This further improves financial stability, operational effectiveness, and better correspondence between IT initiatives and the company’s goals.

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Top Companies in FinOps Indusrty Include

  • AWS
  • Oracle
  • VMware
  • ServiceNow
  • Datadog

AWS

Amazon Web Services (AWS) is one of the leading vendors in the cloud FinOps industry, providing a wide range of services designed to enhance cloud spending and resource management. Given the growing intricacy of cloud setups, the company offers a variety of tools and solutions to help companies effectively handle their cloud financials. AWS Cost Explorer allows individuals to see, comprehend, and control their AWS expenses and usage across periods. It provides detailed analysis and practical insights to pinpoint cost influencers and ways to enhance optimization. AWS Cost and Usage Reports offer comprehensive billing information that enables companies to monitor expenses precisely, make educated decisions, and allocate resources efficiently. AWS provides tools for budgeting and forecasting to assist organizations in planning and predicting their cloud expenses, promoting financial predictability and accountability.

Oracle

Oracle is a prominent player in the cloud FinOps market, offering a comprehensive suite of cloud-based financial management solutions tailored to meet the evolving needs of businesses. With its extensive expertise in cloud technology and financial operations, Oracle delivers robust tools that enable organizations to optimize their cloud spending, maximize return on investment (ROI), and ensure compliance. Its cutting-edge FinOps platform, Oracle, empowers enterprises to gain deep insights into their cloud usage patterns, accurately forecast future expenses, and implement cost-saving measures effectively. The platform integrates advanced analytics and automation capabilities to streamline financial processes, enhance transparency, and drive informed decision-making across the organization.

VMware

Founded in 1998, VMware is an American cloud computing and virtualization technology company headquartered in Palo Alto, California. The company is renowned for its pioneering work in virtualization technologies, which enable the creation of virtual machines that allow multiple operating systems to run on a single physical server. VMware's product portfolio includes solutions for cloud management, networking, security, and digital workspaces, catering to a diverse range of industries. In 2023, VMware was acquired by Broadcom, leading to a strategic shift towards simplifying its product offerings and transitioning to a subscription-based model. This move aims to provide an alternative to U.S. cloud providers, especially in regions like Europe where data sovereignty is critical.

ServiceNow

Established in 2003 by Fred Luddy, ServiceNow is an American software company based in Santa Clara, California. The company provides a cloud computing platform designed to help organizations manage digital workflows for enterprise operations. Initially focusing on IT service management, ServiceNow has expanded its offerings to include various business functions such as human resources, finance, and customer service. Under the leadership of CEO Bill McDermott, ServiceNow has emphasized innovation and the integration of artificial intelligence (AI) into its products. The company is on track to surpass $10 billion in annual revenue, with projections to reach $15 billion by 2026. ServiceNow's strategic initiatives include expanding its scope beyond IT services and targeting sectors such as financial services, healthcare, and government. The integration of AI, particularly in automating workflows and enhancing productivity, is a key driver of the company's growth strategy.

Datadog

Founded in 2010 by Olivier Pomel and Alexis Lê-Quôc, Datadog is an American technology company headquartered in New York City. The company specializes in providing observability services for cloud-scale applications, offering monitoring of servers, databases, tools, and services through a Software-as-a-Service (SaaS)-based data analytics platform. Datadog's platform supports various services, including infrastructure monitoring, application performance monitoring, log management, and security monitoring, enabling organizations to gain real-time insights into their entire technology stack. As of 2023, Datadog employed approximately 5,200 people and continued to expand its integration capabilities, supporting over 750 integrations with various cloud service providers and technologies.

Related Reports:

Cloud FinOps Market by Application (Cost Management & Optimization, Budgeting & Forecasting, Cost Allocation & Chargeback, Reporting & Analytics, Workload Management & Optimization), Service Model (IaaS, PaaS, SaaS) - Global Forecast to 2029

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Cloud FinOps Market Size,  Share & Growth Report
Report Code
TC 9071
RI Published ON
7/8/2024
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