The global Cloud Security market is expanding due to the increasing number of cyberattacks and data breaches experienced by various applications. and is anticipated to grow over the forecast period of 2024–2028.
According to TechSci Research report, “Cloud Security Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F”, the Global Cloud Security market is anticipated to register a robust growth during the forecast period 2024-2028. The growing importance of cloud security solutions in the banking sector, the increasing intricacy of cyberattacks and espionage, the rising number of cloud security laws, and the expanding usage of BYOD (Bring Your Own Device) are driving the growth of the cloud security market. Furthermore, the rise of intelligent infrastructure and the rising demand for cloud security solutions among the SMEs will likely provide substantial potential prospects for the cloud security market. However, the market’s expansion needs to be improved due to lack of visibility and control.
The global Cloud Security market is expanding because of various factors, such as rising need for Cloud Security mesh, the increased prevalence of IoT (Internet of Things) devices, and fast technological breakthroughs necessitating more complex and secure business modules. Furthermore, the growing amount of cyber security risks and data breaches are important drivers predicted to increase market demand for cyber security by individual enterprises and businesses.
Furthermore, the rise of smart infrastructure and the rising demand for cloud security solutions among SMEs, will likely provide substantial potential prospects for the cloud security market. However, the market’s expansion needs to be improved due to a lack of visibility and control. Cloud security helps to retain corporate data and keep it secure from cyber-attacks by safeguarding it on the cloud. The greatest advantage for the organizational sector has been believed to be maintaining confidentiality and preventing unlawful access to employees and diverse stakeholders. Because hacking and phishing are the most accessible methods in today’s modern era, the company’s data must be safeguarded, which may be performed by putting it in cloud security. Cloud security is becoming more important as a result of cyberattacks on the cloud. Aside from unauthorized access, data security, and the desire to bring personal devices to work, there are plenty more reasons to stop. This data is used in several industries, such as telecommunications and IT departments, to convey huge volumes of data. This data is being utilized to move massive volumes of information, which has resulted in the greatest boom for the cloud security business.
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Global Cloud Security is segmented By Service Type, By Enterprise Size, By Service Model Size and By End User. Based on Service Type, the market is segmented into Data Loss Prevention, Security Information and Event Management (SIEM), Business Continuity and Disaster Recovery, Identity and Access Management, and Others (Risk and Compliance Management, etc.
Based on Enterprise Size, the market is segmented Large Enterprises, Small and Medium Sized Enterprises (SME’s). Based on Service Model Size, the market is segmented into Infrastructure-as-Service, Platform-as-Service and Software-as-Service. Based on End User, the market is segmented into IT and Telecom, Banking, Finance, Security, and Insurance (BFSI), Healthcare and Life science, Manufacturing, Retail, Government, Energy and Utilities and Others.
BFSI sector of the market is likely to be the primary buyer of network security solutions due to greater penetration levels of medium- and large-scale organizations, compared to the rest of the market. Furthermore, as smaller businesses assess their cyber risks, cloud-based solution usage is projected to accelerate. As a result, investments in this area are predicted to grow at an exponential rate throughout the projection period.
The retail sector is predicted to account for the most significant proportion of the cloud security market in 2022. The expanding prevalence of e-commerce platforms, the increasing frequency of ransomware attacks and online robberies, and the growing requirement for end-to-end security, all contribute to this segment’s substantial market share. Furthermore, the benefits of cloud security, such as data recovery, data security, threat detection, and offering a better online shopping experience, contribute to the growth of this category. However, due to the growing requirement for effective cloud security measures and safeguarding connected medical equipment, the healthcare segment is expected to boost at the fastest CAGR throughout the projection period.
Key market players in the Cloud Security market:
- Cisco Systems, Inc
- Amazon Web Services, Inc
- McAfee, Inc
- Microsoft Corporation
- Oracle Corporation,
- Capgemini SE
- Palo Alto Networks Inc
- Trend Micro Inc
- International Business Machines Corporation
- Splunk Inc
- Alphabet Inc
- Check Point Software Technologies
- Aqua Security Software Ltd
- Fortinet, Inc
- Indusface Pvt ltd.
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“As many cyber threats push governments and enterprises to boost their investments in cyberspace, the global cloud network security sector is highly scattered. Increased investment is bringing-in a slew of new rivals that offer lower-cost alternatives, making the business more competitive. Cyberattacks and data breaches are becoming more common throughout the world, as is the penetration of IoT devices and technical innovation. This is a critical business opportunity, which in turn, supports the growth of the global market for Cloud Security system.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Cloud Security Market Segmented By Service Type (Data Loss Prevention, Security information and event management (SIEM), Business continuity and disaster recovery, Identity and access management, and Others (Risk and Compliance Management, etc.), By Enterprise Size (Large Enterprises, Small and Medium sized Enterprises (SME’s)), By Service Model Size (Infrastructure-as-Service, Platform-as-Service, Software-as-Service), By End User [IT and Telecom, Banking, Finance, Security, and Insurance (BFSI), Healthcare and Lifescience, Manufacturing, Retail, Government, Energy and Utilities and Others]has evaluated the future growth potential of Cloud Security and provides statistics & information on market size, structure, and future market growth. The research aims to provide decision-makers with the up-to-date market knowledge and support wise investment strategies. In addition, the study identifies and examines the key drivers, obstacles, and opportunities in the market for Cloud Security.
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