Overview and Scope
Multi-cloud security refers to the strategies, practices, and technologies employed to protect data, applications, and infrastructure across multiple cloud computing environments. It aims to address the unique challenges and risks associated with managing and securing assets distributed across diverse cloud environments.
Sizing and Forecast
The multi-cloud security market size has grown exponentially in recent years. It will grow from $5.82 billion in 2023 to $7.04 billion in 2024 at a compound annual growth rate (CAGR) of 20.9%. The growth in the historic period can be attributed to increasing adoption of cloud services, rising cybersecurity threats, regulatory compliance requirements, complexity of multi-cloud environments, incident response and recovery needs.
The multi-cloud security market size is expected to see exponential growth in the next few years. It will grow to $15.23 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to growing sophistication of cyber threats, expansion of hybrid and multi-cloud architectures, emergence of edge computing and focus on zero trust security frameworks. Major trends in the forecast period include convergence of security services across multiple cloud environments, rise in demand for cloud-native security solutions, increasing adoption of artificial intelligence and machine learning for threat detection and response and emergence of unified cloud security platforms.
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Segmentation & Regional Insights
The multi-cloud security market covered in this report is segmented –
1) By Offering: Solutions, Services
2) By Deployment Mode: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By End User: Banking, Financial Services, And Insurance (BFSI), Healthcare, Information Technology And Telecommunication, Retail And E-Commerce, Government, Other End-Users
North America was the largest region in the multi-cloud security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multi-cloud security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising data breach concerns are expected to propel the growth of the multi-cloud security market going forward. Data breach refers to an unauthorized access, disclosure, or acquisition of sensitive or confidential information. The rising concerns about data breaches are due to increasing cyber-attack sophistication, the proliferation of data, regulatory requirements, reputational damage, and financial loss. Multi-cloud security is utilized to mitigate data breaches by implementing robust security measures across multiple cloud environments to reduce the risk of unauthorized access and protect sensitive data from exploitation. For instance, in December 2022, according to the Identity Theft Resource Center, a US-based non-profit organization, there were 1,862 cases of data compromises in 2021, representing a surge of over 68% compared to 2020. Therefore, the rising data breach concerns are driving the growth of the multi-cloud security market.
Key Industry Players
Major companies operating in the multi-cloud security market report are Amazon.com Inc.; Alphabet Inc.; Microsoft Corporation; Huawei Technologies Co. Ltd. ; Intel Corporation; International Business Machines Corporation (IBM); Cisco Systems Inc.; Broadcom Inc. ; VMware Inc.; Palo Alto Networks Inc.; Juniper Networks Inc.; Fortinet Inc.; Akamai Technologies Inc.; F5 Networks Inc.; Splunk Inc.; Check Point Software Technologies Ltd.; Trend Micro Inc.; CrowdStrike Holdings Inc.; Zscaler Inc.; Sangfor Technologies Inc.; Cloudflare Inc.; Rapid7 Inc.; Barracuda Networks Inc.; Fortanix; Pulse Secure LLC
The multi-cloud security market report table of contents includes:
1. Executive Summary
2. Multi-Cloud Security Market Characteristics
3. Multi-Cloud Security Market Trends And Strategies
4. Multi-Cloud Security Market – Macro Economic Scenario
5. Global Multi-Cloud Security Market Size and Growth
…..
32. Global Multi-Cloud Security Market Competitive Benchmarking
33. Global Multi-Cloud Security Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Multi-Cloud Security Market
35. Multi-Cloud Security Market Future Outlook and Potential Analysis
36. Appendix
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