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Cloud Security Market Worth $62.9B by 2028
August 4, 2023
8 Min Read
PRESS RELEASE
CHICAGO, Aug. 4, 2023 /PRNewswire/ -- Due to continued cloud use, the market for cloud security appears to have a bright future. The incorporation of AI, zero trust models, improvements to IAM, and a focus on container and serverless security are among the trends. Data security, compliance, and cooperative threat intelligence sharing will also be important areas for improvement.
The global Cloud Security Market size is projected to grow from USD 40.7 billion in 2023 to USD 62.9 billion by 2028 at a CAGR of 9.1% during the forecast period, according to a new report by MarketsandMarkets™. The Cloud Security Market experienced substantial growth due to the rising adoption of multi-cloud environments, the expansion of DevSecOps practices, increased utilization of AI and ML for cloud security, and the growing trend of BYOD and CYOD, which led to an increased demand for cloud security solutions.
By vertical segment, the retail & eCommerce vertical will grow at the highest CAGR during the forecasted period.
The retail and eCommerce industry is experiencing the highest CAGR in the Cloud Security Market due to the increased adoption of cloud technologies for digital transformation. Data protection has become a priority, with more sensitive customer data and financial transactions being processed in the cloud. Retailers also face a higher risk of cyberattacks and data breaches, leading to the demand for advanced cloud security solutions. The COVID-19 pandemic has further accelerated the shift towards online shopping, boosting the adoption of cloud technologies in this sector. To tap into this growth opportunity, cloud security providers are customizing their solutions to meet the specific needs of retail and eCommerce, ensuring seamless integration and compliance with industry regulations. Thus, the retail and eCommerce segment is projected to have the highest CAGR during the forecast period.
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By Type, Visibility and Risk Assessment holds the largest market size during the forecast period.
By type, Visibility and Risk Assessment hold the largest market size in the Cloud Security Market due to their critical role in enhancing overall cloud security. As cloud environments grow in complexity and scale, organizations face challenges in effectively identifying and managing potential security risks. Visibility solutions provide real-time insights into cloud assets, configurations, and activities, enabling businesses to monitor and detect any suspicious behavior or vulnerabilities proactively. On the other hand, risk assessment tools help organizations assess the security posture of their cloud infrastructure, applications, and data. By conducting thorough risk assessments, businesses can prioritize security measures, allocate resources efficiently, and proactively address potential threats. These capabilities are essential as they empower organizations to stay ahead of evolving cyber threats and maintain a robust security posture in their cloud deployments. The need for comprehensive visibility and risk assessment solutions has grown exponentially as businesses recognize their critical role in safeguarding sensitive data and maintaining compliance with industry regulations.
By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.
The Asia Pacific region demonstrates solid technological adoption, with a mix of developed and growing economies like China, Japan, India, Australia and New Zealand, and Singapore. Additionally, the governments in the region actively promote internet accessibility, driving demand for cloud security solutions. Also, policy improvements and regulatory enhancements, such as strengthened privacy regulations in Australia, boost adoption. Moreover, unique cybersecurity risks and rising data protection awareness accelerate the demand for cloud security in the region. Furthermore, collaborative initiatives and the adoption of SASE solutions reinforce the region's position as the fastest-growing market for cloud security. Thus, Asia Pacific has the highest CAGR in the Cloud Security Market.
Top Key Companies in Cloud Security Market:
IBM (US), Broadcom (US), Check Point (Israel and US), Google (US), AWS (US), Zscaler (US), Akamai Technologies (US), Forcepoint (US), Fortinet (US), F5 (US), Qualys (US), TrendMicro (Japan), Palo Alto Networks (US), Proofpoint (US), Tenable (US), Netskope (US), Microsoft (US), Cisco (US), Imperva (US), Trellix (US), Rapid7 (US), Skyhigh Security (US), FireMon (US), Sysdig (US), LookOut (US), Fidelis Cybersecurity (US), DataTheorem (US), OpsCompass (US), Tufin (US), Menlo Security (US), Tigera (US), Orca Security (US), Ascend Technologies (US), Secberus (US), Ermetic (Israel), Sonrai Security (US), Wiz (US), Caveonix (US), Banyan cloud (US), and AccuKnox (US) are the key players and other players in the Cloud Security Market.
Recent Developments
In May 2023, AWS introduced a new service, Amazon Security Lake, a cloud security offering that automatically centralizes an organization's security data from multiple sources into a purpose-built data lake. It helps customers improve their security posture, respond faster to security events, and simplify security data management across hybrid and multi-cloud environments. With Amazon Security Lake, organizations can aggregate, normalize, and store security data, enabling faster threat detection, investigation, and response. It gives customers greater visibility into potential security threats and allows them to leverage their preferred analytics tools for comprehensive security insights.
In May 2023, Check Point (US & Israel) expanded Harmony Endpoint protection solutions to include vulnerability assessment and automated patch management capabilities. It helps organizations address the growing number of cyberattacks that exploit unpatched system vulnerabilities.
In April 2023, IBM (US) introduced a new platform, IBM Security QRadar Suite, a comprehensive cloud security offering that combines EDR/XDR, SIEM, SOAR, and cloud-native log management capabilities. It is designed to unify and streamline the security analyst experience in hybrid cloud environments. With advanced AI and automation, the suite empowers analysts to detect, investigate, and respond to threats faster and more efficiently. It is delivered as a service on AWS and provides simplified deployment, visibility, and integration across cloud environments and data sources.
In September 2022, Google (US) acquired Mandiant (US). Integrating Mandiant's capabilities will enhance Google Cloud's security operations suite, providing organizations with improved threat intelligence, incident management, and exposure management. The addition of Mandiant will enable organizations to monitor assets for exposures, validate security controls, and enhance their security posture. The acquisition reinforces Google Cloud's commitment to providing comprehensive security solutions to its customers.
In November 2021, Qualys (US) partnered with TD SYNNEX (US). The partnership enables TD SYNNEX's resellers to access Qualys' cloud-based security and compliance solutions, including the VMDR app and Patch Management. It simplifies security operations, enhances threat detection, and reduces business compliance costs. This partnership strengthens Qualys' presence and extends its access to TD SYNNEX's partner ecosystem.
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Cloud Security Market Advantages:
As the demands of the organisation change, cloud security solutions can scale up or down. Cloud security services may quickly adapt to changes in demand or corporate growth without requiring significant hardware or infrastructure modifications.
The requirement for significant upfront investments in hardware and software is eliminated by cloud security. Instead, companies can pay-as-you-go for cloud security services, which lowers capital costs and offers predictable operational costs.
Authorised users can use any internet-connected device from any location at any time to access vital security resources and data thanks to cloud security. By allowing for remote work, this flexibility boosts productivity.
Traditional on-premises security solutions cannot compare to the speed at which cloud security solutions may be deployed. Organisations can respond rapidly to new security risks and effectively secure their assets thanks to this rapid deployment.
Software upgrades and security fixes are frequently handled automatically by cloud security companies. This minimises the danger of exploitation by cyber attackers by ensuring that the security measures are current and that potential vulnerabilities are swiftly fixed.
Reputable cloud security vendors have a solid architecture with redundancy and backup features to guarantee high availability and dependability of security services. This lessens downtime and improves the organization's general security posture.
AI and machine learning techniques are widely used in cloud security systems to quickly identify and address new threats. Potential security incidents can thus be identified and mitigated more quickly.
Centralised management consoles are frequently offered by cloud security systems, enabling IT personnel to oversee and control security across numerous locations and endpoints from a single interface. As a result, visibility is improved and security procedures are streamlined.
Report Objectives
To define, describe, and forecast the Cloud Security Market based on offerings, service models, types, verticals, and regions:
To predict and estimate the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
To analyze the subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market
To provide detailed information related to the primary factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Cloud Security Market
To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Cloud Security Market
To profile the key players of the Cloud Security Market and comprehensively analyze their market size and core competencies.
To track and analyze competitive developments, such as new product launches; mergers and acquisitions; and partnerships, agreements, and collaborations in the global Cloud Security Market.
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Cyber Insurance Market - Global Forecast to 2028
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Quantum Cryptography Market - Global Forecast to 2028
SASE Market - Global Forecast to 2028
Identity Verification Market - Global Forecast to 2027
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