Cloud Security Market size was valued at USD 40.7 billion in the year 2023 and is expected to grow to USD 82.5 billion by 2028, at a CAGR of 13.8% from 2023-2028.
Cloud Security Market Overview:
Cloud security means a secure system, or a collection of security measures designed to protect cloud-based infrastructure, data, and applications. In simple words, it is a discipline of cyber security that keeps the data safe and secure, and it also includes best practices that keep the cloud computing environment stable. The growth in the Global Cloud Security Market was fuelled by several factors such as rising cybercrimes, cyber espionage campaigns, and rising demand for the usage of cloud-based services and solutions.
Recent Market Developments
Cloud Security Market DRIVERS
The rising implementation of cloud computing services due to rapid digital transformation strategies more so, due to Covid-19 has amplified the need for cloud-based services.
Cloud-based services help to monitor large quantities of data and structured information. The adoption of cloud technology can satisfy this data monitoring in a secure surroundings. Due to the shift in the working pattern because of Covid-19, the demand for cloud-based services has skyrocketed. All the major cyber security concerns can be taken care of by moving to a cloud-based computing service. Major players such as IBM, Amazon, and Google use cloud computing services based on ‘analytics as a service’ offerings which assists the end-users in quickly tracing and controlling uncertain threats. Besides, these services can be deployed quickly with low IT infrastructure requirements and low installation costs and provides ease of access to the end-users.
There is a lack of clarity and distrust between the Cloud Service Providers (CSPs) and the large and small organizations. As a result, they are reluctant to collaborate with CSPs. The distrust can be attributed to the lack of clarity in Service Level Agreements (SLAs), standard terms and conditions, and many myriad issues. The companies have a lot of confidential data stored through these services, there is always a fear of data loss/leakage and unauthorized access to security platforms. Hence, the distrust amplifies. Following an information security approach that would be transparent could enable enterprises to gain the trust of their clients. Well-laid-out terms and conditions and a clear and concise SLA could help in garnering faith from their clients and improve the collaboration rate between the parties. Other challenges include the budgetary constraints of the enterprises to adopt such practices. Also, with the expansion of the R&D team the expenditure of security solution providers increases.
Global Cloud Security Market – By Security Type:
Application Security
Network Security
Database Security
Endpoint Security
Web and Email Security
Out of all these, Web and Email Security has the largest share due to the companies accepting cloud-based services to protect the business organizations. Advanced threats, such as ransomware, APTs, malware, and unauthorized access have necessitated the use of these services by the web and email security segment.
By Service Model:
Infrastructure-as-a-Service (IaaS)
Platform-as-a-Service (PaaS)
Software-as-a-Service (SaaS)
Infrastructure-as-a-Service (IaaS), is expected to account for the largest market share in the forecast period since it provides security facilities and backup in its infrastructure to the companies.
By Solution Type:
Identity and Access Management (IAM)
Security Information and Event Management (SIEM)
Intrusion Detection System (IDS)/Intrusion Prevention System (IPS)
Data Loss Prevention (DLP)
Encryption
Others
Out of these Identity and Access Management (IAM) is the fastest-growing market because there is increased adoption of cloud-based services and safety concerns due to the rise in the count of host-specific attacks.
By Deployment Model:
Public Cloud
Private Cloud
Hybrid Cloud
The Hybrid Cloud model is the fastest-growing segment in this category due to the implementation of a multi-tier approach for protection based upon interwoven security information, and event management (SIEM) products within the service mesh.
By Application:
Banking, Financial Services, and Insurance (BFSI)
Energy and Utilities
Aerospace and Defense
Healthcare and Life Sciences
Government and Public Utilities
IT and Telecom
Manufacturing
Retail
Automotive
Others
The retail segment is forecasted to show the maximum growth due to various reasons such as higher implementation of AI without having to follow a standard checkout line and protection of sensitive data in a digital format associated with each customer being stored in the cloud.
Global Cloud Security Market – By Organization Type:
Small and Medium Enterprises (SMEs)
Large Enterprises
Small and Medium Enterprises are forecasted to account for the largest market share, due to shifting from traditional computing services to cloud computing services, due to the growth in the private segment.
Morth America
Asia Pacific
Europe
Row (Rest of the World)
The increased urbanization, the paradigm shift from traditional computing solutions to the integration with onsite, public, and hybrid cloud security services and the attendance of significant vendors in the world are the prime factors promoting the accelerated use of these services.
North America holds the biggest share amongst all the other regions in the world. It has sustainable and well-established economies, which empower it to invest significantly in Research and Development (R&D) activities, thereby contributing to the development of new technologies in the Global Cloud Security Market. The presence of the majority of the key players in the Global Cloud Security Market is expected to be the major factor driving the growth of the market in this region.
Key Players
Amazon Web Services
Palo Alto Networks
McAfee
IBM
Intel Security
Trend Micro, Inc.
Symantec Corporation
Cisco Systems, Inc.
Ca Technologies
Frequently Asked Questions
Cloud security, also known as cloud computing security, consists of a set of policies, controls, procedures, best practices and technologies that work together to protect cloud-based systems, data, and infrastructure from possible attacks.
In November 2021, Microsoft and Kyndryl entered a global strategic partnership that combines their market-leading capabilities in the service of enterprise customers. The partnership brought unique value to their joint customers in areas like hybrid cloud adoption, workplace modernization, mission-critical workload transformation, end-to-end managed SAP services with enhanced security, and enterprise data modernization with AI.
Some of the key players are Amazon Web Services (US), Google(US), McAfee (US), IBM (US), and Trend Micro (Japan).
Increasing government initiatives, developing partnerships, and growing adoption of cloud-based applications are some of the opportunities that we can look for.
North America has the largest market share for cloud security in the world.
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