Newark, NJ, May 10, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global cloud security market is expected to grow from USD 8.33 billion in 2020 and to reach USD 36.43 billion by 2028, growing at a CAGR of 20.25% during the forecast period 2021-2028.
The cloud security market is witnessing significant growth in the past years. This growth is attributed to the increase in adoption of cloud-based security solutions, rising demand for cloud-based services among a higher number of cloud-based deployment models in industry verticals, rapidly increasing trend of CYOD and BYOD, and a growing number cyber-attacks due to an upsurge in digitalization. Further, individuals are more attracted to embrace digital technologies like cloud solutions due to the widespread usage of BYOD instruments, the work from home trend, and internet penetration worldwide, expanding the demand for cloud security measures to guard against cyber-attacks. Furthermore, many enterprises are investing in research and development to develop based on cloud analytics software to review the spread of COVID-19.
Cloud security is called cloud computing protection, comprised of a set of procedures, controls, technologies, and policies that work together to protect cloud-based infrastructure, systems, and data. They believe their data is more reliable on their local servers, where they feel they should have more power across the data. It gives all the functionality of conventional IT safety. It is of vital significance for industry enterprises that are creating a system to cloud technology.
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The global cloud security market is expected to witness significant growth, owing to rising investments in cloud infrastructure and an increasing number of targeted cyber-attacks, the need for protection services & policy execution, increasing demand for cloud computing through SMBs. Further, the favorable government regulations and initiatives for enforcing and assuring the selection of cyber safety measures are also anticipated to drive market growth during the forecast period. The shortage of awareness with companies & customers regarding the demand for protection services will restrict the market's growth.
Key players operating in global cloud security market include Fortinet, Inc., Cisco Systems, Inc., Symantec Corporation, CA Technologies, Inc., Microsoft Corporation, Intel Corporation, Okta, Inc., Trend Micro Inc., Cloud Passage Company, IBM Corporation, and among others.
- For example, in June 2020, IBM declared to purchase cloud protection start-up Spanugo to promote compliance and strengthen their customers' data protection in various enterprises.
Identity and access management (IAM) segment dominated the market and held the largest market share of 29.15% in the year 2020
On the basis of application, the global cloud security market is segmented into identity and access management (IAM), intrusion detection system (IDS)/intrusion prevention system (IPS), security information and event management (SIEM), and data loss prevention (DLP). Identity and access management (IAM), segment dominated the market and held the largest market share of 29.15% in the year 2020. This growth is attributed to the increasing concern for data security and the growing selection of cloud-based services.
Hybrid cloud segment dominated the market and held the largest market share of 39.21% in the year 2020
On the basis of deployment model, the global cloud security market is segmented into private cloud, public cloud, and hybrid cloud. Hybrid cloud segment dominated the market and held the largest market share of 39.21% in the year 2020. This growth is attributed to the rising adoption of hybrid cloud security with the population, a multi-tier strategy for security based upon braided safety information, and event administration (SIEM) products inside the service web.
SMEs segment dominated the market and held the largest market share of 57.34% in the year 2020
On the basis of organization, the global cloud security market is segmented into SMEs and large enterprises. SMEs segment dominated the market and held the largest market share of 57.34% in the year 2020. This growth is attributed to the moving from conventional computing services to cloud security services.
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Web and email security segment dominated the market and held the largest market share of 29.32% in the year 2020
On the basis of security type, the global cloud security market is segmented database security, web and email security, application security, endpoint security, and network security. Web and email security segment dominated the market and held the largest market share of 29.32% in the year 2020. This growth is attributed to more businesses receiving cloud-based services to preserve the company organization.
IT & telecom segment dominated the market and held the largest market share of 20.23% in the year 2020
On the basis of vertical, the global cloud security market is segmented BFSI, healthcare, IT & telecom, government, retail, and others. IT & telecom segment dominated the market and held the largest market share of 20.23% in the year 2020. This growth is attributed to the increasing adoption of Android-based phones with end-users.
Regional Segment of Cloud Security Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global cloud security market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share of 38.32% in the year 2020. This growth is attributed to increasing awareness about the threat of cyberattacks and corporate espionage. Additionally, the high adoption of advanced technology and the appearance of prominent vendors are also driving this region's growth. The market in the Asia Pacific is expected to witness significant growth, owing to the rising cloud services in developing economies. Further, the growing awareness and acceptance of cost-effective cloud-based solutions through emerging start-ups & SMEs working in the region are also propelling the market growth during the projection period.
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About the report:
The global cloud security market is analysed on the basis of value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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