Dublin, March 24, 2023 (GLOBE NEWSWIRE) -- The "Global Cloud Data Security Market Size, Share & Industry Trends Analysis Report By Offering, By Offering Type, By Organization Size, By Vertical, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Cloud Data Security Market size is expected to reach $10.5 billion by 2028, rising at a market growth of 15.1% CAGR during the forecast period.
Market Growth Factors
Rising cloud adoption by SMES
SMEs have been increasingly receptive to adopting cloud-based security solutions, and cloud-based security service providers can capitalize on this trend by offering organizations customized security services. As SMEs change their focus to cloud-based solutions, cloud-based data protection solutions and service providers are anticipated to encounter substantial growth prospects, such as protecting SMEs' data from security breaches and vulnerabilities. Hence with the broader adoption of cloud data security by SMEs due to the increasing cyber-attacks, the market's growth is expected to surge.
Increasing risk of cyber-attacks
Businesses encourage employees to bring their own devices to work, reducing system investments. BYOD permits employees to work from any location. Since the devices are connected to the company's network, they can access the information. Additionally, the expanding BYOD policy has led businesses to provide cloud. In logistics, for instance, the employer shares data with various vendors.
This element increases the likelihood of data breaches, making cloud data security even more crucial, as many businesses prefer cloud-based systems. Increased enterprise adoption of bring-your-own-device (BYOD) policies and the technological advancements will increase the chances of cyber-attacks, boosting the expansion of the cloud data security market over the forecast period.
Market Restraining Factor
Low trust and awareness regarding cloud-based systems
Large and small businesses are getting cautious about shifting their operations to the cloud because they do not fully trust Cloud Service Providers (CSPs). This lack of trust results from unclear Service Level Agreements (SLAs) and security or privacy policies, conventional terms and conditions, the immaturity of cloud services, data breaches, and numerous other difficulties. This makes the infrastructure of a cloud service provider very susceptible to frequent and complicated assaults, which can discourage businesses from entrusting their sensitive data to these service providers.
Offering Outlook
Based on offering, the cloud data security market is segmented into solution and services. The solution segment dominated the cloud data security market with maximum revenue share in 2021. This is due to the increased demand for cloud security solutions as more enterprises are adopted these solutions to facilitate remote work. They provide enhanced flexibility, security, data integration, and scalability. A solid cloud security solution safeguards the entire data lifecycle, from creation to disposal.
Offering Type Outlook
By offering type, the cloud data security market is classified into fully managed and co-managed. The fully managed segment procured a significant revenue share in the cloud data security market in 2021. This is because it provides all AI Cloud capabilities in a fully managed cloud environment that includes infrastructure provisioning, scalability, and software updates. They employ a multilayered approach to cyber security that provides numerous independent lines of defense against cyber threats. Also, fully managed services allow clients to focus on AI creation, expansion, and innovation. These features of the fully managed type are anticipated to boost the segment's expansion.
Organization Size Outlook
Based on the organization size, the cloud data security market is bifurcated into large enterprises and SMEs. The large enterprises segment witnessed the largest revenue share in the cloud data security market in 2021. This is because large businesses are expanding their infrastructure to suit the requirements and new demands of their remote workforce. Businesses must provide infrastructure support for their services and products. Cybersecurity is crucial because it protects persons and companies from cyber threats. In addition, cybersecurity can aid in preventing data breaches, identity theft, and other cybercrimes.
Vertical Outlook
On the basis of vertical, the cloud data security market is classified into BFSI, retail & ecommerce, government & defense, healthcare & life sciences, IT & telecom, manufacturing and others. The IT & telecom segment recorded a prominent revenue share in the cloud data security market in 2021. This is because IT firms are progressively prioritizing the usage of cloud data security services and solutions as BYOD and telecommuting become more prevalent. Also, object storage breaches, unauthorized traffic to a virtual server instance, unauthorized access to database services, IAM rights, user logins, and unauthorized API requests are on the rise due to cloud misconfiguration.
Regional Outlook
Region-wise, the cloud data security market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region led the cloud data security market by generating the maximum revenue share in 2021. This is due to the presence of a significant number of providers, resulting in the high adoption of cloud data security solutions in the region. Increasing security breaches, expanding adoption of cloud technology by businesses, and rising migration to the cloud are driving growth in this area's cloud data security market. In addition, the expansion of cloud data security solutions in the region results from the rise of digitization, growing security concerns, and the desire to protect assets.
Recent Strategies Deployed in Cloud Data Security Market
Partnerships, Collaborations and Agreements:
- Jul-2022: Fortinet launched FortiCNP. This is an integrated security platform which is developed to simplify the process of cloud adoption for the company. Moreover, this would deliver more cloud-native protections to Fortinet.
Product Launches and Product Expansions:
- Dec-2022: Amazon Web Services announced a collaboration with Visteon, a technology company serving the mobility industry. Through this collaboration, Visteon's AllGo connected services supported by AWS are expected to offer value to a constituent in every vertical of the automotive industry consisting of manufacturers, vehicle app consumers, and developers. Additionally, this collaboration uses various AWS technology solutions across compute, storage, and IoT categories and a secure fast cloud environment to manage crucially connected vehicle activities and build the car's digital ecosystem.
- Jul-2022: Fortinet partnered with Alkira, a company providing cloud networking solutions. This partnership would help in the automation of configuration and deploy firewall services to protect both outbound and inbound traffic from the cloud service providers.
Acquisitions and Mergers:
- Sep-2022: Zscaler took over ShiftRight, a company providing cybersecurity solutions. This acquisition would increase the value of the company's platform by easing the security and IT operations with the help of security workflow automation. Additionally, this would assist customers by providing actual-time visibility for the security posture.
- Feb-2022: IBM took over Neudesic, a US-based cloud services consultancy. This acquisition aimed to substantially expand IBM's portfolio of hybrid multi-cloud services and improve the company's hybrid cloud and AI strategy.
Geographical Expansions:
- Jul-2021: Google Cloud expanded its geographical footprints in Delhi NCR by launching a new cloud region. Through this expansion, the company aimed to further serve consumers and the public sector in India and across Asia-Pacific.
Scope of the Study
By Offering
- Solution
- Services
By Offering Type
- Co-Managed
- Fully Managed
By Organization Size
- Large Enterprises
- SMEs
By Vertical
- BFSI
- IT & Telecom
- Government & Defense
- Manufacturing
- Healthcare & Lifesciences
- Retail & eCommerce
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Google LLC (Alphabet, Inc.)
- Cisco Systems, Inc.
- McAfee Corp.
- Microsoft Corporation
- Palo Alto Networks, Inc.
- Zscaler, Inc.
- Fortinet, Inc.
- Check Point Software Technologies Ltd.
- IBM Corporation
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Cloud Data Security Market by Offering
Chapter 5. Global Cloud Data Security Market by Offering Type
Chapter 6. Global Cloud Data Security Market by Organization Size
Chapter 7. Global Cloud Data Security Market by Vertical
Chapter 8. Global Cloud Data Security Market by Region
Chapter 9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/b5ug55
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