Dublin, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The "Cloud Network Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The cloud network security market is expected to register a CAGR of 18.1% during the forecast period. Protection against cyberattacks is becoming more critical for industrial establishments.
Therefore, industries are now considering implementing cloud network security right at the development stage for new machines and throughout their entire life cycle. The entry of new cloud security start-ups will bring more financial investment to the market, adding to the advancement and development of the service.
The adoption rate for cloud storage became high during the COVID-19 period as the work-from-home option emerged significantly, and many companies continue to follow this. These modifications in the work environment are fueling the need for cloud security.
Key Highlights
The market comprises major players, such as IBM, Cisco, and Intel, who are the leaders in technology and the networking market (Cisco). Being early adopters and significant investors in cloud-based networking technologies, these players are pioneers in the market. To hold on to their competitive edges and positions in the market, these companies have continued to invest in this field.
Deloitte announced the expansion of its global Google Cloud practice, which will not only advance the company's cloud capabilities but also provide training and certification for cloud professionals. The clients will also benefit by helping them realize value from cloud investments.
CrowdStrike and EY signed an alliance to deliver cloud security and observability services. This venture will provide joint customers the ability to secure their cloud workloads with CrowdStrike Cloud Security and real-time visibility to better understand and assess issues in their infrastructure environments.
The COVID-19 pandemic affected every organization. There was a high demand for cloud storage, which required a secure and efficient operation due to the rise in work-from-home adoption, web-based conferences, and rising user traffic on the networks that connected users to these services.
Forecasts for the development of data centers indicate that construction on 4.1 GW worth of facilities is already underway in 55 regions, posing challenges for cloud network businesses to store, preserve, and secure this data.
Cloud Network Security Market Trends
Application-based Classification and Products to have Significant Demand for Cloud Network Security
Application-based segmentation and product availability have driven positive demand for cloud network security-based products in the market. Organizations opt for data encryption or other available means to safeguard information.
Commercial usage varies from the military-grade products and services used in defense to industry-grade products and services for financial businesses to public-use products and services. Some network applications require uninterrupted connectivity vital for the operation of the business, while others require the network to be operated continuously with a tolerance for disruption.
United States Accounts for the Largest Share in the Cloud Network Security Market
The United States is the largest consumer of cloud network security in the world. This could be attributed to the presence of large enterprises, the growing frequency of cyberattacks, and the increasing number of hosted servers in the country.
Many cloud security-providing companies are headquartered in the United States, and the country is home to approximately 63% of the world's privately-owned cybersecurity companies. Most of the companies pilot their new services in the country before launching them globally.
The rapid adoption of new technology in the country and the growing focus on security are pushing the market forward. The presence of large cloud service providers in the country, such as Microsoft and Amazon, is playing a significant role in the growth of the cloud security market.
US federal, state, and local government agencies rank last in cybersecurity compared to 17 major private industries, including transportation, retail, and healthcare. Presently, however, the government in this region has tightened the security norms to provide better cloud security.
With higher penetration levels in medium- and large-scale companies compared to the rest of the market, this segment of the market is expected to be the main buyer of network security solutions. Also, as smaller enterprises access their cyber exposures, growth in the adoption of cloud-based solutions is expected. As a result, investments in this sector are also expected to increase exponentially over the forecast period.
Moreover, there is huge growth potential in other industry segments in the country, such as manufacturing, energy, and utilities, as they have already migrated to digitally transformed methods of operation and are now beginning to get a better understanding of their cyber exposure.
Cloud Network Security Industry Overview
The global cloud network security market is highly fragmented, as several cyber threats are forcing governments and respective industries to invest more in their cyberspace. Increasing investment is driving many new players that offer solutions at lower prices into the market, which makes the market competitive.
Some of the key players in the market are IBM Corporation, Intel Corporation, Trend Micro Inc., Cisco Systems Inc., and Huawei Technologies Co., Ltd. These players are constantly innovating and upgrading their product offerings to cater to increasing market demand.
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