Pune, India, April 11, 2022 (GLOBE NEWSWIRE) -- The cloud security market size was USD 29.26 billion in 2021. The market is projected to grow from USD 33.13 billion in 2022 to USD 106.02 billion in 2029 at a CAGR of 18.1% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Cloud Security Market Share, 2022-2029.” Factors such as the rising adoption of managed container services coupled with an ongoing trend of crypto-jacking will increase the market's footprint during the forecast period. Additionally, the rising adoption of cloud computing services and applications will boost the market's growth.
Industry Development
- July 2020: Fortinet Inc. announced launching their latest security solution for Multi-Cloud Fortinet Secure SD-WAN for integrating the company’s existing Secure SD-WAN Cloud On-Ramp abilities. This announcement will help business owners establish a secure connection with a variety of cloud solutions and applications.
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Cloud Security Market Trends Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 18.1% |
| 2029 Value Projection | USD 106.02 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 29.26 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 160 |
| Segments covered | Security Type, Enterprise Size, End-User, and Region |
| Cloud Security Market Growth Drivers | Rising Adoption of Cloud Computing Solutions & Applications to Augment Market Growth |
| Budget and Data Privacy to be Significant Market Barriers |
Drivers & Restraints
Rising Adoption of Cloud Computing Solutions & Applications to Augment Market Growth
Factors such as the rising implementation of cloud computing towards data monitoring solutions coupled with rising demand for massive storage applications will boost the cloud security market growth during the forecast period. Additionally, the rising adoption of managed container services and solutions coupled with increasing cyber-attacks will increase the footprint of the market. Also, an ongoing trend of crypto-jacking will fuel the growth of the market towards an extended boundary.
However, budget and data privacy measures will limit the growth of the market during the forecast period.
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Segments
Based on security type, the market can be divided into identity and access management (IAM), data loss prevention (DLP), security information and event management (SIEM), Business continuity and disaster recovery, and others (operations management, etc.)
By enterprise size, the market can be broken down into large enterprises and small and medium-sized enterprises (SMEs).
With respect to end-user, the market can be segmented into IT and telecommunications, banking, financial services and insurance (BFSI), healthcare and life sciences, manufacturing, retail, government, energy and utilities, and others.
In terms of geography, the Cloud Security Market Share can be categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Regional Insights
North America to Exert Dominance During Forecast due to Rising Initiatives by Government Bodies
North America is expected to hold the largest cloud security market share during the forecast period due to various initiatives undertaken by government agencies for increasing investments in security solutions to name a few. Additionally, rising collaborative efforts among the prominent players in the market coupled with increasing phishing and cyber-attacks will increase the footprint of the market in the region.
The Asia Pacific will account for a substantial market share in terms of global contribution due to a combinative effort between government agencies and private players in emerging economies such as China, India, Japan, South Korea, and South East Asia. Additionally, rising investments in cloud security will further strengthen the market’s growth in the region.
Report Coverage
The market report for cloud security includes a qualitative and quantitative analysis by presenting a detailed overview of the market size, growth, and volume for all segments and subsegments. Additionally, the report further provides the current market dynamics, ongoing and emerging trends, and a competitive landscape. Factors that are expected to impact the market in a meaningful way are also noted and elaborated.
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COVID-19 Impact
Pandemic to Cause a Positive Impact on Market Owing to Migration of Workloads from On-Site Towards Cloud
The COVID-19 pandemic resulted in a positive growth environment for the sector of cloud security due to the accelerated adoption of solutions and services. During the ongoing pandemic situation, huge growth in usage of containers was observed, triggering an increase in the market volume. Since a majority of the workforce transitioned into a work-from-home situation, rising demand for hybrid solutions was adopted which further led to an increase in the market share. Amid COVID-19, many organizations began shifting massive amounts of the workload from data centers and on-premises towards the cloud. This led to an exponential increase in cloud usage solutions, further leading to a boost in the cloud security market growth.
Competitive Landscape
Enhanced Product Offerings from Prominent Players to Help Exert Dominance During Forecast
The sector of cloud security is dominated by various players such as Microsoft Corporation, Cisco Systems, Inc., IBM Corporation, Palo Alto Networks, Inc., and Broadcom Inc. These players are focused on launching innovative products in order to strengthen their current product offering. For example, in August 2021, McAfee Inc. announced launching MVISION Private access. This will enable an approach for zero-trust access and extend data and threat protection capabilities for private applications that are hosted across hybrid IT environments. Other players are focused on employing strategic tactics such as mergers & acquisitions and collaborations for occupying a larger market share. For example, in July 2020, Quick Heal Technologies announced launching their next cybersecurity solution for various business practices from data breaches. This offering aims to integrate cloud-based email security, data protection and privacy suits from security attacks.
Companies Profiled in the Cloud Security Market:
- Trend Micro Incorporated (Tokyo, Japan)
- Cisco Systems, Inc. (California, U.S.)
- McAfee, Inc. (California, U.S.)
- Palo Alto Networks, Inc. (California, U.S.)
- Check Point Software Technologies (Tel Aviv-Yafo, Israel)
- Microsoft Corporation (Washington, U.S.)
- IBM Corporation (New York, U.S.)
- Splunk Inc. (California, U.S.)
- Alphabet Inc. (California, U.S.)
- Amazon.com (Washington, U.S.)
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Major Table of Content Points:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Cloud Security Key Players Market Share Insights and Analysis, 2021
- Global Cloud Security Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Security Type (USD)
- Identity and access management
- Data loss prevention (DLP)
- Security information and event management (SIEM)
- Business continuity and disaster recovery
- Other(operations Management, risk and compliance management)
- By Enterprise Size (USD)
- Large Enterprises
- Small and Medium Sized Enterprises (SMEs)
- By End-user (USD)
- IT and Telecommunications
- Banking, Finance, Security and Insurance (BFSI)
- Healthcare and Life Sciences
- Manufacturing
- Retail
- Government
- Energy and Utilities
- Others (Transportation & warehousing , education services, etc.)
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Cloud Security Market Size Estimates and Forecasts, By Segments, 2018-2029
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