Redding, California, Nov. 09, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Cloud Security Market by Component (Solutions, Services), Security Type (Network Security, Application Security), Service Model, Organization Size, and End User (BFSI, Government, Retail, and Other End Users) - Global Forecast to 2029,’ the cloud security market is expected to reach $83.03 billion by 2029, at a CAGR of 13.1% during the forecast period of 2022 to 2029.
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Cloud security refers to the technologies, policies, controls, and services that protect cloud data, applications, and infrastructure from threats. Cloud security offers several benefits, such as high performance, reliability, comprehensive vulnerability coverage, advanced threat detection, and secure real-time applications. Furthermore, cloud security solutions are extensively used in various industries, including retail, BFSI, government, and IT & Telecom.
The growth of the cloud security market is driven by the growing significance of cloud security solutions in the BFSI sector, the increasing sophistication of cyberattacks and espionage, the rising number of cloud security regulations, and the growing adoption of BYOD devices. Furthermore, the development of smart infrastructure and the growing need for cloud security solutions among SMEs is expected to offer significant growth opportunities for the cloud security market. However, the lack of visibility or control and misconceptions & lack of knowledge regarding cloud security solutions restrains the growth of this market.
Impact of COVID-19 on the Cloud Security Market
The COVID-19 pandemic adversely impacted the global economy. Nationwide lockdowns and social distancing norms were imposed across several countries, negatively affecting multiple industries, including the cloud security industry. Uncertainty regarding the duration of the lockdowns made it difficult for the key market players to anticipate the recovery of the cloud security market. Furthermore, numerous cloud security providers faced immense pressure across various fronts due to the COVID-19 pandemic.
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However, economies are recovering rapidly, and there is an increase in smart infrastructure development and the adoption of cloud security solutions in the BFSI sector, which is expected to offer significant growth opportunities for players operating in the cloud security market. Furthermore, several businesses are increasingly adopting cloud security solutions. Local governments are also undertaking several relief steps to mitigate the negative impacts of the COVID-19 pandemic. Thus, these factors are expected to enable the recovery of the cloud security market by 2023.
To provide efficient analysis, Meticulous Research® has segmented this market based on component (solutions and services), security type (network security, application security, endpoint security, other security types), organization size (large enterprises, SMEs), service model (IaaS, PaaS, SaaS), end user (BFSI, retail, government, aerospace & defense, IT & telecom, healthcare, manufacturing, energy & utilities, and other end users), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on component, in 2022, the solutions segment is expected to account for the larger share of the cloud security market. The large market share of this segment is attributed to the increasing focus on solution-centric security capabilities, the rise in cybercrime and espionage, and the increasing R&D investments to improve cloud security solutions. However, the services segment is slated to register the higher CAGR during the forecast period due to the wide adoption of cloud security services across BFSI, retail, and healthcare sectors, resulting in the increased demand for consulting, training & support, and integration services.
Based on security type, in 2022, the network security segment is expected to account for the larger share of the cloud security market. The large market share of this segment is attributed to the growing adoption of the BYOD devices trend, the increasing cyber threats at network points, and the rising need for network security & privacy. This segment is also slated to register the higher CAGR during the forecast period.
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Based on end user, in 2022, the retail segment is expected to account for the largest share of the cloud security market. The large market share of this segment is attributed to the rising penetration of e-commerce platforms, the increasing number of ransomware attacks and online thefts, and the growing need for end-to-end security. However, the healthcare segment is projected to record the highest CAGR during the forecast period, which can be attributed to the rising adoption of telemedicine devices and remote healthcare services, the growing number of cyberattacks, and the increasing need for secure medical network infrastructure.
Based on geography, North America is expected to account for the largest share of the cloud security market. North America’s major market share is attributed to the presence of prominent major market players offering advanced cloud security solutions. Furthermore, the rising number of cybercrimes and data breaches, the increasing investments in cloud security solutions, strong government initiatives, and the high adoption rate of cloud security solutions to enhance IT infrastructure are driving the growth of this regional market.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The rapid infrastructural growth in Asia-Pacific, especially in China, South Korea, Japan, and India, the rising number of cybercrimes, and the growing awareness about the importance of cloud security among small and medium-sized organizations are expected to offer significant opportunities for the growth of the cloud security market.
The key players operating in the cloud security market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Checkpoint Software Technologies, Ltd. (Israel), Broadcom, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), Cisco Systems, Inc. (U.S.), McAfee, LLC. (U.S.), Fortinet, Inc. (U.S.), Imperva, Inc. (U.S.), Cloudflare, Inc. (U.S.), Aqua Security Software Ltd. (Israel), Qualys, Inc. (U.S.), Tenable, Inc. (U.S.), Netskope, Inc. (U.S.), and CrowdStrike, Inc. (U.S.).
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Scope of the Report:
Cloud Security Market, by Component
- Solutions
- Identity & Access Management
- Data Loss Prevention
- Security Information and Event Management
- IDS/IPS
- Encryption
- Risk & Compliance Management
- Other Solutions
- Services
- Professional Services
- Managed Services
Cloud Security Market, by Security Type
- Network Security
- Application Security
- Endpoint Security
- Other Security Types
Cloud Security Market, by Deployment Mode
- On-premise
- Cloud-based
Cloud Security Market, by Service Model
- IaaS
- PaaS
- SaaS
Cloud Security Market, by End User
- Government
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Aerospace & Defense
- Manufacturing
- Energy & Utilities
- Other End Users
Cloud Security Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Singapore
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
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