Dublin, Feb. 17, 2023 (GLOBE NEWSWIRE) -- The "Global Cloud Data Security Market by Offering, Organization Size (Large Enterprises and SMEs), Offering Type, Vertical (BFSI, Retail & eCommerce, Government and Defense, Healthcare and Life Sciences, IT and ITeS, Telecom) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global cloud data security market size is projected to grow from USD 4.4 billion in 2022 to USD 9.1 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 15.5% during the forecast period.
The market has promising growth potential due to several factors, including security-related breaches, expanding dangers of cyberattacks, and increased adoption of cloud services among businesses. However, the greatest level of complexity in the deployment and management of cloud data security solutions, as well as a lack of cooperation and mistrust between enterprises and cloud security services providers, are projected to impede market expansion.
By organization size, the SMEs segment is to grow at a higher CAGR during the forecast period
Based on the organization's size, the cloud data security market is divided into large enterprises and SMEs. The public, private, and hybrid cloud usage gives SMEs the freedom to do business from any location. This anticipates the popularity of cloud security solutions among SMEs. Additionally, the expansion of this market sector would also be fueled by SMEs' increased attention to adhering to different regulatory compliances and data protection legislation, such as EU data protection rules.
Moreover, organizations such as Check Point unveiled brand-new technologies for SMEs to provide defense against "fifth generation" widespread attacks on various IT infrastructure systems, such as the cloud, virtual machines, networks, and endpoints. Thus, it can be concluded that SMEs are anticipated to grow at the highest CAGR during the forecast period.
By vertical, BFSI segment accounts for the largest market size during the forecast period
Regulators for the financial services industry anticipate that financial institutions will keep a high level of security. Therefore, the BFSI sector's cloud security market is anticipated to expand as a result of these heightened security regulations and demand for a safe and compliant cloud. Additionally, the rise in data breaches and cloud-native threats is pushing banks and insurance firms to switch to cloud security solutions, which is anticipated to propel market expansion. The PCI DSS regulatory standards are constantly being pressed onto financial organizations encouraging the BFSI sector to use cloud security platforms to ensure compliance with internal stakeholders and external authorities through efficient vulnerability and configuration management.
Furthermore, governments worldwide are making strong efforts to ensure the cloud platform's security among financial institutions. Thus, it can be concluded that the BFSI vertical accounts for the largest market size during the forecast period.
By offering type, fully managed segment to grow at higher CAGR during the forecast period
The offering type for the cloud data security market includes fully managed and co-managed security. A fully managed IT service proves to be the best choice for businesses having trouble finding and keeping IT workers and lacking access to highly skilled IT personnel internally. It not only saves the hassle of recruiting but also have access to the talent required whenever needed. Additionally, with fully managed security, businesses eliminate the need to manage an on-site data center, maintain their gear, or keep an eye out for any network problems. Furthermore, businesses can get complete assistance by using a fully managed IT solution. Thus, fully managed security offerings are anticipated to have the highest CAGR during the forecast period.
Market Dynamics
Drivers
- Rising Adoption of Cloud Services by Enterprises
- Increasing Number of Cyberattacks
Restraints
- Lack of Cooperation and Distrust Between Businesses and Cloud Security Service Providers
- Complexities Associated with Deployment and Operations of Cloud Data Security Solutions
Opportunities
- Rising Investments by Social Media Companies in Cloud Security Services
- Government Initiatives Encouraging Smart Infrastructure Projects
Challenges
- Timely Delivery of Products and Security-Related Issues with Devops, Devsecops, and Automation
- Cloud Compliance and Governance
- Complex Environments and Constantly Changing Workloads
| Report Attribute | Details |
| No. of Pages | 273 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $4.4 billion |
| Forecasted Market Value (USD) by 2027 | $9.1 billion |
| Compound Annual Growth Rate | 15.6% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Cloud Data Security Market, by Offering
7 Cloud Data Security Market, by Organization Size
8 Cloud Data Security Market, by Offering Type
9 Cloud Data Security Market, by Vertical
10 Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent Markets
14 Appendix
Companies Mentioned
- Check Point
- Cloudian
- Cohesity
- Commvault
- Crowdstrike
- Digital Guardian
- Druva
- Faction
- IBM
- Imperva
- Informatica
- Infrascale
- Netskope
- Netwrix
- Orca Security
- Palo Alto Networks
- Polar
- Radware
- Rubrik
- Sophos
- Thales
- Veeam
- Veritas
- Vmware
- Zscaler
For more information about this report visit https://www.researchandmarkets.com/r/993h5p-cloud-data?w=12
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