New York, March 22, 2023 (GLOBE NEWSWIRE) -- The current size of the Global Cloud Security Market is USD 20.54 billion as of 2022. However, it is expected to exceed USD 148.3 billion by 2032 with a compound annual growth rate (CAGR) of 22.5% between 2023 and 2032. Cloud security is divided into categories of technologies and practices that help to protect different uses of data from cloud attacks and unapproved access to the data by providing security to the networks and data.
Reasonable security and privacy challenges to cloud computing are posed by Cloud security services and solutions. Cloud security architectures are productive in providing goon skins, prevention, and remediation controls, which also improve reputation and security features.
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Key Takeaway:
- By Security Type, in 2022, the Identity and Access Management segment has generated the highest revenue in the Global Cloud Security Market share in 2022.
- By Enterprise Size, the Large Enterprises segment is dominating the market and it is growing at a significant rate over the forecast period 2023 to 2032.
- In 2022, North-America Region dominated the market with the highest revenue share of 42.4%.
- APAC Region has held the second position in revenue share in 2022.
The rising demand for cloud computing among the population and enterprises will boost demand and the growth of the market globally. Maintaining security is the priority and has shifted the focus due to the rise of technology and online attacks. Therefore, before cyber threats occur, businesses should take certain precautions.
Recent data shows that some enterprises are using cloud-based security solutions, and 90% of companies are using cloud-based services. The factors that are driving the cloud security market are increasing cyber espionage activities, the sophistication of cybercriminals, the consequences of new cyberattacks, and the widespread adoption of cloud-based solutions.
Increased government efforts to support cutting-edge infrastructure projects and social media, secure operating systems, and online financial applications offer promising opportunities for cloud security providers. Corporate cybercrime efforts are helping developed and developing countries to increase demand and contribute to the growth of the global cloud security market.
Factors affecting the growth of Cloud Security Market
There are several factors that can affect the growth of the Cloud Security Market. Some of these factors include:
- Increasing demand for cloud security services: With the surge in cloud computing adoption and usage, businesses are increasingly looking for cloud security services, such as identity, risk management, access management, and data security, to protect the cloud-based data and applications of a company.
- Stringent regulatory requirements: Governments and organizations are looking forward to passing laws and regulations. These are required for organizations to secure their data and applications from cyber-attacks. These regulations and laws create a need for cloud security services which can help many organizations comply with these requirements.
- Growing awareness of cloud security risks: Organizations are becoming more aware of the risks that are associated with cloud computing and the need to secure their data and applications from cyber-attacks. This heightened awareness is driving the demand for cloud security services.
- The growing use of mobile devices and applications: As more and more users adopt mobile devices and applications, the need for cloud security grows. Cloud security services can help protect mobile devices, applications, and data from cyber-attacks.
- Increase in cyber-attacks: As cyber criminals become more sophisticated, the number of cyber-attacks is increasing. This is another factor driving the growth of the cloud security industry as organizations look for ways to protect their data and applications from these threats.
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Top Trends in Cloud Security Market
Different values of cryptocurrencies which are aligned for better decision-making skills lead to crypto jacking attacks in the cloud. For example, By exploiting cloud computing instances hosted by network security providers, CoinStomp is a malware that consist of shell scripts that attempt to mine cryptocurrency.
Major trends emerging in cloud security are Cloud computing, VPN technology, increasing acceptance of BYOD devices, increasing number of cyber threat cases, and growing use of blockchain by various business organizations around the world.
A policy which is used by many companies called BYOD which stands for Bring Your Own Devices is used to lower the risk of cyber attack. This allows employees to bring their own devices and use them to access the organization's sensitive data. This policy can be used to avoid data loss, alteration, and deletion. Additionally, cloud security is used by company employees for secure remote access to data.
Market Growth
The increasing use of cloud computing is one of the main factors which is driving the market expansion. In order to keep an eye on a lot of data and structured information, sophisticated mathematical forecast models power cyber security solutions. By using cloud technology in a safe and reliable environment, these data monitoring requirements can be fulfilled.
Regional Analysis
Asia-Pacific is projected to be the fastest-growing region in the cloud security market during the forecast period. North America dominates the market with 42.4% of the share globally. Market growth of the region is expected during the forecast period due to high entrance of rising cybercrime, connected devices, the presence of prominent cloud security players, and growing awareness of cloud security among SMBs are expected to support the market.
North America is expected to dominate the market and covers a large market share. By initiating various initiatives and incorporating research and development into existing solutions, Government agencies and private companies in the countries such as the United States and Canada are increasing their investment in security solutions.
The increasing adoption of rising cybercrime, IoT-connected devices, data breaches, and increasing adoption of database technologies in Europe, is eventually increasing the demand for cybersecurity solutions and services.
Additionally, strict regulations regarding data protection and regulations are implemented by EU governments, such as the GDPR. These are driving the demand for public and private sector security solutions to meet government standards in European countries.
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Competitive Landscape
Market-leading players such as Cisco Systems, Inc., Microsoft Corporation, Palo Alto Networks Inc., IBM Corporation, Broadcom Inc., and others try to improve their products by including advanced technologies in their security systems. Other players have entered into strategic partnerships to strengthen their market positions and gain competitive advantages.
Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 20.54 billion |
| Market Size (2032) | USD 148.3 billion |
| CAGR (from 2023 to 2032) | 22.5% |
| North America Revenue Share | 42.4% |
| Asia Pacific Revenue Share | 25.4% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
As people use the internet to launch targeted, politically motivated attacks against cloud IT infrastructure and large-scale cyberattacks occur worldwide, personal, corporate, and government data is lost. The cloud security market is experiencing an increase in demand due to the rise in enterprise data breaches.
Cloud data is more vulnerable to attack than data on enterprise servers. Due to the COVID-19 pandemic, the adoption of cloud collaboration tools and services by companies such as Cisco WebEx, Microsoft Teams, and Zoom has increased as distributed work from home became necessary.
The attack surface for cybercriminals has increased as SMBs store data quickly on cloud servers. These companies are becoming attractive targets for cybercriminals, as the number of SMBs using web-based and cloud-based tools and apps is growing, leading to increased adoption of cloud security solutions.
Market Restraints
The need for advanced IT/network security solutions to combat such attacks has drastically increased due the rise of smarter attack tools and new security threats. Threats that are associated with network, cloud, application, and security are failed to protect by the organizations' traditional security solutions.
Enormous funds and advanced responses are required by the security providers for Technological development. The high cost of the solutions has severely limited the acceptance by enterprises, especially small and medium enterprises. Data loss/leakage, privacy, and unauthorized access to security platforms are the key market challenges.
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Market Opportunities
Governments of all countries are making high investments in cloud-based delivery models. Public-Private Partnerships (PPPs) are being established by governments in collaboration with private companies to promote smart enterprises in metropolitan cities and smart transportation systems. Cloud-based technology offers reliable, cost-effective, and scalable solutions for enterprises.
In recent years, organizations have adopted cloud-based deployments, and major market players believe this trend will continue throughout the forecasted period. To increase agility, speed up time to market, and reduce costs, organizations are moving workloads to the cloud.
Securing the cloud from cyberattacks is essential for protecting organizations. To facilitate vulnerability detection in IoT devices, organizations are now opting for cloud-level security, which allows monitoring across both public and private clouds. Consequently, the benefits of cloud security solutions and services have led to widespread adoption.
Report Segmentation of the Cloud Security Market
Security Type Insight
The identity and access management segment dominates the market globally. Identity and access management (IAM) surrounds multiple technologies such as password management, multi-factor authentication (MFA), profile management, and single sign-on (SSO).
An increase in cloud adoption may eventually result in increased adoption of IAM solutions. (DLP) also known as the Data loss prevention segment is expected to grow at a significant rate during the forecast period for the cloud security market. The increased promotion of data security and network security solutions among enterprises due to the increase in data breaches is the primary reason for the growth of the DLP during the forecast period.
To identify, protect, and monitor critical corporate data, DLP is used, it is a suite of purpose-built products that use fingerprinting, classification, and precise data matching technologies.
Enterprise Size Insight
The large enterprise segment dominates the market globally. To improve the overall productivity and efficiency of companies, large companies invest heavily in cutting-edge technology.
To protect their businesses in today's highly competitive environment large enterprises are adopting cloud security solutions and are expected to invest heavily in modern cloud security solutions. Because of the use of a large number of cloud and Internet of Things (IoT)-based applications that are particularly vulnerable to cyberattacks, large enterprises implement cloud security solutions. These are the factors driving the growth of the market for the forecasted period.
End-User Insights
A powerful and low-latency 5G network will ensure uninterrupted connectivity for mobile applications and connected devices which requires a high degree of security and privacy. Telco’s are reaping the benefits of Artificial intelligence and data analytics at a scale from the cloud. As a result, the IT and telecom segments dominate the market growth globally.
Cloud computing is also changing the healthcare sector through the use of real-time data processing, backup and business continuity, and healthcare information sharing in everyday operations. Real-time processing prioritizes compliance and privacy.
A lucrative market opportunity for cloud security companies is represented by the Healthcare sector. To help customers shop without going through standard checkout lines, retailers are using artificial intelligence. Retailers continuously arrange cloud security for their customers to help them protect sensitive digital data and sensitive identities associated with each customer stored in the cloud.
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Market Segmentation
By Security Type
- Data Loss Prevention
- Information and Event Management
- Identity and Access Management
- Business Continuity and Disaster Recovery
By Enterprises Size
- Large Enterprises
- Small and Medium-Sized Enterprises
By End-User
- IT and Telecommunication
- Banking
- Finance
- Security and Insurance
- Healthcare and Life Sciences
- Manufacturing
- Retail
- Energy and Utilities
- Government
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Amazon Web Services, Inc.
- Microsoft
- Palo Alto Networks, Inc
- Trend Micro, Inc
- Broadcom, Inc
- Check Point Software Technologies Ltd.
- Palo Alto Networks.
- McAfee, LLC.
- IBM Corporation
- Zscaler, Inc.
- Cisco Systems, Inc.
- Fortinet, Inc.
- Sophos Ltd.
- Other Key Player
Recent Development of the Cloud Security Market
- August 2021 – Avanan's cloud email security company was acquired by Check Point Software Technologies Ltd. This acquisition will help Check Point Software deliver secure email security and further help to protect the remote workforce from malicious collaboration files, suites, URLs, and Phishing across email and network
- July 2020 – Cybersecurity solutions are for businesses to protect the data breaches which was launched by Quick Heal Technologies. For businesses to remain safe from potential data breaches and security attacks, the security solution launched by the company incorporates cloud-based email security, data protection and privacy suits, and others.
Browse More Related Reports:
- Cyber Security Market size is expected to be worth around USD 534 Billion by 2032 from USD 193 Billion in 2023, growing at a CAGR of 11% during the forecast period from 2022 to 2032.
- Healthcare Cyber Security Market was worth USD 15.2 Bn in 2022. It is projected to grow at a CAGR of 17.1% and is expected to reach USD 73.7 Bn from 2023 to 2032.
- Cloud Security Posture Management (CSPM) Market is a new category of security technologies that may help automate security and give compliance assurance in the cloud, according to the IT research and advisory business Gartner that created the term.
- Managed Security Services Market was valued at USD 25.9 Bn in 2022 and is expected to grow at a CAGR of roughly 11.4% over the forecast period of 2023-2032.
- Security Safes Market was valued at USD 2,670.1 Mn in 2022 and is expected to reach USD 13,055.8 Mn by 2028 at a CAGR of 17.2%.
- Cybersecurity Consulting Services Market is USD 9.81 Bn in 2023 and is increasing by USD 51.34 Bn in 2033 at a CAGR of 18%.
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