Selbyville, Delaware, March 28, 2023 (GLOBE NEWSWIRE) --
cloud native application protection platform market valuation is predicted to be worth USD 30 billion by 2032, as reported in a research study by Global Market Insights Inc.
BYOD solutions have gained popularity as more and more businesses encourage remote work, flexible scheduling, and mobile connectivity for employees on trips or commute to work. Nevertheless, connecting a personal device to a company's network creates significant security risks. According to a January 2022 World Economic Forum (WEF) research, cybersecurity concerns are among the top hazards impacting the globe, as ransomware and nation-state cyberattacks rise, and organizations become increasingly reliant on technology. The growing number of companies focusing on network and end-user device security, coupled with massive investments in data security solutions and services, is slated to augment the demand for CNAPPs between 2023 and 2032.
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The cloud native application protection platform market from services segment was accounted 25% revenue share in 2022. Cloud-native software development services have become extremely crucial to modern enterprises who rely significantly on security applications to differentiate their product and service offerings. CNAPP service providers offer complete assistance to organizations to design, build, and deploy cloud-native apps that allow them to produce real business value and achieve a competitive advantage. They also offer enhanced scalability, flexibility, and cost-effectiveness, which is likely to contribute to the CNAPP services market demand.
Under services, professional services segment was valued at USD 250 million in the CNAPP market revenue in 2022. Professional CNAPP service providers help partners with industry-leading assistance while boosting overall organizational performance, assisting companies in adopting optimal practices, and offering advice on how to safeguard their cloud-native apps. Some companies have a team of professionals with unique skills and experience in cloud security who use these services to ensure that their cloud-native apps are safe against attacks and vulnerabilities. The benefits associated with the usage of professional services are anticipated to encourage segment development.
The cloud native application protection platform (CNAPP) market from the hybrid cloud segment is poised to record a CAGR of around 30% CAGR till 2032. As enterprises adopt the cloud-first approach, the digital shift from data centers to hybrid multi-cloud systems presents multiple cybersecurity, compliance, and governance concerns. In addition, as more telecommunications firms collaborate with service providers to build hybrid work environments, automation for greater collaboration, and flexible working, the demand for cybersecurity solutions has grown. Furthermore, the increased frequency of cloud-based cyberattacks has made it essential for IT organizations to implement robust network and application protection platforms.
SMEs segment dominated for 20% share in the cloud native application protection platform market revenue in 2022. With limited resources for cybersecurity, small and medium-sized businesses (SMBs) are particularly exposed to cyber-attacks. As a result, a number of initiatives to help them transition toward cloud services securely are projected to offer potential development prospects to industry players through 2032. For instance, in June 2022, Redington India Ltd, a leading IT Technology provider signed a multi-year partnership with Amazon Internet Services Private Limited to conduct the resale and marketing of Amazon Web Services Cloud in India and promote the adoption of AWS Cloud by SMBs.
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Based on application, the CNAPP market from BFSI segment will hold USD 5 billion by 2032. Banks and financial institutions are rapidly transitioning to cloud services to keep up with rising transaction volumes, consumer expectations, and competitive threats. Recently, in September 2022, Lacework, the data-driven cloud security company, partnered with Avenue Bank, an Australian digital business bank focused on next-generation cash flow solutions for small and medium-sized enterprises, to assist the bank in building its system securely in the cloud. Furthermore, the COVID-19 pandemic accelerated the migration toward cloud among BFSIs, which is foreseen to positively influence the industry scenario.
The Europe cloud native application protection platform market will valued at USD 10 billion by 2032, attributed to the growing support from government organizations for enhanced security and substantial investments in smart technologies. To cite an instance, in March 2022, the EU Commission proposed an Information Security Regulation to establish a minimum set of security guidelines to strengthen and standardize how EU public entities defend themselves against increasing cyber threats. Furthermore, geopolitical conditions, notably the Russia-Ukraine conflict, are fostering alarming cyber activities, cyber warfare, hacktivism, and malicious cyberattacks in European countries.
Prominent participants operating across the cloud native application protection platform market include Palo Alto Networks, Crowdstrike, Fortinet, Checkpoint, Emertic, Wiz and Aqua security. These businesses that specialize in cybersecurity solutions are emphasizing product innovation to integrate the latest cyber security capabilities into their products to reduce the risk of new cyber threats.
In a recent instance, in January 2023, Check Point Software Technologies Ltd., a market-leading provider of cybersecurity solutions, upgraded its Check Point CloudGuard CNAPP with a new risk-management engine, agentless scanning, entitlement management, smart risk prioritization, and pipeline security.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Cloud Native Application Protection Platform (CNAPP) 360° synopsis, 2018-2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Component trends
2.5 Cloud trends
2.6 Organization Size trends
2.7 Application trends
Chapter 3 Cloud Native Application Protection Platform (CNAPP) Market Industry Insights
3.1 Introduction
3.2 Impact of COVID-19
3.2.1 North America
3.2.2 Europe
3.2.3 Asia Pacific
3.2.4 LAMEA
3.3 Russia- Ukraine war impact
3.4 Industry ecosystem analysis
3.4.1 Platform providers
3.4.2 Service provider
3.4.3 System integrators
3.4.4 Distribution channel analysis
3.4.5 End-users landscape
3.4.6 Profit margin analysis
3.4.7 Vendor matrix
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Key initiative and news
3.8 Regulatory landscape
3.8.1 North America
3.8.2 Europe
3.8.3 Asia Pacific
3.8.4 LAMEA
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Surge in the adoption of Cloud-Based Solutions
3.9.1.2 Organizations are integrating a CNAPP into their overall security strategy
3.9.1.3 Growing acceptance of the BYOD concept
3.9.1.4 Increasing instances of cloud-based Cyberattacks and Security Breaches
3.9.1.5 Increasing demand for high-speed connectivity for data transfer
3.9.2 Industry pitfalls & challenges
3.9.2.1 Limited awareness about the Cloud Native Application Platform
3.9.2.2 Inadequate technical knowledge to build and manage CNAPP
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
