New York, USA, May 02, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Cloud Application Security Market: By Component, By Organization Size, By Industry Vertical, By Region and Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2023 to 2030 at a healthy CAGR of approximately 15.20% to attain a valuation of around USD 18.04 Billion by the end of 2030.
Companies are increasingly moving business-critical workloads to the cloud as it increases employee flexibility and reduces IT costs. However, concerns about security and visibility also rise, which can risk an organization's security. In such a scenario, cloud application security help to strike the right balance, supporting access while maintaining control to protect critical data.
Key players leading the global cloud application security industry include,
- Cisco Systems Inc. (US)
- Microsoft Corporation (US)
- Fortinet Inc. (US)
- Bitglass Inc. (US)
- Symantec Corporation (US)
- Oracle Corporation (US)
- Proof point Inc. (US)
- Palo Alto Networks Inc. (US)
- Netskope Inc. (US)
- Cipher Cloud (US)
- Censor Net Ltd. (UK)
- Skyhigh Networks (US)
- Trend Micro Inc. (Japan)
- IBM Corporation (US)
- Zscaler (US)
- Juniper Networks Inc. (US)
- McAfee Inc. (US)
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Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 18.04 Billion (2030) |
| Market CAGR during 2023-2030 | 15.20% |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Security breaches target business-critical cloud applications. |
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Moreover, organizations that have utilized innovation and digital transformation to remain competitive have led to dramatic development in digital technologies and cloud computing. The proliferation of the cloud computing domain has enabled new, complex business models and orchestrated more globally-based integration networks that predominantly drive the demand in the cloud application security market.
Additional factors boosting the growth of the market include the penetration of ubiquitous artificial intelligence technology and The security infrastructure and critical cloud applications that organizations are targeting to overcome compliances and maintain strong compliance requirements.
Recent data breaches and security concerns plaguing the business on the insecurity of data and assets in the cloud are some of the key driving forces behind the market. Moreover, various cloud application security solutions, including data protection, cloud application discovery, analytics and reporting, and threat protection, are boosting the growth of the cloud application security market.
Industries such as banking, government, telecom, financial services, etc., traditionally following the On-Prem model, are increasingly moving some of their services and solutions to the cloud, which fosters market growth.
Segments
The cloud application security market report is segmented into components, organization size, verticals, and regions. The component segment is sub-segmented into data protection, cloud application discovery, analytics & reporting, threat protection, and others.
The organization size segment is sub-segmented into small & medium-sized enterprises and large enterprises. The vertical segment is sub-segmented into BFSI, government & defense, IT & telecom, healthcare, retail, and others. By regions, the cloud application security market is sub-segmented into Asia-Pacific, North America, Europe, and the rest of the world.
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Competitive Analysis
Fiercely competitive, the cloud application security market appears fragmented due to various large and small-scale players. Matured players are substantially investing in transforming the business landscape in the future. Top companies are developing advanced technology solutions to maintain themselves in the market competition.
These market leaders are substantially investing in R&D to innovate new products continuously. They invest heavily to support their expansion strategies and acquire small yet promising companies from emerging regions.
Key players are incorporating strategic initiatives such as partnership, collaboration, acquisition, product & technology launch, and expansion to gain an edge over their competitors and thus to stay ahead in this market.
Security and data protection technology leaders partner with global distribution companies to expand the reach of their cloud-enabled security solutions in various countries. Such deals present huge opportunities for market players to support their customers with leading-edge cloud-enabled security and data protection solutions. The comprehensive channel approach encompassing sales, technical, logistics, and marketing support and services enables them to drive growth in this promising segment and geography.
For instance, on Apr. 20, 2023, Cyber Security Cloud Inc., a leading provider of cutting-edge automation solutions, announced a strategic partnership with Ordinary Experts, a leading cloud computing firm, to enhance web application security. Cyber Security Cloud offers a cutting-edge solution, WafCharm, that automates the AWS WAF operation and management.
WafCharm's innovative web application firewall management technology will enhance Ordinary Experts' cybersecurity services. The partnership enables Cyber Security Cloud Inc. to provide its clients with an integrated approach to web application security, leveraging WafCharm's advanced technology and Ordinary Experts' extensive cybersecurity expertise.
Regional Analysis
The North American region heading with the increasing demand due to the rising rate of cloud security infrastructure, dominates the global cloud application security market. The region, led by vast technological advancements, offers a favorable platform for cloud application security to evolve further.
Factors such as the increasing demand for security solutions from growing businesses cloud computing market substantiate the market growth in the region. Also, factors such as the rapid adoption of AI and cloud computing are some of the significant driving forces contributing to the cloud application security market in the region.
The Cloud Application Security market in the European region accounts for the second-largest market globally. Vast technological advancements and the proliferation of artificial intelligence (AI) and intelligent connected devices are some of the major factors positively impacting the market growth in the region.
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Furthermore, the well-established infrastructure in the region propels market growth, allowing faster implementation of advanced technologies. The increasing number of cyber-attacks in the burgeoning automotive and IT industry in this region is a key driving force pushing up the growth of the cloud application security market in the European region.
The Asia Pacific cloud application security market is increasing. Factors such as the increasing number of businesses in developing countries inclined toward automation and increasingly adopting IoT devices are fostering the growth of the regional market.
Besides, the proliferation of artificial intelligence (AI), smart, connected, portable devices, and the burgeoning IT sector are major tailwinds to growth in the regional market. Also, the increasing number of prominent players in this market drives the APAC cloud application security market.
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