Pune, India, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global cloud security market size was valued at USD 29.26 billion in 2021 and is projected to reach USD 106.02 billion by 2029, exhibiting a CAGR of 18.1% during the forecast period. Fortune Business Insights presents this information in their research report titled "Global Cloud Security Market Forecast, 2022-2029."
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Notable Industry Development:
July 2020 - Fortinet Inc. announced the launch of a new security solution for Multi-Cloud, Fortinet Secure SD-WAN. This solution complements the company’s existing Secure SD-WAN Cloud On-Ramp abilities and helps businesses and users establish a secure connection with cloud solutions and cloud applications.
Key Takeaways
- Cloud Security Market size in North America was USD 11.82 billion in 2021
- Security Tools to Gain Traction as Organizations Migrate Workloads from Data Centers and On-Premise to Cloud
- Large Enterprises to Derive Growth from Widespread Adoption of Network Security Solutions During COVID-19 Pandemic
- IT and Telecommunications Industry to be a Potential Customer of Robust Security Solutions
Discover the Leading Players Featured in the Report:
“Companies leading the global Cloud Security Market are Trend Micro Incorporated (Tokyo, Japan), Cisco Systems, Inc. (California, U.S.), McAfee, Inc. (California, U.S.), Palo Alto Networks, Inc. (California, U.S.), Check Point Software Technologies (Tel Aviv-Yafo, Israel), Microsoft Corporation (Washington, U.S.), IBM Corporation (New York, U.S.), Splunk Inc. (California, U.S.), Alphabet Inc. (California, U.S.), Amazon.com (Washington, U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2023 to 2029 CAGR | 18.1% |
| 2029 Value Projection | USD 106.02 billion |
| Base Year | 2021 |
| Cloud Security Market Size in 2021 | USD 29.26 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Security Type, Enterprise Size, End-User, and Region |
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Drivers and Restraints:
Rising Adoption of Cloud Computing Solutions & Applications to Augment Market Growth
Factors such as the rising implementation of cloud computing towards data monitoring solutions coupled with rising demand for massive storage applications will boost the cloud security market growth during the forecast period. Additionally, the rising adoption of managed container services and solutions coupled with increasing cyber-attacks will increase the footprint of the market. Also, an ongoing trend of crypto-jacking will fuel the growth of the market towards an extended boundary.
However, budget and data privacy measures will limit the growth of the market during the forecast period.
Segmentation
By Security Type
- Identity and access management
- Data loss prevention (DLP)
- Security information and event management (SIEM)
- Business continuity and disaster recovery
- Others (Risk and Compliance Management, etc.)
By Enterprise Size
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
By Industry
- IT and Telecommunications
- Banking, Finance, Security and Insurance (BFSI)
- Healthcare and Life Sciences
- Manufacturing
- Retail
- Government
- Energy and Utilities
- Others (Energy and Utilities, Government, Others)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Exert Dominance During Forecast due to Rising Initiatives by Government Bodies
North America is expected to hold the largest cloud security market share during the forecast period due to various initiatives undertaken by government agencies for increasing investments in security solutions to name a few. Additionally, rising collaborative efforts among the prominent players in the market coupled with increasing phishing and cyber-attacks will increase the footprint of the market in the region.
The Asia Pacific will account for a substantial market share in terms of global contribution due to a combinative effort between government agencies and private players in emerging economies such as China, India, Japan, South Korea, and South East Asia. Additionally, rising investments in cloud security will further strengthen the market’s growth in the region.
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Competitive Landscape:
Enhanced Product Offerings from Prominent Players to Help Exert Dominance During Forecast
The sector of cloud security is dominated by various players such as Microsoft Corporation, Cisco Systems, Inc., IBM Corporation, Palo Alto Networks, Inc., and Broadcom Inc. These players are focused on launching innovative products in order to strengthen their current product offering. For example, in August 2021, McAfee Inc. announced launching MVISION Private access. This will enable an approach for zero-trust access and extend data and threat protection capabilities for private applications that are hosted across hybrid IT environments. Other players are focused on employing strategic tactics such as mergers & acquisitions and collaborations for occupying a larger market share. For example, in July 2020, Quick Heal Technologies announced launching their next cybersecurity solution for various business practices from data breaches. This offering aims to integrate cloud-based email security, data protection and privacy suits from security attacks.
FAQs
How big is the Cloud Security Market?
The Cloud Security Market size was USD 33.13 billion in 2022. It is expected to reach USD 106.02 billion by 2029.
How fast is the Cloud Security Market growing?
The Cloud Security Market will exhibit a CAGR of 18.1% during the forecast period, 2022-2029.
Related Reports:
Security Analytics Market Size, Share, Revenue Forecast and Opportunities
Cyber Security Market Overview, Industry Share and Forecast
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