Pune, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Cloud Security Market Size Analysis:
“The S&S Insider report indicates that the Cloud Security Market size was valued at USD 36.9 billion in 2023 and is expected to grow to USD 112.4 billion by 2032, growing at a CAGR of 13.20% over the forecast period of 2024-2032.”
Cloud Security Market are growing at an astonishing rate and this rate is fueled by the increased sophistication and frequency of cyber threats, while businesses face pressures to comply with wider-spread data privacy regulations, such as GDPR, CCPA and HIPAA. With the advent of cloud-based infrastructures for organizations, protecting valuable data, maintaining uninterrupted business and meeting compliance has all become a high priority. These needs are particularly served by cloud security solutions, such as encryption, identity management, and advanced threat detection. The growing volume of data coupled with the adoption of hybrid cloud solutions is prompting organizations to look for scalable, flexible, and cost-effective cloud security services. For instance, In 2023, cyber threats saw a continued rise, with organizations globally facing an average of 1,158 cyberattacks per week. This represents a 1% increase from 2022, contributing to the persistent upward trend in cyberattacks observed in recent years. The growing frequency of these incidents underscores the increasing challenges organizations face in securing their digital infrastructures, as well as the mounting risks businesses encounter in an increasingly volatile cyber environment. This trend highlights the urgency for enhanced security measures across industries to counteract the escalating threat landscape. Additionally, the introduction of new technologies such as AI and machine learning is improving cloud security tools to detect and mitigate sophisticated cyber threats in real-time.
Giving Businesses the Best of Both Worlds with Cloud Security Cloud security is increasingly seen as a strategic investment, enabling businesses to digitally innovate while ensuring the compliance and agility needed to be competitive in an increasingly regulated world. Market growth is also driven by the rapid adoption of cloud platforms in sectors like healthcare, retail, banking, and government. At the same time, increasing cyberattacks on cloud environments and rising data sovereignty and breach penalties are propelling the growth of the market. Major opportunities are available in the cloud infrastructure-heavy sectors like healthcare and financial services that require robust security solutions for data-security and regulatory compliance purposes. Nevertheless, the growth can face some hurdles in the near term owing to the expensive operational tools and the complication of multi-cloud management.
With the growing market, innovation in AI, machine learning, zero-trust security frameworks, and real-time threat intelligence is making the cloud security industry very dynamic and competitive for the upcoming years.
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Major Players Analysis Listed in this Report are:
- Amazon Web Services (AWS) - AWS Shield
- Microsoft - Microsoft Defender for Cloud
- Google Cloud Platform - Google Cloud Armor
- IBM - IBM Cloud Security
- Palo Alto Networks - Prisma Cloud
- Cisco - Cisco Cloudlock
- Check Point Software Technologies - CloudGuard
- Fortinet - FortiGate Cloud
- McAfee - McAfee MVISION Cloud
- NortonLifeLock - Norton Cloud Backup
- Zscaler - Zscaler Internet Access
- CrowdStrike - CrowdStrike Falcon
- Cloudflare - Cloudflare Security Solutions
- Splunk - Splunk Cloud
- Proofpoint - Proofpoint Email Protection
- Trend Micro - Trend Micro Cloud One
- SonicWall - SonicWall Cloud App Security
- CyberArk - CyberArk Cloud Entitlement Manager
- Barracuda Networks - Barracuda Cloud Security Guardian
- Qualys - Qualys Cloud Platform
Cloud Security Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 36.9 Billion |
| Market Size by 2032 | USD 112.4 Billion |
| CAGR | CAGR of 13.20% from 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •Growing incidences of data breaches and ransomware attacks are pushing organizations to enhance their cloud security measures •The shift to remote work has increased the reliance on cloud services, amplifying the need for secure access and data protection •Organizations are prioritizing data protection strategies to maintain customer trust and safeguard sensitive information |
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Segmentation Analysis
By End-Use
The IT & telecom segment dominated the market and held a market share of 16.8% in 2023. This growth stems from the sector being immersed in an ever more complex and dynamic IT environment comprising a multitude of software, networks and devices. Security solutions in the cloud are inevitable that offer how flexible and adaptive security solutions become better when faced with the fast-changing IT landscape while ensuring compliance to strict security policies. Apart from that, growth in the use of IoT devices and 5G technology implementations will expose new security risks in IT and telecom. This, in turn, will demand new cloud security measures to protect everything from varied connected devices and sensitive data associated with them to the integrity of whole IoT networks.
The healthcare segment is expected to expand at a swift 15.8% CAGR during forecast period. The share of telehealth services will greatly impact the future healthcare trends in the market. As telehealth continues to be a permanent part of healthcare delivery, cloud security solutions will be essential to secure remote patient consultations. Finally, the increasing emergence of medical devices connected through the Internet of Medical Things (IoMT) adds additional layers of security risk. As a result, when it comes to the insecure nature of much of the cloud, cloud security solutions will have to evolve to protect everything from health monitors and health trackers that patients carry around with them or implant sensors, all while securing patient-generated data in many different forms.
Cloud Security Market Segmentation:
By Component
- Solution
- Cloud Access Security Broker (CASB)
- Cloud Detection and Response (CDR)
- Cloud Security Posture Management (CSPM)
- Cloud Infrastructure Entitlement Management (CIEM)
- Cloud Workload Protection Platform (CWPP)
- Services
- Professional Services
- Managed Services
By Deployment
- Private
- Hybrid
- Public
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By End - Use
- BFSI
- Retail & E-commerce
- IT & Telecom
- Healthcare
- Manufacturing
- Government
- Aerospace & Defense
- Energy & Utilities
- Transportation & Logistics
- Others
Regional Analysis
In 2023, North America dominated the cloud security market with a share of 34.6%, driven by heightened awareness of cybersecurity risks among organizations. This shift towards more robust security practices is especially notable in the U.S., where industries like science, technology, banking, and healthcare heavily influence the region's economy. As a result, securing critical assets and maintaining strong cybersecurity frameworks have made cloud security solutions a key priority. North American businesses are quick to adopt cutting-edge cloud security technologies, driven by a culture that prioritizes innovation and risk reduction.
At the same time, the Asia-Pacific (APAC) region is expected to become the fastest-growing market, with a projected CAGR of 15.3%. This growth is fueled by the increasing number of businesses in the region that operate across borders. Cloud security solutions are in high demand due to their integrated, modular approach, which helps organizations manage complex cybersecurity issues across multiple locations. As the cybersecurity environment in APAC grows more complex, demand for managed security services is anticipated to rise, with companies turning to outsourced solutions that offer 24/7 monitoring, incident management, and expert navigation through the rapidly evolving threat landscape.
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Recent Developments
January 2024: Microsoft announced enhancements to its Azure Security Center, integrating AI-driven capabilities to improve threat detection and accelerate response times to cloud security incidents.
March 2024: Palo Alto Networks expanded its cloud-native security offerings, launching a new suite of tools designed to secure multi-cloud environments and enhance visibility into cloud infrastructure risks.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Cloud Security Market Segmentation, by Component
8. Cloud Security Market Segmentation, by Deployment
9. Cloud Security Market Segmentation, by Organization Size
10. Cloud Security Market Segmentation, by End-Use
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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