Cloud Security Market | North-America Dominates with 42.4% of the Market Share

Source:MarketUs

March22,202316:32ET

CloudSecurityMarketGrowth($148.3Bnby2032at22.5% CAGR)Global AnalysisbyMarketus,North-AmericaDominateswith424% oftheMarket Share

AccordingtoMarket.us,TheCloudSecurity MarketIs EncouragedtoReachUSD 148.3billionby 2032,Revenueto Index 225%CAGR Over theNext10Years (between2023and2032)

New York,March22,2023(GLOBE NEWSWIRE) -- ThecurrentsizeoftheGlobalCloudSecurity Marketis USD 2054billionas of2022 However,itis expectedtoexceedUSD 1483billionby 2032withacompoundannualgrowth rate(CAGR) of225%between2023and2032 Cloudsecurity is dividedintocategories oftechnologies andpractices thathelptoprotectdifferentuses ofdatafrom cloudattacks andunapprovedaccess tothedataby providingsecurity tothenetworks anddata

Reasonablesecurity andprivacy challenges tocloudcomputingareposedby Cloudsecurity services andsolutions Cloudsecurity architectures areproductiveinprovidinggoonskins,prevention,andremediationcontrols,whichalso improvereputationandsecurity features

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Key Takeaway:

By Security Type,in2022,theIdentity andAccess Managementsegmenthas generatedthehighestrevenuein theGlobalCloudSecurity Marketsharein2022.

By EnterpriseSize,theLargeEnterprises segmentis dominatingthemarketanditis growingatasignificantrate over theforecastperiod2023to2032.

In2022,North-AmericaRegiondominatedthemarketwiththehighestrevenueshareof424% APAC Regionhas heldthesecondpositioninrevenuesharein2022.

Therisingdemandfor cloudcomputingamongthepopulationandenterprises willboostdemandandthegrowthofthe marketglobally Maintainingsecurity is thepriority andhas shiftedthefocus duetotheriseoftechnology andonline attacks Therefore,beforecyber threats occur,businesses shouldtakecertainprecautions

Recentdatashows thatsomeenterprises areusingcloud-basedsecurity solutions,and90%ofcompanies areusing cloud-basedservices Thefactors thataredrivingthecloudsecurity marketareincreasingcyber espionageactivities, thesophisticationofcybercriminals,theconsequences ofnew cyberattacks,andthewidespreadadoptionofcloudbasedsolutions

Increasedgovernmentefforts tosupportcutting-edgeinfrastructureprojects andsocialmedia,secureoperating systems,andonlinefinancialapplications offer promisingopportunities for cloudsecurity providers.Corporate cybercrimeefforts arehelpingdevelopedanddevelopingcountries toincreasedemandandcontributetothegrowthof theglobalcloudsecurity market.

Factors affectingthegrowthofCloudSecurity Market

Thereareseveralfactors thatcanaffectthegrowthoftheCloudSecurity Market.Someofthesefactors include:

Increasingdemandfor cloudsecurity services:Withthesurgeincloudcomputingadoptionandusage, businesses areincreasingly lookingfor cloudsecurity services,suchas identity,risk management,access management,anddatasecurity,toprotectthecloud-baseddataandapplications ofacompany

Stringentregulatory requirements:Governments andorganizations arelookingforwardtopassinglaws and regulations Thesearerequiredfor organizations tosecuretheir dataandapplications from cyber-attacks These regulations andlaws createaneedfor cloudsecurity services whichcanhelpmany organizations comply with theserequirements

Growingawareness ofcloudsecurity risks:Organizations arebecomingmoreawareoftherisks thatare associatedwithcloudcomputingandtheneedtosecuretheir dataandapplications from cyber-attacks This heightenedawareness is drivingthedemandfor cloudsecurity services. Thegrowinguseofmobiledevices andapplications:As moreandmoreusers adoptmobiledevices and applications,theneedfor cloudsecurity grows.Cloudsecurity services canhelpprotectmobiledevices, applications,anddatafrom cyber-attacks

Increaseincyber-attacks:As cyber criminals becomemoresophisticated,thenumber ofcyber-attacks is increasing This is another factor drivingthegrowthofthecloudsecurity industry as organizations look for ways toprotecttheir dataandapplications from thesethreats

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TopTrends inCloudSecurity Market

Differentvalues ofcryptocurrencies whicharealignedfor better decision-makingskills leadtocryptojackingattacks in thecloud For example,By exploitingcloudcomputinginstances hostedby network security providers,CoinStompis a malwarethatconsistofshellscripts thatattempttominecryptocurrency

Major trends emergingincloudsecurity areCloudcomputing,VPN technology,increasingacceptanceofBYOD devices,increasingnumber ofcyber threatcases,andgrowinguseofblockchainby various business organizations aroundtheworld.

A policy whichis usedby many companies calledBYOD whichstands for BringYour OwnDevices is usedtolower therisk ofcyber attack.This allows employees tobringtheir owndevices andusethem toaccess theorganization's sensitivedata This policy canbeusedtoavoiddataloss,alteration,anddeletion Additionally,cloudsecurity is used by company employees for secureremoteaccess todata.

MarketGrowth

Theincreasinguseofcloudcomputingis oneofthemainfactors whichis drivingthemarketexpansion Inorder to keepaneyeonalotofdataandstructuredinformation,sophisticatedmathematicalforecastmodels power cyber security solutions By usingcloudtechnology inasafeandreliableenvironment,thesedatamonitoringrequirements canbefulfilled

RegionalAnalysis

Asia-Pacific is projectedtobethefastest-growingregioninthecloudsecurity marketduringtheforecastperiod.North Americadominates themarketwith424%oftheshareglobally Marketgrowthoftheregionis expectedduringthe forecastperiodduetohighentranceofrisingcybercrime,connecteddevices,thepresenceofprominentcloudsecurity players,andgrowingawareness ofcloudsecurity amongSMBs areexpectedtosupportthemarket NorthAmericais expectedtodominatethemarketandcovers alargemarketshare By initiatingvarious initiatives and incorporatingresearchanddevelopmentintoexistingsolutions,Governmentagencies andprivatecompanies inthe countries suchas theUnitedStates andCanadaareincreasingtheir investmentinsecurity solutions.

Theincreasingadoptionofrisingcybercrime,IoT-connecteddevices,databreaches,andincreasingadoptionof databasetechnologies inEurope,is eventually increasingthedemandfor cybersecurity solutions andservices

Additionally,strictregulations regardingdataprotectionandregulations areimplementedby EU governments,suchas theGDPR Thesearedrivingthedemandfor public andprivatesector security solutions tomeetgovernment standards inEuropeancountries

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CompetitiveLandscape

Market-leadingplayers suchas CiscoSystems,Inc ,MicrosoftCorporation,PaloAltoNetworks Inc ,IBM Corporation, Broadcom Inc ,andothers try toimprovetheir products by includingadvancedtechnologies intheir security systems

Other players haveenteredintostrategic partnerships tostrengthentheir marketpositions andgaincompetitive advantages

ReportAttribute Details

MarketDrivers

As peopleusetheinternettolaunchtargeted,politically motivatedattacks againstcloudITinfrastructureandlargescalecyberattacks occur worldwide,personal,corporate,andgovernmentdatais lost.Thecloudsecurity marketis experiencinganincreaseindemandduetotheriseinenterprisedatabreaches

Clouddatais morevulnerabletoattack thandataonenterpriseservers.DuetotheCOVID-19pandemic,theadoption ofcloudcollaborationtools andservices by companies suchas CiscoWebEx,MicrosoftTeams,andZoom has increasedas distributedwork from homebecamenecessary.

Theattack surfacefor cybercriminals has increasedas SMBs storedataquickly oncloudservers Thesecompanies arebecomingattractivetargets for cybercriminals,as thenumber ofSMBs usingweb-basedandcloud-basedtools andapps is growing,leadingtoincreasedadoptionofcloudsecurity solutions

MarketRestraints

Theneedfor advancedIT/network security solutions tocombatsuchattacks has drastically increasedduetheriseof smarter attack tools andnew security threats Threats thatareassociatedwithnetwork,cloud,application,and security arefailedtoprotectby theorganizations' traditionalsecurity solutions.

Enormous funds andadvancedresponses arerequiredby thesecurity providers for Technologicaldevelopment The highcostofthesolutions has severely limitedtheacceptanceby enterprises,especially smallandmedium enterprises Dataloss/leakage,privacy,andunauthorizedaccess tosecurity platforms arethekey marketchallenges

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MarketOpportunities

Governments ofallcountries aremakinghighinvestments incloud-baseddelivery models.Public-PrivatePartnerships (PPPs) arebeingestablishedby governments incollaborationwithprivatecompanies topromotesmartenterprises in metropolitancities andsmarttransportationsystems.Cloud-basedtechnology offers reliable,cost-effective,and scalablesolutions

for enterprises

Inrecentyears,organizations haveadoptedcloud-baseddeployments,andmajor marketplayers believethis trendwill continuethroughouttheforecastedperiod Toincreaseagility,speeduptimetomarket,andreducecosts, organizations aremovingworkloads tothecloud.

Securingthecloudfrom cyberattacks is essentialfor protectingorganizations Tofacilitatevulnerability detectioninIoT devices,organizations arenow optingfor cloud-levelsecurity,whichallows monitoringacross bothpublic andprivate clouds Consequently,thebenefits ofcloudsecurity solutions andservices haveledtowidespreadadoption

ReportSegmentationoftheCloudSecurity Market Security TypeInsight

Theidentity andaccess managementsegmentdominates themarketglobally Identity andaccess management(IAM) surrounds multipletechnologies suchas passwordmanagement,multi-factor authentication(MFA),profile management,andsinglesign-on(SSO)

Anincreaseincloudadoptionmay eventually resultinincreasedadoptionofIAM solutions (DLP) alsoknownas the Dataloss preventionsegmentis expectedtogrow atasignificantrateduringtheforecastperiodfor thecloudsecurity

market Theincreasedpromotionofdatasecurity andnetwork security solutions amongenterprises duetothe increaseindatabreaches is theprimary reasonfor thegrowthoftheDLP duringtheforecastperiod

Toidentify,protect,andmonitor criticalcorporatedata,DLP is used,itis asuiteofpurpose-builtproducts thatuse fingerprinting,classification,andprecisedatamatchingtechnologies.

EnterpriseSizeInsight

Thelargeenterprisesegmentdominates themarketglobally Toimprovetheoverallproductivity andefficiency of companies,largecompanies investheavily incutting-edgetechnology

Toprotecttheir businesses intoday's highly competitiveenvironmentlargeenterprises areadoptingcloudsecurity solutions andareexpectedtoinvestheavily inmoderncloudsecurity solutions Becauseoftheuseofalargenumber ofcloudandInternetofThings (IoT)-basedapplications thatareparticularly vulnerabletocyberattacks,large enterprises implementcloudsecurity solutions Thesearethefactors drivingthegrowthofthemarketfor the forecastedperiod

End-User Insights

A powerfulandlow-latency 5G network willensureuninterruptedconnectivity for mobileapplications andconnected devices whichrequires ahighdegreeofsecurity andprivacy.Telco’s arereapingthebenefits ofArtificialintelligence anddataanalytics atascalefrom thecloud As aresult,theITandtelecom segments dominatethemarketgrowth globally.

Cloudcomputingis alsochangingthehealthcaresector throughtheuseofreal-timedataprocessing,backupand business continuity,andhealthcareinformationsharingineveryday operations Real-timeprocessingprioritizes complianceandprivacy

A lucrativemarketopportunity for cloudsecurity companies is representedby theHealthcaresector Tohelp customers shopwithoutgoingthroughstandardcheckoutlines,retailers areusingartificialintelligence Retailers continuously arrangecloudsecurity for their customers tohelpthem protectsensitivedigitaldataandsensitive identities associatedwitheachcustomer storedinthecloud

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MarketSegmentation

By Security Type

DataLoss Prevention

InformationandEventManagement

Identity andAccess Management

Business Continuity andDisaster Recovery

By Enterprises Size

LargeEnterprises

SmallandMedium-SizedEnterprises

By End-User

ITandTelecommunication

Banking

Finance

Security andInsurance

HealthcareandLifeSciences

Manufacturing

Retail Energy andUtilities

Government

By Geography

TheUK

Spain

Italy

Portugal

Ireland

Austria

Switzerland

Benelux

Nordic

RestofWesternEurope

EasternEurope

Russia

Poland

TheCzechRepublic

Greece

RestofEasternEurope

APAC

China

Japan

SouthKorea

India

Australia& New Zealand

Indonesia

Malaysia

Philippines

Singapore

Thailand

Vietnam

RestofAPAC

LatinAmerica

Brazil

Colombia

Chile

Argentina

CostaRica

RestofLatinAmerica

MiddleEast& Africa

Algeria

Egypt

Israel

Kuwait

Nigeria

SaudiArabia

SouthAfrica

Turkey

UnitedArabEmirates

RestofMEA

Key MarketPlayers

AmazonWebServices,Inc.

Microsoft

PaloAltoNetworks,Inc

TrendMicro,Inc

Broadcom,Inc

Check PointSoftwareTechnologies Ltd

Google

PaloAltoNetworks

McAfee,LLC.

IBM Corporation

Zscaler,Inc.

CiscoSystems,Inc

Fortinet,Inc.

Sophos Ltd

Other Key Player

August2021–Avanan's cloudemailsecurity company was acquiredby Check PointSoftwareTechnologies Ltd This acquisitionwillhelpCheck PointSoftwaredeliver secureemailsecurity andfurther helptoprotectthe remoteworkforcefrom malicious collaborationfiles,suites,URLs,andPhishingacross emailandnetwork July 2020–Cybersecurity solutions arefor businesses toprotectthedatabreaches whichwas launchedby Quick HealTechnologies For businesses toremainsafefrom potentialdatabreaches andsecurity attacks,the security solutionlaunchedby thecompany incorporates cloud-basedemailsecurity,dataprotectionandprivacy suits,andothers

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