The cloud security market is witnessing constantly rising revenue growth. Cloud security solutions protect the confidential data saved on the cloud drive from unauthorized access. Therefore, growing threats of cyber-attacks on cloud data are a major driving force behind the market's growth. Moreover, the spurring rise in cloud services usages for confidential and private data stored on cloud storage accelerates the market growth.
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According to Market Research Future (MRFR), the cloud security market is poised to create an exponential value by 2027, registering an impressive CAGR throughout the assessment period (2020 – 2027). Additionally, rising data breaches and security concerns, alongside the increasing cloud-stored data and assets, boost the cloud security market size. Also, the proliferation of BYOD trends in office premises drives the market demand substantially.
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Companies are increasingly moving business-critical data to the cloud so as to increase employee flexibility and reduce IT cost. These factors cumulatively boost the market growth, presenting security & visibility concerns and organizations' security risks. Furthermore, advances in cloud security sources and cloud computing security solutions push market growth, enhancing critical data protection.
Moreover, the burgeoning IT & telecom sector worldwide contributes to the growth of the cloud security market, adopting cloud services to simplify data transferring processes. Rising innovations and digital transformation in organizations increase market sales, leading to increasing dramatic uptake of digital technologies and cloud computing developments.
The increasing adoption of futuristic artificial intelligence (AI) and portable, smart, connected devices would support market growth during the review period. Similarly, growing numbers of businesses and inclination toward automation & IoT device usages would foster the market's development.
Cloud Security Market – Segments
The cloud security market forecast is segmented into types, deployments, end-user, and regions. The types segment is sub-segmented into cloud database security, virtualization security, network security, data loss prevention, e-mail & web security, and others.
The deployment segment is sub-segmented into private, public, and hybrid. The end-user segment is sub-segmented into retail, healthcare, BFSI, government, utility, IT & telecom, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Cloud Security Market – Regional Analysis
North America leads the global cloud security market. Factors such as the augmenting demand due to rising numbers of cloud infrastructures in the region drive the cloud security industry. Besides, the vast technological advancements offer a favorable platform for cloud security solutions. Also, growing numbers of business and cloud computing deployments substantiate the regional market growth, creating a substantial demand for security solutions.
Europe stands second in the global cloud security market. The market is driven by the rapidly developing network infrastructures and end-use industries in the region. Additionally, the proliferation of artificial intelligence (AI) and smart connected devices creates substantial market demand. Simultaneously, rising cyber-attacks in the automotive and IT industry propels the development of the market.
The cloud security market in the Asia Pacific region is growing briskly. Factors such as the rising trend of bring-your-own-device (BYOD) policy in offices substantiate the regional market growth, increasing the threat of cyber-attacks on the cloud data.
Furthermore, the growing demand for corporate data security to control unauthorized access and cyber-attacks creates huge market demand. Moreover, the increasing implementation of cloud computing security in rising numbers of companies increases market sales.
Global Cloud Security Market – Competitive Analysis
Highly competitive, the cloud security market appears to be well-established due to the presence of several noteworthy players. These players incorporate strategic initiatives such as collaboration, acquisition, product launch, and expansion to gain a competitive advantage.
Players active in the global cloud security market are IBM Corporation (US), Symantec Corporation (US), Cisco Systems, Inc. (US), CA Technologies, Inc. (US), Microsoft Corporation (US), Trend Micro Inc. (Japan), Okta, Inc. (US), Cloud Passage Company (US), Fortinet, Inc. (US), and Intel Corporation(US), among others.
Industry/Innovation/ Related News:
Apr 16, 2021 ---- Zscaler announced that it has acquired Trustdome as part of a deeper push into cloud security posture management (CSPM). The acquisition is projected to boost Zscaler's CSPM program across Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform (GCP), and more.
Trustdome develops a Cloud Infrastructure Entitlement Management (CIEM) platform, providing full governance over access to data, applications, and services in public cloud environments. Trustdome's technology aligns with and will further enhance Zscaler's existing CSPM platform.
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