Cloud Security Market Analysis | 2023-2028

Market Insights

The cloud security market was estimated at USD 39.03 billion in 2022 and is likely to grow at a CAGR of 13.7% during 2023-2028 to reach USD 84.77 billion in 2028.

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Market Dynamics

Introduction

Cloud security, referred to as cloud computing security, comprises a set of policies that work together to protect cloud-based data and systems. The security measures are configured to protect cloud data, protect consumer privacy, support regulatory compliance, and set verification rules for individual devices and users.

COVID-19 Impact

Due to the hit of the pandemic on the cloud security market, rapid digital transformation strategies have been adopted, which has immediately increased the demand for cloud computing and fuelled the demand for cloud security.

As remote work and collaboration have grown, cloud computing has become a valuable ally for businesses. Demand for cloud solutions has increased dramatically as a result of the COVID-19 impact. Before this outbreak, many businesses believed it may be dangerous to move critical data housed in the cloud.

The implementation of cloud solutions, however, has increased dramatically since the pandemic, paving the way for the demand for cloud security solutions. Due to COVID-19, email phishing offenses have increased.

COVID-19 is being used as a lure by con artists to make money. The increase in teleworking and other remote activities has increased the reliance on email as a means of communication, making it the ideal environment for email fraud schemes.

Market Drivers

The cloud security market is driven by a host of factors, some of which are noted below:

• Significant developments in mobility services and big data as well as the increasing necessity of cloud computing by enterprises are likely to augment the market growth.
• With rising online breaches and technological attacks, security maintenance has gained popularity.
• The companies have to consider certain precautions before the onset of cyber risk, which boosts the demand for cloud security during the review period.
• The growing complexity of cybercrimes, cyber espionage campaigns, and the development of new cyberattacks, as well as an increase in the use of cloud-based solutions and an upsurge in BYOD and CYOD trends, are the main drivers of the market.

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Key Players

The following are the key players operating in the global market-

• CA Technologies, Inc. (US)
• IBM Corporation (US)
• Fortinet, Inc. (US)
• Cisco Systems, Inc. (US)
• Intel Corporation (McAfee, Inc.)
• Panda Security (Spain)
• Sophos, Ltd. (UK)
• Symantec Corporation (US)
• Trend Micro, Inc. (Japan)
• CloudPassage Inc. (US)

Some major development strategies adopted by key players in the industry in recent years, which significantly influenced the competitive dynamics.

For example: On 16 May 2023, IBM, an American technology giant, acquired Polar Security, an Israeli-founded startup that monitors where a company’s sensitive data is stored and who can access it, as well as identifying any vulnerabilities in security measures.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Organization Size Type

The cloud security market has been classified into small and medium-sized enterprises (SMEs) and large enterprises. Under these, the large enterprise segment held a significant market share in 2022 and is expected to remain the largest market during the forecast period. Large enterprises have a large corporate network with a huge customer base. Most operations of large enterprises are based on cloud computing. Also, the growing number of data attacks coupled with the rising need for updating existing legacy security systems further bolsters segment growth.

By Deployment Type

The market has been classified into public, private & hybrid. Under these, the hybrid segment occupied the largest share of the market in 2022 and is expected to maintain its dominance during the forecast period. The population's growing use of hybrid cloud security, the development of a multi-tiered defense strategy based on intertwined security information, and the use of SIEM products within the service mesh. SMEs and large businesses gain central control over the data and enhance security by reducing the likelihood of data exposure, which is readily hackable.

Regional Insights

The North American market held the highest market share in 2022 and is projected to grow at the fastest CAGR in the coming years. This is ascribed to the large presence of major players, robust internet infrastructure, and a rising shift to cloud-based services from remote infrastructure which bolsters the regional market growth during the review period.

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Recent Developments

On 25 April 2023, Paladin Cloud, a renowned and leading provider of open-source cloud security, released its new SaaS cloud security platform with the goal of assisting businesses in identifying and visualizing their cyber assets and security measures. Along with checking their cloud infrastructures for security threats, vulnerabilities, and improper setups. A comprehensive picture of security across multiple and hybrid cloud environments is provided by the platform, which acts as an expandable policy management plane with interfaces into business systems.

On 16 May 2023, Microsoft, the tech giant, took a significant step in enhancing their cloud security, including OneDrive and SharePoint, with measures to combat malware. Microsoft Microsoft has announced that it will now check password-protected Zip files that users upload or exchange. The proactive approach taken here tries to address the persistent problem of virus propagation by hackers using historical documents.

On 26 April 2023, Uptycs unveiled a cloud security early warning system at the RSA Conference 2023. An early warning system allows security teams to recognize and block them before threat actors can access data and services in the cloud. Now, customers of Uptycs can now detect and analyze malicious behavior across several attack surfaces, such as endpoints, the cloud, containers, the control plane for the cloud, and Kubernetes, as well as code repositories like GitHub and identity providers like Okta and Azure AD, from a single UI.

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s cloud security market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The cloud security market is segmented into the following categories.

By Application Type

• Financial Services
• IT and telecom
• Government
• Education
• Healthcare
• Media and entertainment

By Deployment Type

• Public
• Private
• Hybrid

 By Organization Type

• Small and Medium Enterprise (SME)
• Large enterprise

By Region

• North America (Country: The USA, Canada, and Mexico)
• Europe (Country: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country: Japan, China, India, and the Rest of Asia-Pacific)
• Rest of the World (Country: Brazil, Saudi Arabia, and Others)

Report Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Technology portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.