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  • Cloud Security Market Growth Analysis | 2023-2028

    Cloud Security Market Growth Analysis | 2023-2028

    Cloud Security Market Growth Analysis | 2023-2028
    Report code - SR1872 Delivery - 2 Weeks
    Cloud Security Market Size, Share, Trends, Dynamics, Forecast, & Growth  See more...

    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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    What is cloud security?

    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.

    Cloud Security Market Highlights

    Market Size in 2022

    USD 39.03 billion

    Market Size in 2028

    USD 84.77 billion

    Market Growth (2023-2028)

    13.7% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    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.

    Market Dynamics

    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.

    Cloud-Security-Market-Dynamics

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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.

    Cloud-Security-Market-Regional-Insights

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    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    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)

    Cloud-Security-Market-Segmentation

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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.

    Target Audience

    The target audience of the cloud security market includes-

    • Companies
    • Distributors
    • IT companies
    • Government organizations

    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 the market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Cloud Security Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Research Methodology

    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 10 detailed primary interviews with companies across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Customization Option

    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.

    Frequently Asked Questions (FAQs)

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

    The cloud security market was estimated at USD 39.03 billion in 2022.

    The cloud security market is likely to reach USD 84.77 billion in 2028.

    The cloud security market is likely to grow at a CAGR of 13.70% during the forecast period.

    The key players operating in the market are CA Technologies, Inc. (US), Cisco Systems, Inc. (US), Fortinet, Inc. (US), IBM Corporation (US), Intel Corporation (McAfee, Inc.), Panda Security (Spain), Sophos, Ltd. (UK), Symantec Corporation (US), Trend Micro, Inc. (Japan), and CloudPassage Inc. (US).

    North American market held the highest market share in 2022 and is projected to grow at the fastest CAGR in the coming years.

    Significant developments in mobility services and big data as well as increasing necessity of cloud computing by enterprises are likely to augment the market growth.

    The target audience of the market includes companies, distributors, IT companies, and government organizations.