New York, US, Sept. 21, 2022 (GLOBE NEWSWIRE) — Advancing Systems and Attack Modes Demand Dynamic Cloud Security Approach
According to a comprehensive research report by Market Research Future (MRFR), “Cloud Security Market Information by Deployment, Types, End-user- Forecast to 2030”, the market is anticipated to flourish at a robust CAGR of approximately 21.40% to reach USD 97.3 Billion during the assessment timeframe.
Cloud Security Market Overview:
The cloud security market garners significant traction across the globe. The market growth attributes to growing threats of cyber-attacks on cloud data. Cloud security solutions protect the confidential data saved on the cloud drive from unauthorized access. Moreover, the rise in cloud services usage among organizations of all sizes to store their confidential data on cloud substantiates the market size.
|Market Size in 2030||USD 97.3 Billion|
|Growth YoY||21.40% CAGR (2022-2030)|
|Key Market Opportunities||Cloud technology is heavily contributing to digital disruption|
|Key Market Drivers||Increase in demand for cloud computing.
The growing healthcare industry is demanding for security over cloud technology.
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Continually rising security concerns associated with cloud-stored data & assets and data breach cases are expected to boost market revenues in the years to come. According to MRFR, the cloud security market valuation is poised to escalate from USD 5 MN in 2021 to USD 97.3 MN by 2030, growing at a 21.40% CAGR throughout the assessment period (2021-2030). Also, the proliferation of the BYOD trend in offices would support the market demand.
Cloud security companies strive to expand the role of hybrid-cloud security packages, adding data, threat intelligence, and security services. Such cloud security packages feature open-source technology for hunting threats and automation capabilities to speed response to cyberattacks, bringing together on a single console data gathered by customers’ existing security point products.
Technology providers strive to offer a security-software package for hybrid-cloud deployments, improving the security data collection within networks and drawing on third-party threat intelligence feeds, among other upgrades. Furthermore, the rapid implementation of advanced technologies and the well-established infrastructure push the market growth, posing cybersecurity challenges.
Most companies have already moved their business-critical data to cloud storage. Others are working on embracing cloud storage to increase their employee’s flexibility and reduce IT costs. This, as a result, is creating vast market demand, presenting security and visibility concerns to these organizations. Additionally, advances in cloud security sources and cloud computing security solutions push market growth, enhancing critical data protection.
Rising innovations and digital transformations in various organizations increase market sales, leading to dramatic digital technologies and cloud computing developments. Furthermore, the burgeoning IT & telecom sector worldwide contributes to the growth of the cloud security market, adopting cloud services to simplify data transferring processes.
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Also, the internet and smartphone penetration accelerates the market demand, increasing access to the cloud drive. Conversely, the lack of technical expertise and awareness about cloud security among small & medium-sized organizations (SMEs) are major factors projected to obstruct market growth.
However, the increasing adoption of 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 usage would foster the market’s development.
The cloud security market is segmented into types, deployments, end-users, and regions. The type 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, BFSI, government, utility, IT & telecom, and others. The region segment is bifurcated into the Americas, Asia-Pacific, Europe, and the Rest-of-the-World.
North America is the significantly largest market for cloud security globally. The largest market share attributes to the augmenting market demand and rising numbers of cloud security infrastructures in the region. Besides, vast technological advancements drive market growth, offering a favorable platform for cloud security. Growing cloud computing deployments among increasing numbers of businesses substantiate the region’s market shares, creating a substantial demand for security solutions.
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Europe is another lucrative market for cloud security solutions. Rapidly developing network infrastructures and growing industries in the region create substantial market demand. Moreover, advances in security solutions and cloud technology, alongside the proliferation of artificial intelligence (AI) and smart connected devices, boost market revenues. Simultaneously, increasing numbers of cyber-attacks in the automotive and IT industry propel 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 cloud data. Similarly, the growing demand for corporate data security from 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.
Highly competitive, the cloud security market appears fragmented due to the presence of many well-established players. To gain a substantially larger competitive share, players incorporate strategic approaches such as mergers & acquisitions, collaboration, expansion, and product & technology launches. Cloud security companies accentuate product development. Also, they make substantial investments to drive R&D activities and expand their global footprints.
For instance, on Sep. 13, 2022, Opus Security, a cloud security orchestration & remediation platform, announced raising US$10 million in a seed funding round to help tackle cloud security threats. The funds will be used to launch and make available Opus’ platform and expand its footprint in the US & product R&D. Opus’ vision is to empower security operations teams to gain knowledge, capabilities, and control to cut down the time to resolve them dramatically.
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In another instance, on Sep. 14, 2022, Dig Security, a startup developing security tools, announced raising US$34 million in a seed funding round in Series A investment to continue expanding its platform and tackle cloud data security issues. The company assesses and provides real-time monitoring for clients’ data assets in multi-cloud-based environments. It provides data security posture management (DSPM), data loss prevention (DLP), and data detection & response (DDR).
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.
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