The Cloud Security by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cloud Security, the cloud security market size has grown rapidly in recent years. It will grow from $15.03 billion in 2023 to $17.48 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to regulatory compliance requirements, focus on identity and access management, bring your own device trend, advanced persistent threats.
The cloud security market size is expected to see rapid growth in the next few years. It will grow to $35.22 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to zero trust security models, container security measures, global privacy concerns, security awareness training. Major trends in the forecast period include multi-cloud security strategies, collaboration with managed security service providers, secure cloud-native networking, identity and access management enhancements, integrated cloud security platforms.
The rising number of cyberattacks is expected to propel the growth of the cloud security market going forward. A cyberattack is a malicious and deliberate effort by an individual or organization to breach the data of another individual or business. Organizations use cyber security for minimizing cyber-attacks, as result, the rise in the number of attacks increases the demand for the cybersecurity market. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based government agency, the number of cybercrime reports received in 2021-2022 was 76,000, an increase of nearly 13% from the 2020-2021 financial year. Therefore, the rising number of cyber-attacks drives the growth of the cloud security market.
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The cloud security market covered in this report is segmented –
1) By Security Type: Application Security, Database Security, Endpoint Security, Network Security, Web and Email Security
2) By Service Model: Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS)
3) By Deployment: Public, Private, Hybrid
4) By End User: BFSI, Healthcare, IT and Telecom, Other End Users
Technological Advancements have emerged as a key trend gaining popularity in the cloud security market. Many companies are launching new technological solutions in cloud security to meet customer demand. For instance, in May 2023, Amazon Web Services , a US-based Cloud computing company, introduced a new service, Amazon Security Lake, a cloud security offering that automatically centralizes an organization’s security data from multiple sources into a purpose-built data lake. It helps customers improve their security posture, respond faster to security events, and simplify security data management across hybrid and multi cloud environment.
The cloud security market report table of contents includes:
1. Executive Summary
2. Cloud Security Market Characteristics
3. Cloud Security Market Trends And Strategies
4. Cloud Security Market – Macro Economic Scenario
5. Global Cloud Security Market Size and Growth
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31. Global Cloud Security Market Competitive Benchmarking
32. Global Cloud Security Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Cloud Security Market
34. Cloud Security Market Future Outlook and Potential Analysis
35. Appendix
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