USD 29.26 billion
Report ID: SQSG45B2024 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 133 | Figures: 77
Cloud Security Market size was valued at USD 29.26 billion in 2021 and is poised to grow from USD 33.13 billion in 2022 to USD 106.02 billion by 2030, growing at a CAGR of 18.1% in the forecast period (2023-2030).
The major factors driving the cloud security market include increasing cybercrime sophistication, cyber espionage campaigns, and the generation of new cyberattacks, an increase in the use of cloud-based solutions, and an increase in BYOD and CYOD trends. Furthermore, increased government initiatives to support smart infrastructure projects, as well as secure online payment applications, social media, and operating systems, would provide lucrative opportunities for cloud security vendors.
The growing importance of cloud computing among businesses and the general public is expected to accelerate market growth. With online breaches and technological attacks on the rise, security upkeep has become a top priority. As a result, companies must take certain precautions prior to the onset of cyber risk. According to recent statistics, some organisations have implemented cloud-based security solutions. Cloud-based services are used by approximately 90% of businesses. Only 12% of global IT sectors are aware of how the General Data Protection Regulation (GDPR) impacts cloud services.
US Cloud Security Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 29.26 billion
Largest Segment
Identity and Access Management (IAM)
Fastest Growth
Identity and Access Management (IAM)
Growth Rate
18.1% CAGR
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Cloud Security Market is segmented based on the security type, enterprise size, end-user, service model, and region. Based on the security type, Cloud Security Market is segmented into identity and access management (IAM), data loss prevention (DLP), security information and event management (SIEM), business continuity and disaster recovery, and others.
Based on enterprise size, the market is segmented into large enterprises, small and medium-sized enterprises (SMEs). Based on end-user, the market is segmented into it and telecommunication, banking, finance, security and insurance (BFSI), healthcare and life sciences, manufacturing, retail, government, energy and utilities, and others. By service model, the Cloud Security Market is segmented into IaaS, PaaS, SaaS.
Based on region, cloud security market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Cloud Security Market Analysis by Security Type
The global cloud security market is segmented based on security type into identity and access management (IAM), data loss prevention (DLP), security information and event management (SIEM), business continuity and disaster recovery, and others. The identity and access management segment held highest market share and is expected to continue to do so throughout the forecast period.
Multi-factor authentication (MFA), password management, single sign-on (SSO), and profile management are all part of identity and access management (IAM). Increased cloud adoption directly leads to increased IAM solution adoption. Data loss prevention (DLP) is expected to grow at a high CAGR during the forecast period of the cloud security market, owing to increased adoption of data security and network security solutions among businesses as the number of data breaches rises. DLP is a dedicated set of products that uses fingerprinting, classification, and exact data matching technologies to identify, protect, and monitor critical data in enterprises.
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The global cloud security market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is expected to have a sizable market share. Governments and private players in countries such as the United States, Canada, and others are increasing their investment in security solutions by launching new initiatives and embracing R&D in existing solution offerings.
For example, MIT researchers in the United States launched a new data privacy-focused initiative in April 2021 to address AI-driven analytics and changing attitudes toward personal data. Collaboration is required in five distinct technical areas: data privacy, data portability, database systems, artificial intelligence and machine learning, human-computer interaction, and new information architectures.
During the forecast period, Asia Pacific is expected to grow at the fastest CAGR. Governments and private players in China, Japan, India, Oceania, South Korea, South East Asia, and other countries are increasing their investment in cloud security by strengthening rules and regulations.
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Cloud Security Market Driver
Growing Adoption of Cloud Computing to Boost Market Growth
Cloud Security Market Restrain
Significant costs of Security Software to Create Deployment Challenges
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Market leaders like Microsoft Corporation, Cisco Systems, Inc., IBM Corporation, Palo Alto Networks, Inc., Broadcom Inc., and others strive to improve their product offerings by integrating advanced technologies. Other players are forming strategic alliances to strengthen their market position and gain a competitive advantage. To maintain competencies, the major players use technological alliances, partnerships, and collaborations with other companies. Key market players' go-to strategies include upgrading existing products and developing new products to meet industry demands.
Cloud Security Market Top Players Company Profiles
Cloud Security Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global cloud security market analysis, to combat the ever-changing cyberattack scenario, major cloud companies such as Amazon and Google invest heavily in improving their cloud security offerings. During the pandemic, Microsoft reported a 775% increase in demand for its cloud service platform. In addition, because SMEs lack the in-house competencies to manage cloud services effectively, -managed services are gaining traction. According to OTAVA, 87% of enterprises will have adopted hybrid cloud strategies by 2021 due to the benefits of combining the public cloud with the security of a private on-premises cloud environment. According to Flexera's 2020 State of the Cloud Report, enterprises are embracing cloud adoption, with 93% employing a multi-cloud strategy and 87% employing a hybrid cloud strategy. Cloud security offerings are in high demand among major cybersecurity vendors such as Google, Microsoft, and Amazon. SMEs are rushing to adopt cloud computing in their processes and operations due to potential benefits such as ease of access, quick deployment, low IT infrastructure requirement, and low installation cost.
Report Metric | Details |
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Market size value in 2021 | USD 29.26 billion |
Market size value in 2030 | USD 33.13 billion |
Growth Rate | 18.1% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Cloud Security Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cloud Security Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cloud Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Cloud Security Market for additional countries.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Product ID: SQSG45B2024