USD 33.5 billion
Cloud Security Market Size, Share, Growth Analysis, By Offering, Type(Governance, IAM, Data Security, Disaster Recovery & Business Continuity, Others), Service Model(SaaS, IaaS, PaaS), End-User, and Region - Industry Forecast 2024-2031
Report ID:
SQSG45B2024 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
128
|Figures:
77
Cloud Security Market Insights
Global Cloud Security Market size was valued at USD 33.5 billion in 2022 and is poised to grow from USD 39.5 billion in 2023 to USD 147.45 billion by 2031, growing at a CAGR of 17.9% in the forecast period (2024-2031).
The major factors driving the cloud security market include rising cybercrime complexity, cyber intelligence 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, 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. Moreover, online breaches and technological attacks on the rise, and security upkeep has become a top priority. As a result, companies must take certain precautions prior to the onset of cyber risk. Based on Skyquest in-depth analysis, recent statistics shows that many large enterprises have implemented cloud-based security solutions, with cloud-based services are used by approximately 83% of organizations. These number will keep on rising due to cloud-based breaches found to be 45%. Furthermore, only 12% of global IT sectors are aware about the General Data Protection Regulation (GDPR), which has impact on cloud services. When adopting the cloud computing platform, 66% of IT engineers cited security as their top concern.
US Cloud Security Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
IT
Fastest Growth
telecommunication
Growth Rate
17.9% CAGR
Global Cloud Security Market ($ Bn)
Country Share for North America Region (%)
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Cloud Security Market Segmental Analysis
The global cloud security market is segmented based on the type, service model, offering, end-user, and region. By type, the market is segmented into legal issues, compliance, governance, virtualization, data security, interface, and network security. By service model, the market is segmented into SaaS (Software as a Service), IaaS (Infrastructure as a Service), PaaS (Platform as a Service). By offering, the market is segmented into solutions, and services. By end-user, the market is segmented into aerospace & defence, government, BFSI, healthcare, IT, telecommunication, manufacturing, retail, energy & utilities, media & entertainment, and others. By region the market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.
security information and event management
Analysis by Type
The legal issues segment held highest market share and is expected to continue to do so throughout the forecast period. This is due to the omnipresent need for safeguarding data privacy and security, which catalyses this ascendancy. Based on our analysis, regulatory frameworks like the European Union's GDPR and the United States' CCPA impose rigorous stipulations on data management. For instance, 24% of all the security concerns are related to legal issues such as e-discovery, data location, etc. Thus, developers, intent in a complexity of legal mandates, must engineer robust protection mechanisms to fortify data sanctity. This convergence of legal imperatives underpins the legal segment's prominence in cloud security market.
Conversely, compliances segment exhibits the fastest expansion in the cloud security market. This prominence is attributable to the necessity for adherence to stringent industry-specific regulations. Based on Skyquest in-depth analysis, it is found that 22% of all security needs are related to compliances. For instance, in the United States, the healthcare industry operates under the sponsorships of HIPAA, while financial services must comply with PCI-DSS. Thus, developers must meticulously align their solutions with these exacting standards to avert penalties and uphold the sanctity of data. The imperative to ensure confidentiality, integrity, and availability of information necessitates a scrupulous compliance strategy, thereby solidifying the compliance segment's formidable presence in the cloud security arena.
Analysis by End User
The IT segment held highest market share and is expected to continue to do so throughout the forecast period. This dominance is supported by several factors like fortified data protection, stringent access control and identity management, threat detection and prevention, centralized management, and cost efficiency. As per our analysis, a rising concern in cloud security is found to be 69% of data loss & leakage, and 66% of data privacy, with credentials exposure at 44%. A striking 77% of enterprises have integrated at least one application or part of their computing framework into the cloud, underscoring a robust trend towards utilizing cloud-based services to augment operational efficacy, scalability, and adaptability.
Conversely, telecommunication segment exhibits the fastest expansion in the cloud security market. In the telecommunications sector, the migration towards cloud computing is crucial for the digital transformation of the industry. This transition enables telecom entities to evolve from traditional communication service providers (CSPs) to innovative digital service providers (DSPs). Cloud computing presents an array of cost-saving avenues. By leveraging Infrastructure-as-a-Service (IaaS), telcos can dodge substantial initial expenditures related to physical infrastructure, opting instead for cloud providers' resources on a pay-as-you-go basis. PaaS further optimizes application development and deployment, shortening timeframes and reducing resource allocation. For instance, AT&T harnesses cloud computing to enhance its network functions, slashing hardware costs and boosting operational efficacy.
Global Cloud Security Market By End User ($ Bn)
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Cloud Security Market Regional Insights
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 larger 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 instance, the European Union's Digital Markets Act, taking effect in May 2024, exemplifies the progress of data privacy-focused initiative by MIT Researcher in the United States. It empowers users with data portability rights and ensures fairer access to data for smaller businesses.
During the forecast period, Asia Pacific is expected to grow at the fastest CAGR. Governments and private players in China, Japan, India, South Korea, Southeast Asia, and other countries are increasing their investment in cloud security by strengthening rules and regulations. For instance, in our analysis it is found that Asian employees use an average of 20 different cloud applications per month at work. Additionally, in April 2023, 58% of all malwares targeting Asian workers was delivered via the cloud, representing a 75% increase compared to the previous year. These types of security concern are likely to boost the cloud security market.
Global Cloud Security Market By Region
- Largest
- Fastest
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Cloud Security Market Dynamics
Driver
Rising demand for Cloud Computing and Cybersecurity through Advanced Data Solutions
- The burgeoning integration of cloud technology propels market proliferation, leveraging intricate predictive algorithms for vast data and structured intelligence surveillance. Key players like Cisco Systems and IBM Corporation utilize cloud services for analytics-as-a-service (AAAS), enabling swift threat management. Additionally, the surge in demand for colossal storage solutions to secure data under advanced protection paradigms augments growth.
Digital Transformation Fortifying Cloud Security with AI and ML
- Digital transformation is reshaping markets, driving enterprises to cloud adoption for agility and efficiency. This necessitates robust security measures. AI and ML are integral in fortifying cloud defences, analysing patterns to anticipate threats. Moreover, user-centric security paradigms are emerging, enhancing overall organizational protection. By embracing AI-driven threat detection, organizations aspire to fortify their overall security stance.
Restraint
Rise of Smarter Cyber-attack Tools and Security Threat
- The increasing cyber threats, necessitates cutting-edge IT/network security solutions. Traditional defences weaken against advanced network, cloud, application, and endpoint attacks. Moreover, developing state-of-the-art security requires substantial investment, limiting adoption, especially among SMEs. Additionally, growing R&D expenditures, data breaches, privacy issues, and unauthorized access complicate the security landscape in this market.
Lack of Awareness in Cloud Security
- A significant restrain in the cloud security market is the overall lack of awareness and knowledge among enterprises regarding potential cloud computing risks. Many organizations misinterpret security responsibilities, assuming cloud providers are solely accountable, and often neglect vital practices like robust access controls and data encryption, leading to vulnerabilities and inadequate security measures.
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Cloud Security Market Competitive Landscape
Global cloud security software market is fragmented due to the increasing frequency of cyber-attacks. Over the years, companies have grown more vigilant and cautious about the safety of their data stored in the cloud. 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
- TrendMicro, Inc. (Japan)
- Broadcom (US)
- Zscaler (US)
- Akamai Technologies (US)
- Forcepoint (US)
- Fortinet (US)
- F5 (US)
- Qualys (US)
- Netskope (US)
- Proofpoint (US)
- Tenable (US)
- Cisco Systems (US)
- McAfee, Inc. (US)
- Palo Alto Networks, Inc. (US)
- Check Point Software Technologies (Israel)
- Microsoft Corporation (US)
- IBM Corporation (US)
- Splunk Inc. (US)
- Alphabet Inc. (US)
- AWS (US)
Cloud Security Market Recent Developments
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In April 2024, Sonrai Security, a cloud security solutions provider, has unveiled the release of the Cloud Permissions Firewall for AWS, Azure, and Google Cloud. This innovative technology transforms cloud access and permissions security, providing a streamlined one-click least privilege solution without interrupting cloud operations and development teams.
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In April 2024, Google unveiled a range of new cloud-based security offerings tailored for organizations overseeing extensive multi-tenant corporate networks. Alongside enhancements to existing products and services, Google introduced several updates to meet the evolving needs of its customers. Notably, many of these announcements revolved around Gemini, Google's premier suite of generative AI models, reflecting the company's commitment to leveraging advanced AI technology to bolster its security offerings.
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In November 2023, IBM unveiled a significant transformation of its flagship IBM QRadar SIEM product, introducing a redesigned version built on a new cloud-native architecture tailored for hybrid cloud environments. This redesign prioritizes scalability, speed, and adaptability to meet the demands of modern computing landscapes. Additionally, IBM disclosed its intention to integrate generative AI capabilities into its threat detection and response portfolio, leveraging watsonx, the enterprise-grade data and AI platform developed by the company.
Cloud Security Key Market Trends
- Cryptocurrency-Based Cloud Attacks: Crypto-jacking assaults in the cloud stem from fluctuating cryptocurrency values paired with advanced decision-making capabilities. For instance, CoinStomp malware employs shell scripts to mine cryptocurrency via cloud compute instances hosted by security providers. Stakeholders in IT security can enact necessary safeguards, evidenced by a decline in public cloud storage exposure, signalling heightened security awareness. CoinStomp are likely to drive the adoption of cloud security services like user and data governance, identity and access management, and others.
- Incorporation of Cloud security in IoT landscape: A prevailing market trend is the fusion of cloud security into the IoT landscape. This integration aims to fortify the security infrastructure of IoT devices by leveraging cloud-based solutions. It involves the incorporation of advanced security protocols and technologies to safeguard IoT ecosystems against evolving cyber threats.
Cloud Security Market SkyQuest Analysis
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 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 75% 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 a report, 87% of enterprises will have adopted hybrid cloud strategies due to the benefits of combining the public cloud with the security of a private on-premises cloud environment. 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 |
|---|---|
| Market size value in 2022 | USD 33.5 billion |
| Market size value in 2031 | USD 147.45 billion |
| Growth Rate | 17.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cloud Security Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cloud Security Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cloud Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cloud Security Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
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.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Cloud Security Market Report Snapshots
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