USD 29.26 billion
Global Cloud Security Market Size, Share, Growth Analysis, By Security Type(Identity, Access Management (IAM)), By Enterprise Size(Large Enterprises, Small), By End-User(IT, Telecommunication), By Service Model(IaaS, PaaS) - Industry Forecast 2023-2030
Report ID: SQSG45B2024 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 133 | Figures: 77
Global Cloud Security Market Insights
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.
Market snapshot
Global Market Size
Largest Segment
Identity and Access Management (IAM)
Fastest Growth
Identity and Access Management (IAM)
Growth Rate
18.1% CAGR
Global Cloud Security Market, 2021-2028($ Bn)
Country Share for North America Region- 2021 (%)
Global Cloud Security Market Size By Product Type , 2021-2028 ($ Bn)
Global Cloud Security Market Size By Product Type, 2021-2028 (%)
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Global Cloud Security Market Segmental Analysis
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.
Global Cloud Security Market By Product Type, 2021(%)
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Global 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 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.
Global Cloud Security Market By Geography, 2021 - 2028
- Largest
- Fastest
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Global Cloud Security Market Dynamics
Cloud Security Market Driver
Growing Adoption of Cloud Computing to Boost Market Growth
- The increasing adoption of cloud computing is one of the key drivers driving market growth. To monitor large amounts of data and structured information, cyber security solutions rely on complex mathematical forecast models. The use of cloud technology can accomplish this data monitoring in a secure and dependable environment.
- Cloud computing is being used in cyber security solutions by major players such as Cisco System, IBM Corporation, and others. These cloud computing services are based on 'analytics-as-a-service (AAAS) offerings, which help end-users track and control uncertain threats quickly. Furthermore, the growing demand for massive storage applications to store and secure data with advanced security models is driving growth.
Cloud Security Market Restrain
Significant costs of Security Software to Create Deployment Challenges
- The need for advanced IT/network security solutions to deal with such attacks is growing exponentially as advanced security threats and smarter attack tools emerge. Traditional enterprise security solutions are incapable of protecting businesses from network, cloud, application, and endpoint security threats. Security providers will need a large sum of money to develop technologically advanced counterparts.
- The high cost of such solutions significantly limits their adoption among enterprises, particularly SMEs. Furthermore, as the R&D team grows, security solution providers' capital expenditure grows. Other market challenges that have been highlighted include data loss/leakage, data privacy/confidentiality, and unauthorized access to security platforms.
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Global Cloud Security Market Competitive Landscape
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
- Cisco Systems
- IBM Corporation
- McAfee, Inc.
- Symantec Corporation
- CA Technologies
- Fortinet, Inc.
- TrendMicro, Inc.
- Check Point Software Technologies
- Qualys, Inc.
- Palo Alto Networks
- Akamai Technologies, Inc.
- Microsoft Corporation
- Sophos Group plc
- Proofpoint, Inc.
- Imperva, Inc.
- Barracuda Networks, Inc.
- Cloudflare, Inc.
- Zscaler, Inc.
- Alert Logic, Inc.
- Armor Defense Inc.
Cloud Security Market Recent Developments
- In December 2021, AWS has launched a new service called AWS Cloud WAN, which provides a centralised dashboard for enterprises to connect their on-premises branch offices, data centres, and Amazon Virtual Private Clouds (Amazon VPCs) across the AWS global network in a matter of clicks.
- In December 2021, Verizon and Google Cloud are collaborating to bring the power of the cloud closer to mobile and connected devices at Verizon's network's edge. Verizon plans to bring Google's computing and storage services to the edge of the local network with Verizon 5G Edge and Google Distributed Cloud Edge, enabling the bandwidth and low latency required to support real-time enterprise applications such as autonomous mobile robots, intelligent logistics, and factory automation.
Global Cloud Security Key Market Trends
- Crypto Jacking: Crypto-jacking attacks in the cloud are caused by the varying value of cryptocurrencies tailored with better decision capabilities. CoinStomp, for example, is a malware composed of shell scripts that attempt to mine cryptocurrency using cloud compute instances hosted by network security providers.
- Increase in IT Security Measures: Users and providers of IT security have the opportunity to implement the necessary countermeasures. A slowing trend in the exposure of public cloud storage services indicates that organizations are taking security precautions. Malware attacks like CoinStomp are likely to drive the adoption of cloud security services like user and data governance, identity and access management, and others.
Global 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 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 |
|---|---|
| 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 |
|
| 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 Global 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 Global 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 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.
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 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.
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.
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