What is the global market size of Cloud Security Market?

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).

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 2024-2031

Report ID: SQSG45B2024 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 133 | Figures: 77

Global Cloud Security Market Insights

Cloud Security Market size was valued at USD 29.26 billion in 2019 and is poised to grow from USD 33.13 billion in 2023 to USD 106.02 billion by 2031, growing at a CAGR of 18.1% in the forecast period (2024-2031).

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 Cloud Security Market Report Snapshots

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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. '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.'

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.

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.

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.

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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 2024-2031

Global Cloud Security Market Insights

Global Cloud Security Market Report Snapshots

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