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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).

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 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

Product ID: SQSG45B2024