Westford, Massachusetts., July 5, 2024 /PRNewswire/ — According to SkyQuest, the global cloud security market size is estimated to be around 33.5 billion US dollars In 2022 it is set to grow from 39.5 billion US dollars In 2023 to 147.45 billion US dollars By 2031, at a CAGR of 17.9% over the forecast period (2024-2031).
The increasing sophistication of cyber attacks and data breaches has boosted the demand for new cloud security solutions across the globe. The increasing adoption of cloud technologies and platforms globally is also fueling the growth of the cloud security market. The high adoption of cloud and edge computing services by various organizations is also creating a huge demand for better cloud security infrastructure. The global cloud security market is segmented into type, service model, offering, end user, and region.
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Cloud Security Market Overview:
Report Coverage
details
Market Revenue in 2023
39.5 billion US dollars
Estimated value by 2031
147.45 billion US dollars
growth rate
It is expected to grow at a CAGR of 17.9%.
Forecast period
2024–2031
Prediction units
Value (US$ billion)
Report Coverage
Revenue Forecast, Competition, Growth Factors and Trends
Covered sectors
Type, Service Model, End User, Offer
Geographical areas covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Highlights of the report
Update financial information/product portfolio for players
Key Market Opportunities
Digital Transformation and Cloud Security Enhancement Using AI and Machine Learning
Key Market Drivers
Rising demand for cloud computing and cybersecurity through advanced data solutions
The segments covered in the cloud security market are as follows:
Type Legal Issues, Compliance, Governance, Virtualization, Data Security, Interface, Network Security Service Model SaaS (Software as a Service), IaaS (Infrastructure as a Service), PaaS (Platform as a Service) End User Aerospace & Defense, Government, Banking, Finance & Insurance, Healthcare, Information Technology, Telecommunications, Manufacturing, Retail, Energy & Utilities, Media & Entertainment, Other Offerings
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Compliance will remain a major cloud security concern for all businesses through 2031
Compliance has always been a core part of any security solution, and the same is true for cloud security. Regulators and governments have been implementing stricter laws and mandates to ensure the safety of data on cloud platforms. Ensuring compliance with these standards is essential for any cloud service provider, which is why a security solution that understands and manages compliance is always in demand. Ensuring cross-border compliance can help cloud security companies get more bang for their buck in the future.
Legal issues and data privacy concerns are also expected to drive demand for new cloud security solutions. Complex legal and regulatory frameworks are also contributing to the increased adoption of cloud security with legal security features as well. Data and network security are also important aspects that cloud security providers need to emphasize on in the future.
Cloud security solutions will remain essential to securing the cloud environment.
Cloud security solutions powered by AI and other advanced technologies are being developed across the globe. The deployment of various solutions for enterprise and individual cloud applications will create new opportunities for players in the cloud security market over the coming years. Data loss prevention and disaster recovery are the key features of cloud security solutions that most of the companies are trying to improve. At the same time, the rapid adoption of cloud security is also creating a high demand for cloud security services as well. Cloud security providers are constantly focusing on improving their services by offering round-the-clock support and predictive threat management services.
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The widespread use of cloud platforms and technologies in the IT industry creates a favorable environment for cloud security vendors.
The IT industry has always been leading the adoption of new technologies, and cloud is one of them. The increasing use of cloud platforms and the migration of traditional technologies to cloud environments is boosting the demand for cloud security in the IT industry. The banking, financial services and insurance industry will also provide a new avenue for earning money for cloud security providers as it moves towards digitization and the incidence of digital fraud increases. Telecom users are also expected to boost the demand for new cloud security solutions as they use cloud technology to become digital service providers. The adoption of automation and smart manufacturing practices in the manufacturing space will also boost the use of cloud platform, which in turn is expected to boost the demand for cloud security as well.
Cloud security companies have great potential to expand their business across multiple industry verticals. New companies can focus on providing services to build a strong market presence and then move into offering cloud security solutions to compete with the leading players in the market.
Related Report:
Cyber ​​Security Market
Network Security Market
Endpoint Security Market
Managed Security Services Market
Application Security Market
about us:
SkyQuest is an IP-focused research and investment bank and technology and asset accelerator. We provide access to technology, markets and financing across sectors such as life sciences, cleantech, agtech, nanotech and ICT.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Furthermore, we help them optimize the economic potential of their intellectual assets. Our expertise in innovation management and marketing has extended our reach across north america, EuropeAssociation of Southeast Asian Nations and Asia Pacific.
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Source: SkyQuest Technology
