WESTFORD, Massachusetts, USA, June 21, 2024 /EINPresswire.com/ — The global cloud security market size was estimated at USD 33.5 billion in 2022 and is expected to grow from USD 39.5 billion in 2023 to USD 147.45 billion by 2031, growing at a CAGR of 17.9% during the forecast period (2024-2031).
The increasing adoption of cloud computing platforms and technologies to leverage their subscription-based models is fueling the demand for cloud computing security. The security measures taken to ensure the security of cloud computing platforms and cloud computing-based data are known as cloud computing security. Small and medium sized enterprises are driving the adoption of cloud computing and hence the growth of the cloud computing security market as well.
The advancement in cloud technologies and their increasing acceptance has created a favorable environment for all cloud security companies. New and established players in the market can earn a fortune from this market if they implement their strategies correctly. Integrating machine learning, predictive threat intelligence, and AI technologies will help companies take their cloud security offerings to a whole new level of accuracy and functionality in the future.
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Enterprise cloud security solutions are driving revenue generation in the near future
· In March 2024, the cloud-focused commercial arm of US tech giant Google, called Google Cloud, launched a new enterprise cloud risk management solution. Security Command Center Enterprise improves enterprise security with seamless integration using Mandiant's expertise.
· Uptycs, one of the major players in the cloud security market, announced the launch of its new Channel One partner program for enterprise applications in February 2024. The new program is called Upward. The launch will help secure hybrid cloud environments and provide better cloud security services to enterprise users.
Businesses around the world are focusing on optimizing their resources to maximize profit, and this is set to encourage the adoption of cloud platforms. For this reason, most cloud security providers will target enterprises to improve their revenue potential over the next five years or so.
The use of AI and business expansion remain key trends throughout the decade for cloud security providers
Below are the key cloud security trends that will shape the market growth in the next five years.
· In December 2023, Skyhawk Security, an Israeli company focused on bringing AI to the cybersecurity space, announced the launch of its new AI-powered cloud security services. Skyhawk's Synthesis platform is capable of proactively monitoring and managing threats.
In a bid to capitalize on the growing reliance on cloud, Arete, a prominent name in the cybersecurity market, has announced the launch of its cloud security solution for small and medium businesses (SMB) in October 2023. This move will help Arete expand its business presence globally.
· Arch0, a new cloud security company, announced that it raised $1.25 million in a pre-seed funding round in April 2024. The company intends to use the newly raised capital to expand its team and develop more advanced AI. Supported cloud security solutions.
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Cloud security companies are expected to focus on maximizing the use of artificial intelligence to improve the effectiveness of their offerings. Raising new capital and launching new products using AI will be a major trend for market players in the long term.
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Getting the strategy right will be crucial for any cloud security company looking to make a mark in this market with competition growing fierce by the day. Certified cloud security providers need to closely monitor innovations offered by startups and upcoming companies to remain competitive in this market. Implementing stringent cloud security regulations will also foster new opportunities for businesses in the long term.
Related report:
Cyber ​​security market
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