Pune, Nov. 13, 2024 (GLOBE NEWSWIRE) — Cloud Security Market Size Analysis:
“The S&S Insider report states that the cloud security market size was estimated at US$36.9 billion in 2023 and is expected to grow to US$112.4 billion by 2032, at a CAGR of 13.20% over the forecast period 2024-2032.”
The cloud security market is growing at an astonishing rate, fueled by the increasing sophistication and frequency of cyber threats, as companies face pressure to comply with wide-ranging data privacy regulations, such as GDPR, CCPA, and HIPAA. With the advent of enterprise cloud infrastructures, protecting valuable data, maintaining uninterrupted business, and meeting compliance have become a top priority. These needs are specifically met by cloud security solutions, such as encryption, identity management, and advanced threat detection. The increasing volume of data coupled with the adoption of hybrid cloud solutions is pushing organizations to look for scalable, flexible and cost-effective cloud security services. For example, in 2023, cyber threats have been on the rise, with organizations globally facing an average of 1,158 cyberattacks per week. This represents a 1% increase from 2022, contributing to the continuing upward trend in cyberattacks observed in recent years. The increasing frequency of these incidents underscores the increasing challenges that organizations face in securing their digital infrastructure, as well as the increasing risks that companies face in an increasingly volatile electronic environment. This trend highlights the urgent need to enhance security measures across industries to address the rising threat landscape. Additionally, the introduction of new technologies such as artificial intelligence and machine learning are improving cloud security tools to detect and mitigate complex cyber threats in real-time.
Giving businesses the best of both worlds with cloud security Cloud security is increasingly viewed as a strategic investment, enabling businesses to innovate digitally while ensuring the compliance and agility needed to be competitive in an increasingly regulated world. The market growth is also dependent on the rapid adoption of cloud platforms in sectors such as healthcare, retail, banking and government. Meanwhile, increasing cyberattacks on cloud environments, rising data sovereignty and violation penalties are driving the market growth. Significant opportunities exist in cloud infrastructure-heavy sectors such as healthcare and financial services that require robust security solutions for data security and regulatory compliance purposes. However, growth may face some hurdles in the near term due to expensive operational tools and multi-cloud management complexities.
With a growing market, innovation in artificial intelligence, machine learning, zero trust security frameworks, and real-time threat intelligence is making the cloud security industry highly dynamic and competitive for the coming years.
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Analysis of the major players included in this report are:
Amazon Web Services (AWS) – AWS ShieldMicrosoft – Microsoft Defender for CloudGoogle Cloud Platform – Google Cloud ArmorIBM – IBM Cloud SecurityPalo Alto Networks – Prisma CloudCisco – Cisco CloudlockCheck Point Software Technologies – CloudGuardFortinet – FortiGate CloudMcAfee – McAfee MVISION CloudNortonLifeLock – Norton Cloud BackupZscaler – Zscaler Internet AccessCrowdStrike – CrowdStrike FalconCloudflare – Cloudflare Security SolutionsSplunk – Splunk CloudProofpoint – Email Protection ProofpointTrend Micro – Trend Micro Cloud OneSonicWall – SonicWall Cloud App SecurityCyberArk – CyberArk Cloud Entitlement ManagerBarracuda Networks – Barracuda Cloud Security GuardianQualys – Qualys Cloud Platform
Scope of the Cloud Security Market report:
Report Attributes Details Market Size in 2023 US$36.9B Market Size by 2032 US$112.4B CAGR of 13.20% from 2024-2032 Base Year 2023 Forecast Period 2024-2032 Historical Data 2020-2022 Key Regional Coverage North America (United States, Canada, Mexico) and Europe (Eastern Europe (Poland). Romania, Hungary, Turkey, and the rest of Eastern Europe) and Western Europe (Germany, France, the United Kingdom, Italy, Spain, the Netherlands, Switzerland, Austria, and the rest of Western Europe)). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, rest of Asia Pacific), Middle East and Africa (Middle East (UAE, Egypt, Saudi Arabia, Qatar, rest of Middle East), Africa (Nigeria), South Africa, rest of Africa) and Latin America (Brazil, Argentina, Colombia and Rest of Latin America) Key Growth Drivers Rising incidents of data breaches and ransomware attacks prompt organizations to enhance their cloud security measures
• The shift to remote work has increased reliance on cloud services, amplifying the need for secure access and data protection
• Organizations are prioritizing data protection strategies to maintain customer trust and protect sensitive information
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Segmentation analysis
Depending on the end use
The ICT sector dominated the market and accounted for a market share of 16.8% in 2023. This growth stems from the sector's immersion in a more complex and dynamic IT environment comprising a large number of software, networks and devices. Security solutions in the cloud are inevitable, presenting how flexible and adaptable security solutions become better when facing a rapidly changing IT landscape while ensuring compliance with stringent security policies. Apart from this, the growth in the use of IoT devices and 5G technology applications will reveal new security risks in the field of ICT. This, in turn, will require new cloud security measures to protect everything from various connected devices and their associated sensitive data to the integrity of entire IoT networks.
The healthcare sector is expected to expand at a CAGR of 15.8% during the forecast period. The share of telehealth services will greatly influence future healthcare trends in the market. As telehealth remains a permanent part of healthcare delivery, cloud security solutions will be essential to secure remote patient consultations. Finally, the increasing emergence of medical devices connected via the Internet of Medical Things (IoMT) adds additional layers of security risks. As a result, when it comes to the insecure nature of much of the cloud, cloud security solutions must evolve to protect everything from health monitors and health trackers that patients carry with them or implanted sensors, all while securing patient-generated data. In many different forms.
Cloud Security Market Scope:
Depending on the component
Solution Cloud Access Security Broker (CASB) Cloud Detection and Response (CDR) Cloud Security Posture Management (CSPM) Cloud Infrastructure Entitlements Management (CIEM) Cloud Workload Protection Platform (CWPP) Services Professional Services Managed Services
By publishing
Depending on the size of the organization
Large enterprises, small and medium enterprises
By the end – use
BFSIRetail & E-commerceICTHealthcareManufacturingGovernmentAerospace & DefenseEnergy & UtilitiesTransportation & LogisticsOther
Regional analysis
In 2023, North America dominated the cloud security market with a 34.6% share, driven by growing awareness of cybersecurity risks among organizations. This shift toward more robust security practices is particularly noticeable in the United States, where industries such as science, technology, banking, and health care greatly impact the region's economy. As a result, securing critical assets and maintaining robust cybersecurity frameworks has made cloud security solutions a key priority. Businesses in North America are rushing to adopt cutting-edge cloud security technologies, driven by a culture that prioritizes innovation and risk mitigation.
Meanwhile, the Asia Pacific (APAC) region is expected to become the fastest growing market, with a CAGR of 15.3%. This growth is supported by the growing number of companies in the region that operate across borders. Cloud security solutions are in high demand due to their modular, integrated approach that helps organizations manage complex cybersecurity issues across multiple locations. As the cybersecurity environment in the Asia-Pacific region becomes increasingly complex, demand for managed security services is expected to rise, with companies turning to outsourced solutions that provide 24/7 monitoring, incident management, and expert navigation across the rapidly evolving threat landscape. .
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Recent developments
January 2024: Microsoft announced improvements to its Azure Security Center, integrating AI-based capabilities to improve threat detection and accelerate cloud security incident response times.
March 2024: Palo Alto Networks expands its cloud-native security offerings, launching a new suite of tools designed to secure multi-cloud environments and enhance visibility into cloud infrastructure risks.
Table of Contents – Main Key Points
1. Introduction
2. Executive summary
3. Research methodology
4. Analyze the impact of market dynamics
5. Statistical insights and trend reports
6. Competitive landscape
7. Cloud Security Market Segmentation by Components
8. Cloud Security Market Segmentation by Deployment
9. Cloud security market segmentation by organization size
10. Cloud Security Market Segmentation by End Use
11. Regional analysis
12. Company profiles
13. Use cases and best practices
14. Conclusion
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