Northbrook, IL 60062 -- (SBWIRE) -- 08/18/2023 -- The global Cloud Security Market size is projected to grow from USD 40.7 billion in 2023 to USD 62.9 billion by 2028 at a CAGR of 9.1% during the forecast period, according to research report by MarketsandMarkets™.

The cloud security market experienced substantial growth due to the rising adoption of multi-cloud environments, the expansion of DevSecOps practices, increased utilization of AI and ML for cloud security, and the growing trend of BYOD and CYOD, which led to an increased demand for cloud security solutions.

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524 - Tables
63 - Figures
446 – Pages

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By vertical segment, the retail & eCommerce vertical will grow at the highest CAGR during the forecasted period.

The retail and eCommerce industry is experiencing the highest CAGR in the cloud security market due to the increased adoption of cloud technologies for digital transformation. Data protection has become a priority, with more sensitive customer data and financial transactions being processed in the cloud. Retailers also face a higher risk of cyberattacks and data breaches, leading to the demand for advanced cloud security solutions. The COVID-19 pandemic has further accelerated the shift towards online shopping, boosting the adoption of cloud technologies in this sector. To tap into this growth opportunity, cloud security providers are customizing their solutions to meet the specific needs of retail and eCommerce, ensuring seamless integration and compliance with industry regulations. Thus, the retail and eCommerce segment is projected to have the highest CAGR during the forecast period.

By Type, Visibility and Risk Assessment holds the largest market size during the forecast period.

By type, Visibility and Risk Assessment hold the largest market size in the cloud security market due to their critical role in enhancing overall cloud security. As cloud environments grow in complexity and scale, organizations face challenges in effectively identifying and managing potential security risks. Visibility solutions provide real-time insights into cloud assets, configurations, and activities, enabling businesses to monitor and detect any suspicious behavior or vulnerabilities proactively. On the other hand, risk assessment tools help organizations assess the security posture of their cloud infrastructure, applications, and data. By conducting thorough risk assessments, businesses can prioritize security measures, allocate resources efficiently, and proactively address potential threats. These capabilities are essential as they empower organizations to stay ahead of evolving cyber threats and maintain a robust security posture in their cloud deployments. The need for comprehensive visibility and risk assessment solutions has grown exponentially as businesses recognize their critical role in safeguarding sensitive data and maintaining compliance with industry regulations.

By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.

The Asia Pacific region demonstrates solid technological adoption, with a mix of developed and growing economies like China, Japan, India, Australia and New Zealand, and Singapore. Additionally, the governments in the region actively promote internet accessibility, driving demand for cloud security solutions. Also, policy improvements and regulatory enhancements, such as strengthened privacy regulations in Australia, boost adoption. Moreover, unique cybersecurity risks and rising data protection awareness accelerate the demand for cloud security in the region. Furthermore, collaborative initiatives and the adoption of SASE solutions reinforce the region's position as the fastest-growing market for cloud security. Thus, Asia Pacific has the highest CAGR in the cloud security market.

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Market Players:

IBM (US), Broadcom (US), Check Point (Israel and US), Google (US), AWS (US), Zscaler (US), Akamai Technologies (US), Forcepoint (US), Fortinet (US), F5 (US), Qualys (US), TrendMicro (Japan), Palo Alto Networks (US), Proofpoint (US), Tenable (US), Netskope (US), Microsoft (US), Cisco (US), Imperva (US), Trellix (US), Rapid7 (US), Skyhigh Security (US), FireMon (US), Sysdig (US), LookOut (US), Fidelis Cybersecurity (US), DataTheorem (US), OpsCompass (US), Tufin (US), Menlo Security (US), Tigera (US), Orca Security (US), Ascend Technologies (US), Secberus (US), Ermetic (Israel), Sonrai Security (US), Wiz (US), Caveonix (US), Banyan cloud (US), and AccuKnox (US) are the key players and other players in the cloud security market.

Key Dynamic Factors For Cloud Security Market:

Rapid Cloud Adoption: The use of cloud computing is expanding across all sectors and sizes of businesses. The need for strong security solutions to guard against potential breaches grows as more crucial apps and sensitive data are moved to the cloud.

Cyberattacks and Data Breach: Notorious cyberattacks and data breaches raise public awareness of cloud infrastructures' vulnerability. These instances encourage businesses to spend more money on more robust cloud security measures to protect their infrastructure and data.

Regulatory Compliance: Organisations are legally required to protect the data they handle, including information stored and processed on the cloud, under strict data protection standards including GDPR, HIPAA, and CCPA. The adoption of specialised cloud security solutions is driven by compliance requirements.

Environments using several clouds or a hybrid cloud: To increase redundancy and avoid vendor lock-in, many businesses choose multi-cloud or hybrid cloud configurations. Comprehensive security solutions are necessary since maintaining security across various cloud providers and on-premises infrastructure presents special difficulties.

Serverless computing and container security are both growing trends that pose new security issues. Specialised security technologies are needed to protect containerized apps and serverless operations so that vulnerabilities are fixed and unauthorised access is avoided.

DevSecOps Integration: It is essential to incorporate security procedures into the DevOps workflow (DevSecOps) to make sure that security is not just an afterthought but a critical step in the creation and deployment of software. The desire for security products that can easily integrate into the continuous integration/continuous deployment (CI/CD) pipeline is being driven by this trend.

Artificial intelligence and machine learning (AI and ML): By analysing massive datasets to find patterns of harmful activity, foresee potential risks, and automate responses to security incidents, AI and ML are being used to improve cloud security.

Zero Trust Architecture: Zero Trust, the idea that no user or system can ever be completely trusted, is gaining popularity in the field of cloud security. This strategy prioritises tight verification before allowing access to resources, ongoing monitoring, and identity and access management.

Security Automation and Orchestration: As cloud environments become more complex, incident response, threat detection, and vulnerability management processes can be streamlined with the use of security automation and orchestration solutions.

Vendor Security Innovations: Cloud service providers keep making investments to enhance their security services, giving clients access to a number of built-in security features and compliance tools. Organisations' decisions about their cloud provider selections are influenced by this dynamic environment.

Remote Work and Mobile Security: As more people utilise mobile devices to access cloud resources, the attack surface has grown larger. To secure distant users and devices, cloud security solutions must go beyond conventional network borders.

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Competitive and Segmentation Analysis:

As the demand for reliable security solutions in cloud environments continues to rise, the market for cloud security has seen fierce rivalry. To address changing risks and client needs, market leaders have continually innovated and increased the scope of their product portfolios. By incorporating security elements into their cloud services, well-known companies like Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform, and IBM Cloud have established themselves as key participants. These industry leaders portray themselves as all-inclusive cloud security providers by providing a variety of security capabilities, such as encryption, threat detection, identity and access management, and compliance solutions.

Additionally, by providing specialised security solutions made especially for cloud environments, specialised cloud security firms like Palo Alto Networks, Trend Micro, McAfee, and Symantec (now a part of Broadcom) have become well-known. To solve the particular difficulties posed by contemporary cloud architectures, these businesses frequently concentrate on areas like container security, serverless security, and API security.

The market competition also includes new businesses that bring cutting-edge methods for cloud security. With their agility and cutting-edge solutions, these firms frequently use artificial intelligence and machine learning to improve threat detection and response capabilities, challenging market leaders.

Due to regional legal variations, technology advancements, and commercial requirements, different areas embrace cloud security solutions differently. North America, Europe, Asia-Pacific, and Latin America are the major cloud security adoption regions.

It's vital to keep in mind that the cloud security market is always changing, and since my previous update in September 2021, new categories and subsegments may have appeared. Businesses should carry out in-depth market research and analysis to determine which segments are most pertinent to their unique requirements and then adjust their cloud security policies as necessary.

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