Cloud Access Security Broker Market Size, Share, Growth Analysis, By Solution(Control and Monitoring Cloud Services, Risk and Compliance Management, Data Security (Data Leakage Prevention, Cloud Data Encryption), By Service(Professional Service, Support, Training and Maintenance), By Service Model(Infrastructure as A Service, Platform as A Service, Software as A Service), By Organization Size(SMEs, Large Enterprises), By Vertical(Banking, Financial Services, and Insurance, Healthcare and Life Sciences), By Region - Industry Forecast 2024-2031

Global Cloud Access Security Broker Market size was valued at USD 7.30 billion in 2022 and is poised to grow from USD 8.60 billion in 2023 to USD 31.89 billion by 2031, growing at a CAGR of 17.8% in the forecast period (2024-2031).

These companies are investing heavily in research and development to develop advanced CASB solutions that can provide better security and compliance for cloud-based applications and data. They are also focusing on strategic partnerships and collaborations to expand their reach and customer base. 'Microsoft Corporation (United States)', 'Cisco Systems Inc. (United States)', 'McAfee LLC (part of Intel Security Group) (United States)', 'Symantec Corporation (United States)', 'Forcepoint LLC (United States)', 'Netskope Inc. (United States)', 'Bitglass Inc. (United States)', 'CipherCloud Inc. (United States)', 'Palo Alto Networks Inc. (United States)', 'Oracle Corporation (United States)', 'Proofpoint Inc. (United States)', 'Skyhigh Networks Inc. (United States)', 'Fortinet Inc. (United States)', 'Zscaler Inc. (United States)', 'Barracuda Networks Inc. (United States)', 'Trend Micro Inc. (Japan)', 'IBM Corporation (United States)', 'Thales Group (France)', 'Alert Logic Inc. (United States)', 'CloudLock LLC (United States)', 'OneLogin Inc. (United States)', 'CloudCodes Software Pvt. Ltd. (India)'

Organizations across the world are increasingly adopting cloud services to store, process, and manage their data and applications. This has resulted in a rapid shift of sensitive business data from on-premises infrastructure to cloud-based environments. However, this shift has also raised concerns about data security and compliance, leading to the need for CASB solutions that provide visibility and control over data in the cloud.

Many organizations are now using multiple cloud-based applications and services from different providers, which has led to the rise of multi-cloud environments. This trend is expected to continue, and CASB solutions that can provide visibility and security across multiple cloud environments are likely to become increasingly important.

With a revenue share of over 45%, North America dominated the market for cloud access security brokers in 2021. In this region, increased worries about data security due to fraud and data breaches are driving sales of cloud access security broker solutions. Intense competition and new private firms are also driving the rapid rise of cloud access security broker solutions in this sector.