USD 33.5 billion
Cloud Security Market Size, Share, Growth Analysis, By Security Type(Identity and Access Management (IAM), Data loss prevention (DLP), Security Information and Event Management (SIEM), Business Continuity and Disaster Recovery), By Enterprise Size(Large Enterprises, Small and Medium-Sized Enterprises (SMEs)), By End-User(IT and Telecommunication, Banking, Finance, Security and Insurance (BFSI)), By Service Model(IaaS, PaaS, and SaaS), By Deployment(Private, and Hybrid), By Region - Industry Forecast 2024-2031
Report ID:
SQSG45B2024 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
128
|Figures:
77
Cloud Security Market Insights
Cloud Security Market size was valued at USD 33.50 Billion in 2022 and is poised to grow from USD 39.5 Billion in 2023 to USD 147.45 Billion by 2031, growing at a CAGR of 17.9% in the forecast period (2024-2031).
Emerging advanced security applications in the cloud environment, increasing number of cyberattacks, increasing reliance on cloud-based services while these factors drive the cloud security market growth. Furthermore, factors such as the evolution of the cloud computing landscape and the growth of mobile computing are giving the cloud security industry an opportunity to expand.
Cloud security protects cloud data, applications, and infrastructure from cyber-attacks and cyber threats. With enterprise cloud adoption on the rise, business-critical app and data are moving to established third-party cloud service providers (CSPs). Executives weigh the benefits of using cloud services by the level of data security risk their companies are willing to take because no company or CSP can eliminate security risks and vulnerabilities. It’s important to implement proper cloud security policies and regulations.
US Cloud Security Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
IT
Fastest Growth
telecommunication
Growth Rate
17.9% CAGR
Global Cloud Security Market ($ Mn)
Country Share for North America Region (%)
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Cloud Security Market Segmental Analysis
The Global Cloud Security Market is segmented based on the Security Type, Enterprise Size, End-user, Service Model, Deployment, and Region. Based on Security Type, the market is segmented into Identity and Access Management (IAM), Data Loss Prevention (DLP), Security Information and Event Management (SIEM), Business Continuity and Disaster Recovery, and Others. Based on Enterprise Size, the market is segmented into Large Enterprises, Small and Medium-sized Enterprises (SMEs). Based on End-user, the market is segmented into IT and Telecommunication, Banking, Finance, Security and Insurance (BFSI), Healthcare and Life Sciences, Manufacturing, Retail, Government, Energy and Utilities, and Others. Based on Service Model, the market is segmented into IaaS, PaaS, SaaS. Based on Deployment, the market is segmented into Private and Hybrid Segment. By Region the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Analysis by Enterprises Size
The large enterprises segment accounted for 75.5% market share in 2023 and is expected to dominate market share by 2030. As enterprises shift their operations to the cloud, the need for security policies that integrate seamlessly with cloud systems grows. Large enterprises that often operate in highly regulated industries with compliance priority management takes precedence over the implementation of cloud security. The constant research and changes in the market will determine the future market for great companies. Ongoing practice becomes necessary to maintain an adaptive security posture in the face of changing technological risks.
The small and medium enterprises (SMEs) segment is expected to witness the fastest growth at a CAGR of 15.5% during the forecast period. The growth of the SME segment can be attributed to the increasing potential risks of cyber threats, leading SMEs to prioritize cybersecurity. The critical nature of cyberattacks and the frequency of incidents have highlighted the need for proactive security measures. Cloud security solutions include managed services, which enable SMEs to leverage the experience of external security professionals. The strategic outsourcing of security services enables SMEs to improve their security posture without the need for large internal resources, increasing the SME segment in the market.
Analysis by Deployment
The private sector held a market share of 47.1% by 2022 and is expected to dominate the market by 2030. The growth of this sector can be attributed to organizations using mission critical applications and business to ensure that reliability and highly effective speed. Migration of traditional on-premises infrastructure to a separate cloud infrastructure enables enterprises to leverage the cloud. Advances in interoperable security technologies, including multiple security technologies and platforms together effectively and exchange information on threats will be verified during the forecast period.
The hybrid segment is expected to witness the highest growth at a CAGR of 13.5% during the forecast period. The growth of the hybrid phase can be attributed to organizations placing greater emphasis on the benefits of data management. Hybrid cloud solutions provide the ability to store and process data where decisions make the best economic sense, based on considerations such as performance, compliance, pricing, etc. Hybrid cloud system enables companies to expand their operations globally without impacting efficiency or reliability.
Global Cloud Security Market By Deployment (%)
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Cloud Security Market Regional Insights
The North America region dominated the market with a share of 34.0%. North American organizations have been more active in developing robust security measures, due to increased awareness of cybersecurity threats America. The North, especially the US, largely is a global provider of leader in various sectors such as science, technology, banking and healthcare benefits related to strategies for protecting critical assets.
Asia-Pacific is expected to emerge as the fastest growing regional market at a CAGR of 14.8%. The growth of the Asia-Pacific (APAC) region in the market can be attributed to the proliferation of cross-border companies. Cloud security solutions provide a unified and modular approach to security across multiple locations, helping companies manage complex cybersecurity.
Global Cloud Security Market By Geography
- Largest
- Fastest
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Cloud Security Market Dynamics
Driver
Rise in the Adoption of Cloud Computing Solutions and Services
- One of the major drivers for the market growth is the increasing adoption of cloud computing. Complex mathematical prediction models enable cybersecurity solutions that manage large amounts of data and data sets. With cloud technology, this data management can be completed in a secure and reliable environment. Major players like Cisco Systems, IBM Corporation, and others are committed to adopting cloud computing in cybersecurity solutions. These cloud computing services are based on 'Analytics-as-a-Service (AaaS) offerings to help end users quickly monitor and control unexpected threats. Furthermore, growth is enhanced by increased demand for large storage applications to store data and protect it with advanced security models.
Crypto Jacking to Increase Cloud Security Market
- Different values of cryptocurrencies corresponding to better decision-making ability leads to Crypto-jacking attacks in the cloud. For example, CoinStomp is a malware that creates shell scripts that attempt to use cloud computer instances hosted by network security providers to mine cryptocurrency. IT and security users and providers can implement the necessary countermeasures. The slow publication of public cloud storage services means that organizations are using countermeasures to address security concerns. The proliferation of malware attacks such as Coin Stomp can lead to a takeover of cloud security services such as user no data governance, stakeholder access and accessibility.
Restraints
Rapid Cost Concerns
- Small and mid-sized businesses often face budget constraints when it comes to implementing robust cloud security solutions. These solutions can have significant costs, including software, hardware, and employee training costs. As a result, some organizations adopt lax security measures, leaving them vulnerable to cyber threats. In today’s digital environment, it’s a big challenge for such businesses to find a balance between cost-effective security solutions and adequate security.
High Complexity
- Cloud security solutions present challenges because of their complexity. Companies can struggle with the complexity of setting up and managing multiple security tools and systems. These challenges require a skilled IT team, which can be restraints for smaller organizations. Simplifying and streamlining security measures is essential to making these solutions accessible and effective for a wide range of businesses.
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Cloud Security Market Competitive Landscape
Market leaders like Microsoft Corporation, Cisco Systems, Inc., IBM Corporation, Palo Alto Networks, Inc., Broadcom Inc., and others strive to improve their product offerings by integrating advanced technologies. Other players are forming strategic alliances to strengthen their market position and gain a competitive advantage. To maintain competencies, the major players use technological alliances, partnerships, and collaborations with other companies. Key market players' go-to strategies include upgrading existing products and developing new products to meet industry demands.
Cloud Security Market Top Players Company Profiles
- TrendMicro, Inc. (Japan)
- Broadcom (US)
- Zscaler (US)
- Akamai Technologies (US)
- Forcepoint (US)
- Fortinet (US)
- F5 (US)
- Qualys (US)
- Netskope (US)
- Proofpoint (US)
- Tenable (US)
- Cisco Systems (US)
- McAfee, Inc. (US)
- Palo Alto Networks, Inc. (US)
- Check Point Software Technologies (Israel)
- Microsoft Corporation (US)
- IBM Corporation (US)
- Splunk Inc. (US)
- Alphabet Inc. (US)
- AWS (US)
Cloud Security Market Recent Developments
-
In April 2024, Sonrai Security, a cloud security solutions provider, has unveiled the release of the Cloud Permissions Firewall for AWS, Azure, and Google Cloud. This innovative technology transforms cloud access and permissions security, providing a streamlined one-click least privilege solution without interrupting cloud operations and development teams.
-
In April 2024, Google unveiled a range of new cloud-based security offerings tailored for organizations overseeing extensive multi-tenant corporate networks. Alongside enhancements to existing products and services, Google introduced several updates to meet the evolving needs of its customers. Notably, many of these announcements revolved around Gemini, Google's premier suite of generative AI models, reflecting the company's commitment to leveraging advanced AI technology to bolster its security offerings.
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In November 2023, IBM unveiled a significant transformation of its flagship IBM QRadar SIEM product, introducing a redesigned version built on a new cloud-native architecture tailored for hybrid cloud environments. This redesign prioritizes scalability, speed, and adaptability to meet the demands of modern computing landscapes. Additionally, IBM disclosed its intention to integrate generative AI capabilities into its threat detection and response portfolio, leveraging watsonx, the enterprise-grade data and AI platform developed by the company.
Cloud Security Key Market Trends
- Adoption Of Managed Container Services to Maintain its Presence in the Market: In recent years, the use of containers has exploded across the IT industry. Many organizations are using managed or native Kubernetes orchestras. Enterprises use popular management services in the cloud such as Google Kubernetes Engine, Azure Kubernetes Service, Amazon Elastic Container Service for Kubernetes, etc. These management systems make it easy for developers to they will monitor, use, and scale containerized use-cases.
Cloud Security Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to SkyQuest analysis, the cloud security market is growing rapidly driven by the increasing adoption of cloud services across various industries. As organizations move their data and applications to the cloud, ensuring the security of these resources becomes paramount. Cloud security includes a range of technologies, policies and practices designed to protect cloud-based systems, data and infrastructure from threats. The main driver of the cloud security market is the widespread adoption of cloud services by all sizes of enterprises. Organizations are increasingly using cloud platforms for their scalability, cost effectiveness and flexibility. However, this migration requires robust security measures to protect sensitive data and ensure compliance with regulatory standards. The rise in cloud usage is driving the demand for comprehensive cloud security solutions. One of the most important restraints in the cloud security market is the challenges associated with implementing and maintaining cloud security solutions. The cloud security market is poised for tremendous growth, driven by the increasing adoption of cloud services, requiring robust security measures.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 33.50 Billion |
| Market size value in 2031 | USD 147.45 Billion |
| Growth Rate | 17.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cloud Security Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cloud Security Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cloud Security Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cloud Security Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cloud Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cloud Security Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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