Cloud Security Market

Industry Overview

The protection of online data stores against theft, deletion, and leakage is called cloud security. Currently  Cloud Security Market is growing at fast paced globally. Methods of providing cloud security include penetration testing, obfuscation, tokenization, firewalls, avoiding public internet connections, and virtual private networks (VPN). Major threats to cloud security include data loss, account hijacking, data breaches, service traffic hijacking, poor choice of cloud storage providers, insecure application program interfaces (APIs), and shared technology that can compromise cloud security.

Increasing instances of online data theft, copying, and manipulation have made the use of cloud security a must. All the big organizations, which store a large amount of data, upload it on their cloud to save storage space and for instant access. This makes it important to keep the data safe from such unscrupulous activities.

Market Segmentation

Insight by Deployment Type

There are three types of deployment in the cloud security market such as private, public, and hybrid. Among all these categories, the public segment account for the largest share in the market, and hybrid cloud is anticipated to witness the fastest growth during the forecast period. The public cloud is observing rampant demand from small and medium enterprises due to its lower costs. Furthermore, it helps in providing reliability and scalability as it avails on-demand requirements of resources in order to meet the evolving needs of business enterprises.

Moreover, a hybrid cloud provides agility to the users and helps enterprises to make their organizations compatible and suitable to do business on a digital platform. Thus, it helps the organization in gaining a competitive edge over its rival, thereby enhancing the growth of the cloud security market across the globe.

Insight by Organization Size      

On the basis of organization size, the cloud security market is segmented into large and small, and medium enterprises. Of all, the cloud security system market is witnessing extensive demand from small and medium enterprises. Since, this system provides cost efficiencies to enterprises, increasing scalability and helping users in securely and easily access data.

Insight by Solution

Based on the solution the cloud security market is categorized into cloud e-mail security, cloud IAM, cloud DLP, and cloud IDS/IPS. Among all these segments, cloud IAM is anticipated to witness the fastest growth during the forecast period since it provides secure access of data to business enterprises since organizations proceed with their services and share data through the public cloud.

Insight by Application

The cloud security market has also been segmented by application into education, financial services, healthcare, IT & telecom, media & entertainment, government, and others. Among all these segments, financial services are expected to witness the fastest growth during the forecast period since cloud security helps enterprises in enhancing and improve the experience of users. Furthermore, it helps financial companies in centralizing access control, reduces costs, and helps business organizations to meet evolving regulatory requirements.

Global Cloud Security Market Report Coverage

Industry Dynamics

Industry Trends

Increasing trends in VPN technology, cloud computing an increasing number of cases of cyber threats, increasing acceptance of BYOD devices, and increasing utilization of blockchain by various business organizations across the globe are the key trends observed in the cloud security market. BYOD stands for bring your own devices which is a policy used by many corporations. This allows the employees to bring their own device and use it to access the classified data of the organization. This policy can be used to manipulate, leak and delete the data. Moreover, cloud security is used for corporate employees to remote access data securely.

Growth Drivers

The increase in cyber-attacks, increase in the acceptance of BYOD, Internet of things, increasing demand for cloud services and government initiatives are the growth drivers of the global cloud security market. The Internet of Things is the connectivity of physical devices like vehicles, home appliances, smartphones, and tablets with each other through a network to exchange data within them. Furthermore, this can contain personal information, so with more and more adoption of IoT, the acceptance of cloud security systems is increasing.

Data Breach Concerns: Data breaches have become a significant concern for businesses globally. Cloud security solutions offer advanced encryption, access control, and threat intelligence to safeguard sensitive data stored in the cloud. The ability to secure data effectively and prevent unauthorized access helps organizations build trust in cloud services and drives the demand for cloud security solutions

Compliance and Regulations: Governments and regulatory bodies worldwide have implemented stringent data protection and privacy regulations. Compliance with these regulations, such as the General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act (CCPA) in the United States, requires organizations to implement appropriate security measures for protecting customer data. Cloud security solutions help businesses meet these compliance requirements and avoid potential penalties, driving the adoption of such solutions.Increased Cyber Threats: With the rise in sophisticated cyber threats, including malware, ransomware, and phishing attacks, organizations need robust security measures to protect their cloud-based infrastructure and data. Cloud security solutions offer features like real-time threat monitoring, advanced analytics, and incident response capabilities to detect and mitigate these evolving threats. As a result, businesses are investing in cloud security solutions to bolster their cybersecurity posture.

 Increased Awareness and Education: As cloud adoption becomes more prevalent, organizations are becoming more aware of the importance of cloud security. Industry conferences, training programs, and increased media coverage on cloud security breaches have contributed to the growing demand for robust cloud security solutions.

Furthermore, increasing government initiatives state the increase in the utilization of cloud-based technology. There have been several smart city projects implemented which require cloud-based technology to keep all the data stored on the cloud networks secured. These factors are thereby pertaining to the growth of the cloud security market across the globe. 

Challenges

DDoS attacks, data breaches, insecure access points, notifications, and alerts are some of the challenges that the global cloud security market faces. DDoS is distributed denial of service; it is an attack that stops the servers to respond to the legitimate user's command. The servers stop responding and ultimately the website or the data on the cloud are inaccessible.

Industry Ecosystem

Globally industry players are leveraging market growth through the development of innovative solutions in the global market for cloud security. The vendors for cloud security are providing various solutions to the users such as advanced security features, easy to operate, and provision troubleshooting diagnosis system that provides instant service in case of any technical issue.

Geographic Overview

Geographically, North America is the largest cloud security market, globally due to the development of various smart city projects in the region and the increasing utilization of hybrid cloud that helps in enhancing scalability for business enterprises.

Moreover, Asia-Pacific is anticipated to witness the fastest growth during the forecast period for the cloud security market since the region offers potential growth to the IT sector in this region. There are also several initiatives undertaken by the government for the use of cloud technology and the development of smart city projects in this region.

Competitive Insight

Key players in the cloud security industry are investing in improving the quality of access control and developing the latest technologies that are furthermore strengthening their position in the market. However, it has been observed that local players are depending upon new technology to develop cost efficiencies, thus increasing the rivalry in the market to some extent. The prominent players in the global cloud security market include Cisco Systems, CA Technologies, Inc., CSC, Trend Micro, Inc., Intel Security, Symantec Corporation, IBM Corporation, and Fortinet, Inc.