Global Cloud Security Market to Reach $62.9 Billion by 2028: Data Security Takes Center Stage

DUBLIN, Sept. 4, 2023 /PRNewswire/ -- The "Global Cloud Security Market by Offering (Solution and Services), Solutions (CASB, CWPP, CSPM, CDR, and CIEM), Services (Professional and Managed), Service Model (IaaS, SaaS, and PaaS), Type, Vertical, and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global cloud security market is set to experience substantial growth, expanding from USD 40.7 billion in 2023 to USD 62.9 billion by 2028, at a compelling CAGR of 9.1% during this period.

Key Market Drivers:

The surge in multi-cloud environments, adoption of advanced technologies like AI and ML for cloud security, proliferation of BYOD and CYOD trends, the rise of DevSecOps approaches, and the increasing acceptance of multi-cloud environments are pivotal factors propelling the growth of the cloud security market.

Key Insights:

• Data Security Dominates: The Data Security segment is anticipated to record the most significant market size growth during the forecast period. As businesses increasingly rely on cloud services to store data, the demand for enhanced cloud information protection has surged. Strict data privacy laws and regulations, coupled with the rise in remote work, have further elevated the importance of securing data in the cloud.
• BFSI Sector Leads Verticals: The BFSI segment is poised to attain the largest market size during the forecast period. Financial institutions grapple with safeguarding a plethora of sensitive customer financial data, necessitating robust cloud security solutions. While cloud adoption within the BFSI sector boosts efficiency, it also introduces security concerns, making comprehensive cloud security solutions a priority.
• North America Dominates: North America is set to capture the largest market size during the forecast period. The region's robust regulatory environment and advanced cloud adoption practices position it as a cloud security leader. A strong focus on data protection, evidenced by increased adoption of encryption and data threat protection, further cements North America's position in the cloud security landscape.
• Asia Pacific's Rapid Growth: Asia Pacific is expected to exhibit the highest CAGR during the forecast period. The region's rapid digital transformation, increased cloud technology adoption, cybersecurity concerns, and economic growth contribute to the demand for robust cloud security solutions.

Premium Insights:

• Rise in Investments and Organic and Inorganic Developments by Key Vendors to Boost Market
• Solutions Segment to Account for Larger Share by 2028
• Casb Segment to Account for Largest Share by 2028
• Professional Services Segment to Lead Market During Forecast Period
• Visibility and Risk Assessment Segment to Lead Market During Forecast Period
• IaaS Segment to Lead Market During Forecast Period
• BFSI Segment to Account for Largest Share During Forecast Period
• Asia-Pacific to Emerge as Best Market for Investments in Next Five Years

Case Study Analysis:

• Fortinet Empowered Autodesk with Scalable Cloud Security in AWS Environment
• Financial Services Companies Deployed Palo Alto Networks' Prisma Cloud Security Suite to Optimize Computing Costs
• St. John's Hospital Adopted Microsoft Azure to Secure Cloud Infrastructure

Market Dynamics:

Drivers:

• Increasing adoption of multi-cloud environments
• Growth of DevSecOps practices
• High adoption of AI and ML solutions
• Rise of BYOD and CYOD trends

Restraints:

• Lack of awareness regarding cloud security
• Complexity in cloud security management
• High navigation costs and stringent regulations
• Reliance on cloud security providers

Opportunities:

• Development of cloud computing landscape
• Growth of mobile computing
• High adoption of IoT devices
• Sophistication of cybercriminals

Challenges:

• Shortage of skilled security professionals
• Difficulty securing data in transit

Companies Mentioned

• Accuknox
• Akamai Technologies
• Ascend Technologies
• Aws
• Banyan Cloud
• Broadcom
• Caveonix
• Check Point
• Cisco
• Data Theorem
• Ermetic
• F5
• Fidelis Cybersecurity
• Firemon
• Forcepoint
• Fortinet
• Google
• Ibm
• Imperva
• Lookout
• Menlo Security
• Microsoft
• Netskope
• Opscompass
• Orca Security
• Palo Alto Networks
• Proofpoint
• Qualys
• Rapid7
• Secberus
• Skyhigh Security
• Sonrai Security
• Sysdig
• Tenable
• Tigera
• Trellix
• Trend Micro
• Tufin
• Wiz
• Zscaler

For more information about this report visit https://www.researchandmarkets.com/r/xgdgh0

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