Cloud Network Security Market Share & Growth | Forecast 2030

Report Description

The global cloud network security market size is expected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the demand for smartphones and the increasing internet penetration in remote areas. Healthcare and retail companies are using cutting-edge technologies to meet security challenges, which present another key driver for the market expansion.

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Cloud network security is a pool of strategies that work together to secure cloud systems and data. Configure security measures to protect data in the cloud, ensure compliance and protect customer privacy, and set up verification rules for individual users and devices. The security system can be customized as per the needs and requirement for specific purposes. The system offers several advantages because these rules can be configured and managed in one place, thereby reducing management overhead. Cloud security is essential for both large enterprises and small & medium enterprises to ensure effective functioning of data protection and safety using cloud technology. In addition, as the number of security threats increases and the situation becomes more complex, cloud computing is facing many security risks and threats from various third parties.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing cyber threats at network point in cloud security is projected to boost the market growth during the forecast period.
• Rapid growth of the BFSI industry and demand for cloud based storage of confidential data are major factors fueling the market growth in the coming years.
• Increasing adoption of cloud-based services in government and BFSI sector is anticipated to drive the market growth during forecast period.
• High cost of cloud based network security solutions is projected to restrict the market growth.
• Lack of awareness among small scale enterprises and complexity of cloud based solutions act as key challenges that can hamper the market growth during the forecast period.
• R&D investment and technological advancement initiatives taken by government to support smart infrastructure projects are expected to offer significant opportunities for the market players.

Scope of the Report

The report on the global cloud network security market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Large Enterprises segment is projected to account for a major market share

Based on type of enterprises, the cloud network security market is bifurcated into large enterprises and small & medium enterprises. The large enterprise segment is expected to represent a key share of the market during the forecast period owing to rising adoption of the network from large companies as it is required to store bulky and massive data related to several operations units within an organization. These large companies are actively investing in cutting-edge technology to increase the productivity and overall efficiency. The companies depend on security solutions and would invest heavily in advanced cloud security solutions to ensure the best security in a competitive enterprise environment. Meanwhile, the adoption of cloud security solutions become increasingly important as they use a large number of clouds and internet of things applications to avoid from cyber-attacks.

Firewalls segment is expected to grow at a rapid pace

In terms of type of solutions, the market is divided into firewalls, intrusion detection systems (IDS), intrusion prevention systems (IPS), secure socket layer virtual private networking (SSL VPN), and others. The firewall segment is expected to represent a key share of the market during the forecast period owing to commonly adoption of firewall security implementation in majority of industries. The firewall monitors the original source, IP address, port, and protocol of incoming and outgoing files that act as a barrier to prevent unauthorized access to data. On the other hand, the IPS segment is anticipated to expand at a rapid pace during the forecast period owing to wide adoption of intrusion prevention systems. The system offers facilities to stop threats rather than simply detect them. The advanced security features provided by various types of software are likely to increase the demand for solutions in the near future. Moreover, the latest development of the Internet intrusion prevention systems have become more and more popular, which is projected to boost the segment growth.

Healthcare segment is anticipated to expand at a substantial CAGR

On the basis of end-users, the cloud network security market is segmented into BFSI, government, healthcare, education, manufacturing, service providers, and others. The healthcare segment is expected to expand at a substantial CAGR during the forecast period due to rising needs for storing massive healthcare data and increasing concerns to security protection in hospitals, clinics and other offices.  Moreover, rapid investment from the key healthcare players to develop new technology such as intelligence and natural language to cloud service present a key aspect for the segment growth. In addition, hospitals are increasingly using electronic health records (EHR) to store sensitive patient information. Extensive health insurance and claims, and the transmission of large amounts of data to patients, care providers and payers, increase the need for network information security are major factors driving the segment growth.

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North America is anticipated to dominate the market

On the basis of regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period owing to increasing cases of cyber-attacks, and wide adoption of new technology for cloud computing among companies based especially in the US. The presence of large cloud service providers such as Microsoft and Amazon in the country plays an important role in the growth of the cloud security market. Moreover, tightening security regulations from government bodies to ensure more security service in the cloud present another key aspect for the regional market growth. As the penetration rate of large and medium-sized companies is higher than that of other markets, this region is expected to become a major economic zone for the network security solutions.

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