Cloud Security Market Outlook 2031
The cloud security market size was valued at nearly USD 77.5 Billion in 2022 and is anticipated to reach USD 246.12 Billion by 2031, expanding at a CAGR of 13.7% during the forecast period, 2023 – 2031. The growth of the market is attributed to the growing amount of sophisticated cyber-attacks on cloud computing systems, as well as the growing requirement for compliance with different forthcoming laws.
Cloud security is also known as cloud computing security, a collection of regulations that work together to keep cloud-based systems and data secure. The security measures are set up to secure cloud data, assist regulatory compliance, preserve consumer privacy, and set up verification procedures for specific users and devices.
Cloud security may be tailored to a company's specific requirements. Cloud security is critical for businesses who are using cloud technologies. Furthermore, security risks have increased, and because the situation is growing more complicated, cloud computing is no less vulnerable than the on-premises system.
Cloud security has a number of advantages, including centralized security, cost and administrative savings, and reliability. The cloud is a data server center run by a third party that is accessible to a variety of consumers. The cloud operates by creating a virtual computer that serves as a server.
The Bring Your Own Device (BYOD) standards enable businesses to make better use of cloud technologies while also encouraging employees to bring their own devices to work. Forcepoint cloud access security broker keeps data in the cloud safe and secure (CASB).
Cloud apps are well-protected and prevent accounts from being hacked. Machine learning, artificial intelligence, and quantum computing are estimated to enable the cloud to become more automated in the future.
Cloud Security Market Trends, Drivers, Restraints, and Opportunities
- Rising cases of sophisticated cyber-attacks on cloud computing systems are expected to fuel the market during the forecast period.
- Growing requirement for compliance with different forthcoming laws is key factor propelling the market.
- Complexity of cloud computing models are projected to restrict the market expansion.
- Lack of knowledge among businesses and consumers acts as major challenge that can hamper the market expansion in the coming years.
- R&D investment and technological advancement are anticipated to create lucrative opportunities for the market players.
Scope of Cloud Security Market Report
The report on the cloud security market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Cloud Security Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Solution (Identity and Access Management, Data Loss Prevention, IDS/IPS, Security Information & Event Management, and Encryption), Security (Application Security, Database Security, Endpoint Security, Network Security, and Web & E-mail Security), Deployment Mode (Private, Hybrid, and Public)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Cisco Systems Inc.; Trend Micro Inc.; IBM Corporation; Imperva Inc.; and Broadcom Inc.
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Cloud Security Market Segment Insights
The intrusion detection and prevention segment is projected to hold a major market share
Based on the solution, the cloud security market is divided into identity and access management, data loss prevention, intrusion detection software & intrusion prevention software, security information & event management, and encryption.
The intrusion detection and prevention segment is expected to represent a key share of the market during the forecast period. An intrusion detection and prevention system (IDPS) watches network traffic for indicators of an attack. It takes measures to halt an assault when it identifies potentially hazardous behavior.
The web and e-mail segment is expected to grow at a rapid pace
In terms of security, the cloud security market is divided into application security, database security, endpoint security, network security, and web & e-mail security. The web & e-mail segment is expected to represent a key share of the market during the forecast period.
Due to more firms embracing cloud-based services to secure their business organizations, web and email security is projected to account for the major market share. Increased use of cloud-based online and email services, as well as the need to secure these applications from sophisticated threats such as ransomware, APTs, malware, and unauthorized accesses, is driving the market.
The hybrid segment is anticipated to expand at a rapid CAGR
Based on deployment mode, the cloud security market is divided into private, hybrid, and public. The hybrid segment is expected to represent a key share of the market during the forecast period.
Hybrid cloud security refers to the safeguarding of data, applications, and infrastructure in an IT architecture that includes workload portability and administration across various IT environments, including at least one public or private cloud.
Asia-Pacific is anticipated to dominate the market
On the basis of regions, the cloud security market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. Due to the expansion of the manufacturing sector, Asia-Pacific is estimated to expand rapidly.
Major corporations are establishing a presence in Asia Pacific. For example, Google has increased the number of Google Cloud Platforms in Asia Pacific.
Segments
The cloud security market has been segmented on the basis of
Solution
- Identity and Access Management
- Data Loss Prevention
- IDS/IPS
- Security Information & Event Management
- Encryption
Security
- Application Security
- Database Security
- Endpoint Security
- Network Security
- Web & E-mail Security
Deployment mode
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the cloud security market include Cisco Systems Inc.; Trend Micro Inc.; IBM Corporation; Imperva Inc.; and Broadcom Inc. Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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