The Global Cloud Security Market is estimated to be USD 36.6 Bn in 2021 and is expected to reach USD 69.8 Bn by 2032, growing at a CAGR of 15.3%.

Cloud computing security, also called cloud security, encompasses all plans, policies, and execution controls necessary to safeguard and protect applications’ data, infrastructure, and compliance.

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Because the cloud is an internet-based shared resource, access control, identity management privacy, data protection, and privacy all fall within the scope of this type of security. It concerns security controls in a hosted environment to ensure integrity and continuity at all levels: platform, infrastructure, and application.

Due to the increasing use of smartphones and an expanding base of internet users, the market is expected to continue its healthy growth trajectory over the forecast period. The market is also being stimulated by the increasing adoption of hosted environments for small and medium businesses and rising concerns about data and information security. Developing trends and technologies such as Bring-Your-Own-Application (BYOA), (IoT), and (BYOD) are also creating security challenges.

Although still in its early stages, the market is dynamic and expected to continue growing rapidly during the forecast period. It is anticipated that the number of industries accepting hosted infrastructure will increase security demand across various verticals during the forecast period.

DRIVERS

Uptake in cloud-based solutions and MSS

Forbes estimates that by 2020, 84 percent of enterprise workloads will be stored in the cloud. Major cloud companies, like Amazon and Google, invest heavily in cloud security to counter the ever-evolving hacker script. Due to the emergence of COVID-19, cloud-based services have seen a surge in demand. Due to the widespread COVID-19, enterprises were forced to borrow large amounts from cloud services due to

Microsoft reported a 778 percent increase in cloud service demand during the epidemic. Managed services are gaining popularity among SMEs because they allow them to have the necessary capabilities to manage cloud services efficiently. According to OTAVA, 87 companies will adopt a cold-blooded cloud strategy in 2021. This is because it combines the benefits of a public cloud with the security and privacy of a private cloud terrain. Flexera’s 2020 State of the Cloud Report shows that enterprises embrace cloud abandonment. 93 use a multi-cloud strategy, and 87 use a cold-blooded strategy. Major cybersecurity vendors demand that cloud security be remediated, similar to Amazon, Microsoft, and Google. SMEs are rushing cloud computing to improve their operations and processes due to its implicit benefits, such as ease of access, rapid deployment, low IT structure demand, and installation costs.

Small-scale businesses have many opportunities due to the increasing complexity of procurement

The global economic boom has created huge opportunities for growth in the information technology and communications industry. There is a lot of potential for growth due to the increasing adoption of cloud computing and the growing acceptance of advanced technology. Businesses around the world are placing a strong emphasis on reducing paperwork and traditional approaches.

Restraining Factors:

Lack of trust and collaboration between enterprises and cloud security service providers

As they aren’t confident in cloud service providers (CSPs), large and small associations won’t move their businesses to the cloud. The cloud service provider’s infrastructure holds essential data for associations, making it vulnerable to cyberattacks. This can discourage companies from giving their private data to these service providers. Companies can gain trust by implementing a transparent information security strategy by cloud security service merchants. Similar mistrust in cloud computing technology hinders the growth and security of the cloud security request.

Key Trends

Both IT security providers and users have the opportunity to put in place the appropriate countermeasures. Organizations are taking security precautions, and a slowing trend in cloud storage service exposure shows a decrease in the number of public cloud storage services exposed. CoinStomp and other malware attacks will likely increase the demand for cloud security services like user and data governance, access management, identity & authorization management, etc.

Recent Developments

AWS Cloud WAN, a new service, was launched in December 2021. This central dashboard allows enterprises to connect their data centers, branch offices, and Amazon Virtual Private Clouds across the AWS global networks in just a few clicks.

December 2021: Verizon and Google Cloud have teamed up to bring the power of cloud computing closer to mobile and connected devices on the Verizon network’s edge. Verizon 5G Edge is partnering with Google Distributed Cloud Edge to bring Google’s computing, storage, and services to the edge. This will allow for the bandwidth to be available and the low latency necessary to support real-time enterprise applications such as autonomous mobile robots and intelligent logistics.

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Key Market Segments

Type

  • >Data Loss Protection

  • >Email Protection

  • >Network Security

  • >Encryption Services

  • >Other

Application

  • >Government & Military

  • >IT & Telecom

  • >BFSI

  • >Healthcare

  • >Other

Key Market Players included in the report:

  • >IBM

  • >Cisco Systems

  • >Symantec

  • >CA Technologies

  • >Fortinet

  • >Sophos

  • >Panda Security

  • >Zscaler

  • >McAfee

  • >Symplified

  • >Trend Micro

  • >Intel Security

FREQUENTLY ASKED QUESTIONS?

  • What is cloud security?
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  • What are the major players in the cloud security market, and who are they?
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