The cloud security market size is valued at USD 34.5 billion in 2020 and is expected to register a 14.3% CAGR during the forecast period (2021-2027). Cloud security is one of the important aspects taken into consideration by every company that has shifted its business to the cloud. Most organizations are using multiple cloud servers and looking for a unified way to secure them, which will boost the growth of the cloud security market. Many enterprises use CASB software that integrates cloud service users and cloud applications for monitoring activity and enforcing security policies.
Factors Affecting the Cloud Security Industry Over the Forecast Period
The increasing sophistication of cyber espionage, cybercrimes, and new cyberattacks are the key factors that boost the growth of the cloud security market. Moreover, increasing data leakage and data breaches in enterprises are creating the demand for cloud security and are expected to accelerate the growth of the cloud security market.
Due to trust issues, small and large enterprises are hesitant to move all their data to the cloud. This factor is estimated to impede the growth of the cloud security market. Additionally, the rise in the number of government initiatives to support smart city projects is investing in cloud computing technology, which increases the demand for cloud security and fuel the growth of the global market.
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COVID-19 Impact on the Global Cloud Security Market
The impact of the COVID-19 pandemic on the cloud security market was relatively mild compared to other industries. Since all the government and regulatory authorities have mentioned to both public and private organizations to work remotely and maintain social distancing, digital business has increased. On the other perspective internet penetration across the corners of the globe has also increased exponentially. This results in cloud security growth in the later stages of lockdown to ensure safety from malicious attackers and hackers.
Scope of the Cloud Security Market
The report outlines the global cloud security market study based on service, security type, application, and region.
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By Service Outlook (Sales/Revenue, USD Million, 2017-2027)
By Security Type Outlook (Sales/Revenue, USD Million, 2017-2027)
- Perimeter Security
- Network Security
- End Point Security
- Application Security
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By Application Outlook (Sales/Revenue, USD Million, 2017-2027)
- Visibility and Risk Assessment
- User and Data Governance
- Activity Monitoring and Analytics
- Threat Protection and Remediation
By Region Outlook (Sales/Revenue, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Cloud Security Market Regional Outlook
The global cloud security market has been segmented into five geographical regions: North America, Asia Pacific, South America, Europe, and the Middle East and Africa (MEA). North America, followed by Europe and the Asia Pacific, has the largest share in the global cloud security market, owing to the high adoption of IT security services. Further, Asia Pacific is the fastest-growing global cloud security market.
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Key Market Players
The global cloud security market is fairly fragmented, with the presence of a large number of small players across the globe. The vital cloud security manufacturers operating in the global market are–
- Trend Micro
- Amazon Web Services
- Palo Alto Networks
The cloud security market report thoroughly analyzes macro-economic factors and every segment's market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players' presence in the respective segment and region/country. The information concluded in the report includes the inputs from primary interviews.
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