The size of the global cloud security market, estimated at USD 29.26 billion in 2021, is expected to increase by USD 106.02 billion by 2029, with a CAGR of 18.1% from 2022 to 2029. The global COVID-19 pandemic has been unheard of and shocking, with demand exceeding expectations in every region compared to pre-pandemic levels. Considering the results of our analysis, the global market grew by 11.6% in 2020 compared to 2019.
We took into account a variety of cloud security options provided by market participants, including identity and access management options from ForgeRock, Oracle, and IBM. The companies Symantec, Trend Micro, Trustwave, and Digital Guardian provide solutions for preventing data loss. IBM, Micro Focus, MacAfee, and other companies provide security information and event management (SIEM) solutions. Similarly, Splunk, Rapid7, and other companies provide business continuity and disaster recovery solutions.
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Information about the report:
- Forecast Timeframe: 2023–2029
- The starting year is 2022.
- Market Size in 2021: USD 29.26 billion
- The market size in 2029 will be USD 106.02 billion.
- CAGR: 18.1%
- Segments Included: according to deployment type, application, enterprise type, sector, and geographic region
Analyses of the worldwide Cloud Security Market are conducted across regions, end-user industries, and material types. The study includes a thorough examination of segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.
Trending Now
Attacks known as "Crypto-jacking" occur in the cloud due to the fluctuating value of cryptocurrencies designed with better decision-making capabilities. For instance, the malware known as CoinStomp uses shell scripts to attempt to mine cryptocurrencies using cloud computing resources provided by network security companies.
Users and providers of IT security have the chance to put the necessary safeguards in place. Public cloud storage service exposure is trending less, which suggests that businesses are taking security concerns seriously and putting protective measures in place. The prevalence of malware attacks like CoinStomp is probably what will spur more people to use cloud security services like identity access management and user and data governance.
By Security Type Analysis,
The market is divided into identity and access management (IAM), data loss prevention (DLP), security information and event management (SIEM), business continuity and disaster recovery, and others (operations management, for example) based on security type.
The market share leader was the identity and access management segment, which is anticipated to continue to dominate during the forecast period. Multi-factor authentication (MFA), password management, single sign-on (SSO), and profile management are just a few of the technologies that fall under the umbrella of identity and access management (IAM). Increased adoption of IAM solutions is directly correlated with increased cloud adoption.
According to the enterprise size analysis,
Small and medium-sized businesses (SMEs) and large businesses make up the two segments of the market, respectively, based on enterprise size.
Large businesses are required to scale their infrastructure in order to meet the needs and brand-new demands put forth by the remote workforce. Additionally, businesses must maintain the infrastructure that supports their services and goods. These are a few of the elements that are predicted to help the enterprise cloud spending increase by 21%.
Due to a decline in capital spending linked to a decline in demand for goods and services as well as budget rigidity during the pandemic crisis, small and midsized businesses are anticipated to reduce their cloud spending.
By Region, Geographically, The market is studied across North America, South America, Europe, the Middle East Africa, and Asia Pacific.
Players in the industry,
Leading companies on the market like Microsoft Corporation, Cisco Systems, Inc., IBM Corporation, Palo Alto Networks, Inc., Broadcom, and others work to improve their product offerings by bolstering the integration of cutting-edge technologies. To strengthen their market positions and gain an advantage over rivals, other players are forming strategic alliances.
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