Cloud Security Market Size & Share, Analysis & Forecast 2028

Cloud Security Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Service Model [Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), and Infrastructure-as-a-Service (IaaS)], Deployment Model (Public Cloud, Private Cloud, and Hybrid Cloud), Enterprise Size (Large Enterprises and Small & Medium-Sized Enterprises), Solution Type (Email & Web Security, Cloud Identity & Access Management, Data Loss Prevention, Intrusion Detection System/Intrusion Prevention System, Security Information & Event Management, and Others), and Industry Verticals [Banking, Financial Services, and Insurance (BFSI); IT & Telecom; Energy & Utilities; Government & Public Sectors; Healthcare; Manufacturing; and Others]

  • Report Code : TIPTE100000306
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 197
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The cloud security market is expected to grow from US$ 48.57 billion in 2022 to US$ 116.25 billion by 2028; it is estimated to grow at a CAGR of 15.7% from 2022 to 2028.

Security maintenance has become crucial in enterprises due to the growing number of online breaches and technological attacks. Cloud security provides numerous levels of protection within the network infrastructure against unauthorized access, data breaches, and distributed denial-of-service (DDoS) attacks. In 2022, Flexera, an American computer software company, conducted a study and projected that nearly 57% of organizations are moving their workloads to the cloud. Also, nearly 6 out of 10 businesses moved their work to the cloud. Therefore, the increasing number of companies using cloud-based infrastructure is propelling the adoption of cloud security solutions.

The presence of large well-known and financially strong companies in the global cloud security industry includes Amazon Web Services, Inc.; Microsoft; IBM Corporation; Oracle; and Google, Inc.. Owing to this, the bargaining power of buyers in the cloud security market is quite high. Furthermore, due to technological advancements in cloud security and surging managed container services, the bargaining power of buyers is estimated to remain high during 2019–2028. The major companies in the cloud security market use different strategies while planning solution and service models for different industry verticals. Continuous advancements in the technology sector are anticipated to put pressure on cloud security providers to adapt to the changes to sustain their market position.

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Cloud Security Market: Strategic Insights

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Impact of COVID-19 Pandemic on Cloud Security Market Share

The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020, hampering business activities across several industries across the world. It also disrupted the operations of several firms, clients, and partners for an indefinite period due to travel restrictions and business shutdowns. The remote and hybrid work model was rapidly growing due to tremendous investment in digital transformation.  Moreover, there was a massive adoption of cloud security, fueled by the pandemic, expanding data centers, government expenditure on huge smart cities, and public administration projects supporting enterprise adoption of emerging technologies. The software industry was unaffected during the pandemic as several businesses allowed their employees to work from home. Besides, companies increasingly adopted cloud security solutions and services to reduce manpower requirements for data maintenance. This enabled them to protect their workforce from possible infections while ensuring production was not hampered.

Market Insight – Cloud Security Market

Surging Use of Cloud-Based Solutions and Managed Security Services Fuels Cloud Security Market Growth

The demand for cloud-based services increased significantly during the COVID-19 pandemic due to the widespread adoption of the work-from-home model. Microsoft recorded a 775% spike in demand for its cloud service platform during 2021. Small and medium-sized enterprises (SMEs) are embracing managed security services since they lack the internal expertise to effectively manage cloud services. According to OTAVA, these strategies allow them to combine the advantages of a public cloud with the security of a private on-premises cloud environment. According to Flexera's 2020 State of the Cloud Report, enterprises are embracing cloud services, with 93% of them utilizing a multi-cloud strategy and 87% preferring a hybrid cloud strategy. There is a notable demand for cloud security services offered by significant cybersecurity suppliers such as Google, Microsoft, and Amazon. A few potential benefits of integrating cloud computing in the procedures and operations of SMEs are simplified access, rapid implementation, low IT infrastructure requirement, and low installation costs.

Deployment Model-Based Insights

Based on deployment model, the cloud security market is segmented into public, private, and hybrid clouds. In 2022, the public cloud segment accounted for the largest cloud security market share. Enterprises are highly deploying public cloud via third-party cloud service providers (CSPs) to manage applications and data within their infrastructure. Furthermore, key players in the market continue to provide built-in security tools, which help in protecting business-critical data. The general public, individuals, and businesses are largely attracted to public cloud infrastructures as they provide service scalability and ease the management workload for in-house IT staff. These factors are driving the cloud security market growth in the public cloud segment.

Players operating in the cloud security market are mainly focused on the development of advanced and efficient products.

  • In August 2022, VMware Inc introduced significant enhancements to its unique lateral security capabilities to help customers achieve security for modern and traditional applications for multi-cloud environments, thereby boosting the cloud security market growth.
  • In June 2022, Palo Alto Networks expanded the cloud-native application protection platform with capabilities such as context-aware software composition analysis and software bill of materials.

Cloud Security Market Regional Insights

The regional trends and factors influencing the Cloud Security Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Cloud Security Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

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  • Get the Regional Specific Data for Cloud Security Market

Cloud Security Market Report Scope

Report Attribute Details
Market size in 2022 US$ 48.57 Billion
Market Size by 2028 US$ 116.25 Billion
Global CAGR (2022 - 2028) 15.7%
Historical Data 2020-2021
Forecast period 2023-2028
Segments Covered By Service Model
  • Software-as-a-Service
  • Platform-as-a-Service
  • Infrastructure-as-a-Service
By Deployment Model
  • Public Cloud
  • Private Cloud
  • Hybrid Cloud
By Enterprise Size
  • Large Enterprises and Small & Medium-Sized Enterprises
By Solution Type
  • Email & Web Security
  • Cloud Identity & Access Management
  • Data Loss Prevention
  • Intrusion Detection System/Intrusion Prevention System
  • Security
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Amazon Web Services, Inc.
  • Microsoft
  • Google LLC
  • Oracle
  • IBM Corporation
  • Cisco System, Inc.
  • Trend Micro Incorporated
  • Palo Alto Networks, Inc.
  • Checkpoint Software Technologies

  • Cloud Security Market Players Density: Understanding Its Impact on Business Dynamics

    The Cloud Security Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

    Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

    Major Companies operating in the Cloud Security Market are:

    1. Amazon Web Services, Inc.
    2. Microsoft
    3. Google LLC
    4. Oracle
    5. IBM Corporation

    Disclaimer: The companies listed above are not ranked in any particular order.


    cloud-security-market-speedometer

    • Get the Cloud Security Market top key players overview

    The cloud security market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South America. In 2022, North America led the market with a substantial revenue share, followed by Europe. Further, Asia Pacific is expected to register the highest CAGR in the market from 2022 to 2028.

    Amazon Web Services, Inc.; Microsoft; IBM Corporation; Oracle; Trend Micro Incorporated; VMware, Inc.; Palo Alto Networks, Inc.; Cisco Systems, Inc.; Check Point Software Technologies Ltd.; and Google, Inc. are among the key players operating in the cloud security market. The market report provides detailed market insights, which helps the key players strategize the growth in coming years.

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset
    Report Coverage

    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered

    Segment Covered

    Service Model, Deployment Model, Enterprise Size, Solution Type, and Industry Verticals

    Regional Scope

    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope

    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    Who are the major vendors in the cloud security market?

    Amazon Web Services, Inc.; Microsoft; IBM Corporation; Oracle; Trend Micro Incorporated; VMware, Inc.; Palo Alto Networks, Inc.; Cisco Systems, Inc.; Check Point Software Technologies Ltd.; and Google, Inc. are the leading companies in the cloud security market.

    What are the future trend for cloud security market?

    Cloud-native applications, which are created specifically to operate on the cloud, are gaining prevalence with the growing use of cloud platforms; therefore—surge in technological advancements in cloud security is one of the major trends in the cloud security market.

    Which region to dominate the cloud security market in the forecast period?

    North America dominated the cloud security market in 2021. With higher penetration of large and mid-sized companies, there is a growing frequency of cyber-attacks and the increasing number of hosted servers. Moreover, growing number of cybercrime and the production of new cyberattacks, as well as surge in usage of cloud-based solutions are all becoming major factor propelling the market growth in the region.

    What are market opportunities for cloud security market?

    With growing adoption of artificial intelligence & machine learning, cybersecurity teams are expected to gain valuable tools for averting security breaches and focusing more on innovation to achieve their long-term business goals. Also, surge in number of governments initiatives & investments in cloud technology are anticipated to create growth opportunity for the market players in the coming years.

    What are reasons behind cloud security market growth?

    Due to rising number of cyberattacks, businesses are implementing cutting-edge cybersecurity tools to identify risks and reduce costs associated with data breaches. Moreover, surge in usage of cloud-based solutions & managed security services and increasing managed container services are propelling the growth of the cloud security market.

    Trends and growth analysis reports related to Technology, Media and Telecommunications : READ MORE..   

    The List of Companies - Cloud Security Market

    1. Amazon Web Services, Inc.
    2. Microsoft
    3. Google LLC
    4. Oracle
    5. IBM Corporation
    6. Cisco System, Inc.
    7. Trend Micro Incorporated
    8. Palo Alto Networks, Inc.
    9. Checkpoint Software Technologies
    10. VMware, Inc.

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