Cloud Data Security Market worth $9.1 billion by 2027, growing at a CAGR of 15.5%: Report by MarketsandMarkets™

Chicago, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The Global Cloud Data Security Market is estimated to be USD 4.4 billion in 2022 and is projected to reach USD 9.1 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 15.5% during the forecast period, according to a new report by MarketsandMarkets™. Growth in the adoption of cloud services by businesses and rising incidents of security attacks and breaches are driving market growth. Securing social media, operating systems, online payment apps, and government measures to support smart infrastructure projects are a few factors contributing to the Cloud Data Security Market's promising growth potential.

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Scope of the Report

Trend: Cloud and DevSecOps

Cloud and DevSecOps adoption by an organization helps provide agility, security, speed, and quality to software processes. Companies can build applications in any programming language and deploy and run them quickly and reliably on any infrastructure. Adopting these technologies also supports the automation of software release processes, faster application development, and better monitoring of applications and infrastructure performance. Applications built on next-generation technologies include omnichannel enablement, microservices adoption, API middleware, mobile apps, and content management systems. These applications need high availability and fault tolerance. The cloud can help make the infrastructure or platform resources available within no time. Cloud automation or Infrastructure as Code (IaC) should become part of an organization's culture to eliminate manual application installation and configuration activities.  

Trend: Zero-trust approach

Zero-trust has the motto of “never trust, always verify,” which clearly implies that a company shouldn't have any faith in anything that happens inside or outside its boundaries. Zero trust needs to be implemented throughout every firm, especially with the new trend of moving everything to the cloud. The most important assets in an organization, such as user data and intellectual property, are protected by perimeter security and firewalls. As a result of their inability to effectively limit attack surfaces, particularly in the context of cloud architecture, security teams spend too much time on manual operations. Enhancing security for each device, user, and connection is the goal of the zero-trust methodology. Furthermore, it gives the capability of proactive threat management. The use of this technique aids in planning and arranging a comprehensive strategy to counter threats.

By vertical, the healthcare segment accounts for the highest CAGR

Healthcare vertical accounts for the highest CAGR during the forecast period. With the rise in digitalization and digital storage options, hospitals rely on reliable cloud security-enabled systems to safeguard critical patient and hospital data. Also, several cloud security service vendors support strict regulatory compliances, such as HIPAA. Thus, increasing the need for cloud security solutions and services among healthcare institutions. Furthermore, according to McAfee's Cloud Adoption and Risk in Healthcare Report, which analyzed cloud usage data from over 1.6 million healthcare employees, 93% of cloud services in healthcare organizations are at medium to high risk, enhancing the requirement for cloud data security solutions and services. Thus, it can be concluded that the healthcare industry accounts for the highest CAGR during the forecast period.

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By organization size, large enterprises segment to account for a larger market size

The organization size is segmented into large enterprises and SMEs. The large enterprise segment accounted for a larger market share during the projected period. The development of BYOD and work-from-home trends would spur major businesses to embrace cloud security solutions. Moreover, with an increase in APTs and targeted attacks, the demand for advanced cloud security services and solutions is growing among large enterprises. Furthermore, the use of cloud security solutions, such as hybrid and multi-cloud, to handle vast data volumes among major companies will fuel the market growth for cloud security. As a result, it is predicted that the large enterprise category will have the largest market during the forecast period.

Opportunity: Rising government initiatives to encourage smart infrastructure projects 

Governments from all across the world are making investments in cloud-based delivery methods. They work together with private sector businesses through Public-Private Partnerships (PPP) to develop smart megacity businesses and smart transportation networks. The results from cloud-based technologies are reliable, affordable, and scalable. Dispatch, IT, energy, and financial services—critical structure diligence—have pushed for cloud results to maintain particular and private data. The goal of Middle Eastern governments' various initiatives, including the Dubai Internet City (DIC) and the Kingdom of Saudi Arabia (KSA) Vision 2030, is to digitally connect their metropolises while emphasizing the growth of intelligent buildings, intelligent transportation services, and intelligent metropolises. For hosting human resource systems and document operation tools on the cloud, the Japanese government inked a USD 273 million contract with AWS in 2020. By utilizing cloud technology, these businesses are causing digital dislocation. As a result, it is projected that government organizations will lead the expansion of cloud security requirements.

CrowdStrike (US), Check Point (US), Palo Alto Networks (US), Zscaler (US), IBM (US), Imperva (US), Veritas (US), Digital Guardian (US), VMware (US), Thales (France), Sophos (UK), Polar (Israel), Netwrix (US), Informatica (US), Commvault (US), Orca Security (US), Radware (US), Rubrik (US), Veeam (US), Infrascale (US), Druva (US), Faction (US), Cohesity (US), Netskope (US), and Cloudian (US) are the key players and other players in the Cloud Data Security Market.

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