New York, March 22, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Cloud Data Security Market Size, Share & Industry Trends Analysis Report By Offering, By Offering Type, By Organization Size, By Vertical, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06435167/?utm_source=GNW
A solid cloud data security plan must include assuring the security and confidentiality of data across networks and within apps, containers, workloads, and other cloud environments, regulating access to data for all users, devices, and software, and offering total visibility into all network data.
The protection and security policy for cloud data must also safeguard all forms of data. This consists of using the user access control and authentication to protect data utilized by an application or endpoint. Using encryption and other email and message security measures to ensure the secure transmission of sensitive, confidential, or proprietary data as it travels across a network. Protecting data on any network location, including the cloud, using access controls and user authentication.
To protect their data, enterprises must develop a comprehensive cybersecurity strategy that tackles cloud-specific data threats. Some of the key components of a robust cloud data security strategy are the utilization of sophisticated encryption techniques. Encryption is an excellent method for safeguarding data. Before entering the cloud, cloud encryption converts data from plain text to an unreadable format. It is advised that data should be encrypted during both transmission and storage. Cloud service providers offer varied out-of-the-box encryption features for data saved in object and block storage systems. HTTPS/TLS connections should be used to connect to cloud storage providers to maintain data security in transit.
COVID-19 Impact Analysis
The outbreak of COVID-19 is anticipated to result in a substantial expansion of this market. This is due to the significant acceleration in cloud data security solutions deployment, which is supported by the rise in cloud-based solution adoption. The SaaS model is anticipated to alter the operating model of the firm. As a result of the impact of COVID-19 on corporate operations, the use of containers is projected to rise, driving demand for robust security solutions. The increasing demand for a hybrid cloud can be ascribed to the cloud’s scalability and seamless customer experience. In addition, serverless computing is likely to drive market expansion.
Market Growth Factors
Rising cloud adoption by SMES
SMEs have been increasingly receptive to adopting cloud-based security solutions, and cloud-based security service providers can capitalize on this trend by offering organizations customized security services. As SMEs change their focus to cloud-based solutions, cloud-based data protection solutions and service providers are anticipated to encounter substantial growth prospects, such as protecting SMEs’ data from security breaches and vulnerabilities. Hence with the broader adoption of cloud data security by SMEs due to the increasing cyber-attacks, the market’s growth is expected to surge.
Increasing risk of cyber-attacks
Businesses encourage employees to bring their own devices to work, reducing system investments. BYOD permits employees to work from any location. Since the devices are connected to the company’s network, they can access the information. Additionally, the expanding BYOD policy has led businesses to provide cloud. In logistics, for instance, the employer shares data with various vendors. This element increases the likelihood of data breaches, making cloud data security even more crucial, as many businesses prefer cloud-based systems. Increased enterprise adoption of bring-your-own-device (BYOD) policies and the technological advancements will increase the chances of cyber-attacks, boosting the expansion of the cloud data security market over the forecast period.
Market Restraining Factors
Low trust and awareness regarding cloud-based systems
Large and small businesses are getting cautious about shifting their operations to the cloud because they do not fully trust Cloud Service Providers (CSPs). This lack of trust results from unclear Service Level Agreements (SLAs) and security or privacy policies, conventional terms and conditions, the immaturity of cloud services, data breaches, and numerous other difficulties. This makes the infrastructure of a cloud service provider very susceptible to frequent and complicated assaults, which can discourage businesses from entrusting their sensitive data to these service providers.
Offering Outlook
Based on offering, the cloud data security market is segmented into solution and services. The solution segment dominated the cloud data security market with maximum revenue share in 2021. This is due to the increased demand for cloud security solutions as more enterprises are adopted these solutions to facilitate remote work. They provide enhanced flexibility, security, data integration, and scalability. A solid cloud security solution safeguards the entire data lifecycle, from creation to disposal.
Offering Type Outlook
By offering type, the cloud data security market is classified into fully managed and co-managed. The fully managed segment procured a significant revenue share in the cloud data security market in 2021. This is because it provides all AI Cloud capabilities in a fully managed cloud environment that includes infrastructure provisioning, scalability, and software updates. They employ a multilayered approach to cyber security that provides numerous independent lines of defense against cyber threats. Also, fully managed services allow clients to focus on AI creation, expansion, and innovation. These features of the fully managed type are anticipated to boost the segment’s expansion.
Organization Size Outlook
Based on the organization size, the cloud data security market is bifurcated into large enterprises and SMEs. The large enterprises segment witnessed the largest revenue share in the cloud data security market in 2021. This is because large businesses are expanding their infrastructure to suit the requirements and new demands of their remote workforce. Businesses must provide infrastructure support for their services and products. Cybersecurity is crucial because it protects persons and companies from cyber threats. In addition, cybersecurity can aid in preventing data breaches, identity theft, and other cybercrimes.
Vertical Outlook
On the basis of vertical, the cloud data security market is classified into BFSI, retail & ecommerce, government & defense, healthcare & life sciences, IT & telecom, manufacturing and others. The IT & telecom segment recorded a prominent revenue share in the cloud data security market in 2021. This is because IT firms are progressively prioritizing the usage of cloud data security services and solutions as BYOD and telecommuting become more prevalent. Also, object storage breaches, unauthorized traffic to a virtual server instance, unauthorized access to database services, IAM rights, user logins, and unauthorized API requests are on the rise due to cloud misconfiguration.
Regional Outlook
Region-wise, the cloud data security market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region led the cloud data security market by generating the maximum revenue share in 2021. This is due to the presence of a significant number of providers, resulting in the high adoption of cloud data security solutions in the region. Increasing security breaches, expanding adoption of cloud technology by businesses, and rising migration to the cloud are driving growth in this area’s cloud data security market. In addition, the expansion of cloud data security solutions in the region results from the rise of digitization, growing security concerns, and the desire to protect assets.
The major strategy followed by the market participants is Acquisition. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Cloud Data Security Market. Companies such as Cisco Systems, Inc., McAfee Corp. and IBM Corporation are some of the key innovators in Cloud Data Security Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon Web Services, Inc. (Amazon.com, Inc.), Google LLC (Alphabet, Inc.), Cisco Systems, Inc., McAfee Corp., Microsoft Corporation, Palo Alto Networks, Inc., Zscaler, Inc., Fortinet, Inc., Check Point Software Technologies Ltd., and IBM Corporation.
Recent Strategies deployed in Cloud Data Security Market
Partnerships, Collaborations & Agreements
Jul-2022: Fortinet launched FortiCNP. This is an integrated security platform which is developed to simplify the process of cloud adoption for the company. Moreover, this would deliver more cloud-native protections to Fortinet.
Nov-2021: Palo Alto Networks unveiled Cloud Access Security Broker (CASB), the latest offering in its cloud security. The company’s next-generation CASB would tap on machine learning to strengthen the security of software-as-a-service (SaaS) and collaboration apps. Moreover, the launch aimed to offer capabilities like enhanced data loss protection for sensitive data and automatic discovery of applications by leveraging Machine learning and Artificial Intelligence.
Mar-2021: Cisco unveiled the latest and expanded offering of Secure Access Service Edge (SASE). Through this launch, the company aimed to integrate its SASE capabilities into a single subscription service as well as offer flawless and secure access to any application across any cloud, network, or anywhere users work.
Mar-2021: IBM introduced IBM Cloud Satellite. The product would enable its enterprise clients to release constant cloud services anywhere and, in any environment, - across any cloud, at the edge, or on-premises. This would offer clients across multiple industries consisting of government, retail and financial services.
Mar-2021: McAfee unveiled McAfee MVISION Cloud-Native Application Protection Platform (CNAPP), the latest security service that ensures the safety of cloud-native applications. Through this launch, the company aimed to offer continuous data safety, governance, threat elimination, and compliance across the cloud-native application development lifecycle for OS-based workloads and containers.
Feb-2020: Cisco released Cisco SecureX, the most integrated cloud-native security platform in the industry. Through this launch, the company offers a full suite user experience over the breadth of the company’s combined security portfolio and customers’ existing security infrastructure. Moreover, the launch aimed to automate workflows, determine hidden threats, and unify visibility to expand customers’ security across endpoint, network, applications, and cloud.
Product Launches and Product Expansions
Dec-2022: Amazon Web Services announced a collaboration with Visteon, a technology company serving the mobility industry. Through this collaboration, Visteon’s AllGo connected services supported by AWS are expected to offer value to a constituent in every vertical of the automotive industry consisting of manufacturers, vehicle app consumers, and developers. Additionally, this collaboration uses various AWS technology solutions across compute, storage, and IoT categories and a secure fast cloud environment to manage crucially connected vehicle activities and build the car’s digital ecosystem.
Jul-2022: Fortinet partnered with Alkira, a company providing cloud networking solutions. This partnership would help in the automation of configuration and deploy firewall services to protect both outbound and inbound traffic from the cloud service providers.
Jun-2022: AWS signed an agreement with Redington India, an information technology (IT) provider. This agreement would focus on driving cloud technology adoption in India. This agreement would help fuel the adoption of AWS Cloud by SMBs, and ISVs, as well as strengthen the focus on the public sector cloud adoption across education, and central & state governments.
May-2022: Amazon Web Services, Inc. teamed up with STMicroelectronics, a global company engaged in the development and creation of semiconductor technologies. In this Collaboration, both companies would securely connect Internet of Things devices to the AWS cloud.
May-2022: Google Cloud extended its existing partnership with SAP SE, a German multinational software company. Through this expansion, the companies would introduce new integrations between Google Workspace and SAP’s flagship cloud ERP, SAP S/4HANA Cloud. These integrations would enable consumers to connect core SAP software designed for running all mission-critical processes in the cloud with the collaborative capabilities of Google Docs & Google Sheets to innovate how work gets done across the enterprise.
Mar-2022: Cisco collaborated with Mobily, a Saudi telecom operator. Together both companies would create an IoT cloud platform in Saudi Arabia. The latest cloud platform allows fully automated management for IoT devices supported by Cisco’s IoT solution with machine learning and AI capabilities.
Feb-2022: Microsoft entered into an agreement with L&T, an Indian multinational conglomerate company. The agreement focused on developing a regulated sector-focused cloud offering, which would offer consumers the best-of-breed cloud computing & infrastructure services.
Dec-2020: Google Cloud entered into a partnership with Deutsche Bank, a German multinational investment bank and financial services company. This partnership aimed to accelerate the bank’s transition to the cloud and co-innovate new products and services. This partnership would reshape how products and services are designed and delivered to Deutsche Bank’s clients.
Sep-2020: Microsoft teamed up with AT&T, a telecommunication holding company. Through this collaboration, companies would aim to provide an integrated IoT solution to allow companies to smoothly connect machines to the cloud with highly protected network connectivity.
Mar-2020: IBM announced a partnership with Infosys, a next-generation consulting and digital service. This partnership is aimed to help companies boost their digital transformation journey through IBM public cloud.
Acquisition and Mergers
Sep-2022: Zscaler took over ShiftRight, a company providing cybersecurity solutions. This acquisition would increase the value of the company’s platform by easing the security and IT operations with the help of security workflow automation. Additionally, this would assist customers by providing actual-time visibility for the security posture.
Feb-2022: IBM took over Neudesic, a US-based cloud services consultancy. This acquisition aimed to substantially expand IBM’s portfolio of hybrid multi-cloud services and improve the company’s hybrid cloud and AI strategy.
Jan-2022: Google Cloud completed the acquisition of Siemplify, an offeror of automation, security orchestration, and response (SOAR) technologies. The acquisition aimed to enable companies to prioritize and enhance the incident response efforts.
Nov-2021: IBM completed the acquisition of SXiQ, an Australia-based digital transformation services company specialized in cloud cybersecurity, cloud applications, and cloud platforms. Following the acquisition, the company aimed to strengthen its hybrid cloud and AI strategy for supporting enterprises to modernize and transform difficult applications on multiple clouds and platforms. Moreover, the acquisition focused on enhancing the company’s consulting abilities in New Zealand and Australia for advancing the applications and technology infrastructure in the cloud.
Jul-2021: Microsoft took over CloudKnox Security, a startup in identity and access management (IAM). Through this acquisition, the company aimed to boost its comprehensive approach to cloud security.
May-2021: Zscaler completed the acquisition of Smokescreen Technologies, a company providing network security solutions. This acquisition would increase the company’s ability in identifying ransomware, lateral movement attempts and other targeted attacks. Additionally, this would deliver threat intelligence and telemetry to Zscaler and help the team to detect emerging techniques and tactics.
Mar-2021: Palo Alto Networks took over Bridgecrew, a developer of the first cloud security. Through this acquisition, the company aimed to allow Prisma Cloud to offer developers security assessment as well as enforcement capabilities across the DevOps process.
Jan-2021: Cisco Systems, Inc. acquired Banzai Cloud, a Hungary-based company with expertise in deploying cloud-native applications securely, at scale, and in production. This acquisition would allow Cisco to broaden its abilities and expertise in end-to-end cloud-native application runtime, security workflows, development, and development.
Jun-2020: IBM completed the acquisition of Spanugo, a developer of cloud cybersecurity posture management solutions based in the U.S. Through this acquisition, the company aimed to make its capabilities unique in security and compliance for the enterprise clients. Moreover, the company focuses to offer its clients evidence of their ongoing compliance, in real-time by integrating Spanugo’s technology into the company’s financial services public cloud.
Geographical Expansions
Jul-2021: Google Cloud expanded its geographical footprints in Delhi NCR by launching a new cloud region. Through this expansion, the company aimed to further serve consumers and the public sector in India and across Asia-Pacific.
Scope of the Study
Market Segments covered in the Report:
By Offering
• Solution
• Services
By Offering Type
• Co-Managed
• Fully Managed
By Organization Size
• Large Enterprises
• SMEs
By Vertical
• BFSI
• IT & Telecom
• Government & Defense
• Manufacturing
• Healthcare & Lifesciences
• Retail & eCommerce
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Amazon Web Services, Inc. (Amazon.com, Inc.)
• Google LLC (Alphabet, Inc.)
• Cisco Systems, Inc.
• McAfee Corp.
• Microsoft Corporation
• Palo Alto Networks, Inc.
• Zscaler, Inc.
• Fortinet, Inc.
• Check Point Software Technologies Ltd.
• IBM Corporation
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