Fort Collins, Colorado, Oct. 27, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Cloud Security Market was valued at USD 27.4 Billion in 2022 and is expected to reach USD 106.4 Billion by 2032 and is expected to reach a CAGR of 14.6%.
Cloud security refers to policies outlining the security structure for cloud-based systems and data. In addition, there are security measures to follow for cloud data, with regulatory compliance, protecting customers' privacy, and incorporating security levels for individual users and devices.
The main factor that helps in the growth of the cloud security market is the rise in cloud computing amongst businesses and the implementation of BYOD (Bring Your Own Device). With online breaches, cloud security has been required to protect and safeguard the system, helping the market grow.
The cloud's scalability and smooth user experience are credited for the continually growing trend in demand for hybrid, serverless computing and DevOps development, which helps the market grow. Post-COVID-19, enterprises have shifted to data centers and the cloud. Also, the remote work settings have pushed the market forward for cloud security as it transforms the remote settings. Organizations looking to utilize the benefits of both private and public clouds are increasingly adopting the hybrid cloud approach and allows them to benefit from both the security and cost savings of the private cloud. A hybrid cloud offers cost and flexibility advantages and greater control over essential data and applications.
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Segmentation Overview:
The global cloud security market has been segmented into security type, enterprise size, end-user, and region. The IAM category is expected to lead the market in terms of security. The rapid growth in the enterprise size segment accounts for extensive growth in the infrastructure segment as organizations need to maintain the infrastructure for support and services; this leads to an increase in growth in the segment.
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Cloud Security Market Report Highlights:
- The global cloud security market growth is anticipated at a CAGR of 14.6% by 2032.
- The rise in cyberattacks and the protection of data stored on various cloud servers has accelerated the need for cloud security.
- The IAM category is expected to lead the market in terms of security.
- The rapid growth in the segment accounts for an extensive growth in the infrastructure segment as organizations need to maintain the infrastructure for support and services, this leads to an increase in growth in the segment.
- Some prominent players in the cloud security market report include IBM Corporation, Amazon Web Security Information & Event Management (SIEM), Cisco, Inc., General Electric Company, Microsoft, Hewlett Packard Enterprise Development, Honeywell International Inc., SAP SE, Siemens AG, and Intel.
Industry Trends and Insights:
- In 2023, Amazon Security Lake, a cloud security platform released by AWS, automatically centralizes an organization's security data from numerous sources into a purpose-built data lake.
- In 2023, IBM (US) launched a new platform called the 1D Security Radar suite, a comprehensive cloud security product incorporating EDR/XDR, SIEM, SOAR, and cloud-native log management features.
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Cloud Security Market Segmentation:
- By Security Type: Identity & Access Management (IAM), data loss prevention (DLP), security information & event.
- By Enterprise Size: Small, medium, large.
- By End-user: BFSI, healthcare, identity & access management (IAM), others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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