The cloud security market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. Growth of the market is attributed to growing amount of sophisticated cyber-attacks on cloud computing systems, as well as the growing requirement for compliance with different forthcoming laws.
Cloud security is also known as cloud computing security, a collection of regulations that work together to keep cloud-based systems and data secure. The security measures are set up to secure cloud data, assist regulatory compliance, preserve consumer privacy, and set up verification procedures for specific users and devices. Cloud security may be tailored to a company's specific requirements.
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Cloud security is critical for businesses who are using cloud technologies. Furthermore, security risks have increased, and because the situation is growing more complicated, cloud computing is no less vulnerable than the on-premises system. Cloud security has a number of advantages, including centralized security, cost and administrative savings, and reliability. The cloud is a data server center run by a third party that is accessible to a variety of consumers. The cloud operates by creating a virtual computer that serves as a server.
Market Trends, Drivers, Restraints, and Opportunities
- Rising cases of sophisticated cyber-attacks on cloud computing systems are expected to fuel the market during the forecast period.
- Growing requirement for compliance with different forthcoming laws is key factor propelling the market.
- Complexity of cloud computing models are projected to restrict the market expansion.
- Lack of knowledge among businesses and consumers acts as major challenge that can hamper the market expansion in the coming years.
- R&D investment and technological advancement are anticipated to create lucrative opportunities for the market players.
Market Segment Insights
The intrusion detection and prevention segment is projected to hold a major market share
Based on solution, the cloud security market is divided into identity and access management, data loss prevention, intrusion detection software & intrusion prevention software, security information & event management, and encryption. The intrusion detection and prevention segment is expected to represent a key share of the market during the forecast period. An intrusion detection and prevention system (IDPS) watches network traffic for indicators of an attack. It takes measures to halt an assault when it identifies potentially hazardous behavior.
The web & E-mail segment is expected to grow at a rapid pace
In terms of security, the cloud security market is divided into application security, database security, endpoint security, network security, and web & e-mail security. The web & e-mail segment is expected to represent a key share of the market during the forecast period. Due to more firms embracing cloud-based services to secure their business organizations, web and email security is projected to account for the major market share. Increased use of cloud-based online and email services, as well as the need to secure these applications from sophisticated threats such as ransomware, APTs, malware, and unauthorized accesses, is driving the market.
The hybrid segment is anticipated to expand at a rapid CAGR
Based of deployment mode, the cloud security market is divided into private, hybrid, and public. The hybrid segment is expected to represent a key share of the market during the forecast period. Hybrid cloud security refers to the safeguarding of data, applications, and infrastructure in an IT architecture that includes workload portability and administration across various IT environments, including at least one public or private cloud.
Asia-Pacific is anticipated to dominate the market
On the basis of regions, the cloud security market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. Due to the expansion of the manufacturing sector, Asia-Pacific is the estimated to expand rapidly.
Compititive Landscape
Key players competing in the cloud security market include Cisco Systems Inc.; Trend Micro Inc.; IBM Corporation; Imperva Inc.; and Broadcom Inc.
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