Meticulous Research®— a leading global market research company, published a research report titled “Cloud Security Market by Component (Solutions, Services), Security Type (Network Security, Application Security), Service Model, Organization Size, and End User (BFSI, Government, Retail, and Other End Users) - Global Forecast to 2029.”
According to this latest publication from Meticulous Research®, the cloud security market is expected to reach $83.03 billion by 2029, at a CAGR of 13.1% from 2022 to 2029.The growth of the cloud security market is driven by the growing significance of cloud security solutions in the BFSI sector, the increasing sophistication of cyberattacks and espionage, the rising number of cloud security regulations, and the growing adoption of BYOD devices. Furthermore, the development of smart infrastructure and the growing need for cloud security solutions among SMEs is expected to offer significant growth opportunities for the cloud security market. However, lack of visibility/control restrains the market's growth.
To provide efficient analysis, Meticulous Research® has segmented this market based on component (solutions and services), security type (network security, application security, endpoint security, other security types), organization size (large enterprises, SMEs), service model (IaaS, PaaS, SaaS), end user (BFSI, retail, government, aerospace & defense, IT & telecom, healthcare, manufacturing, energy & utilities, and other end users), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on component, in 2022, the solutions segment is expected to account for the larger share of the cloud security market. The large market share of this segment is attributed to the increasing focus on solution-centric security capabilities, the rise in cybercrime and espionage, and the increasing R&D investments to improve cloud security solutions. In addition, the benefits offered by cloud security solutions, such as advanced threat detection, data security, and regulatory compliance, contribute to this segment's growth. However, the services segment is slated to register the higher CAGR during the forecast period due to the wide adoption of cloud security services across BFSI, retail, and healthcare sectors, resulting in the increased demand for consulting, training & support, and integration services.
Based on security type, in 2022, the network security segment is expected to account for the larger share of the cloud security market. The large market share of this segment is attributed to the growing adoption of the BYOD devices trend, the increasing cyber threats at network points, and the increasing need for network security & privacy. This segment is also slated to register the higher CAGR during the forecast period.
Based on organization size, in 2022, the large enterprises segment is expected to account for the larger share of the cloud security market. The large market share of this segment is attributed to the high spending capabilities of large enterprises resulting in the increased adoption of cloud security solutions & services and the availability of skilled IT personnel for the management of cloud security platforms. Furthermore, large enterprises focus on desired security channels against cyber threats to retain customers, boost sales, and validate necessary steps to overcome market interruptions. However, the small & medium enterprises segment is slated to register the higher CAGR during the forecast period.
Based on end user, in 2022, the retail segment is expected to account for the largest share of the cloud security market. The large market share of this segment is attributed to the rising penetration of e-commerce platforms, the increasing number of ransomware attacks and online thefts, and the growing need for end-to-end security. In addition, the benefits offered by cloud security, such as data recovery, data security, threat detection, and enabling a greater online shopping experience, contribute to this segment's growth. However, the healthcare segment is projected to record the highest CAGR during the forecast period due to the rising need for effective cloud security measures and securing connected medical devices.
Based on geography, in 2022, North America is expected to account for the largest share of the cloud security market. North America’s major market share is attributed to the presence of prominent cloud security companies, such as Microsoft Corporation (U.S.), IBM Corporation (U.S.), and Cisco Systems, Inc. (U.S.). In addition, the high adoption rate of cloud security solutions to enhance IT infrastructure and leverage the benefits of new technologies, such as AI, contributes to the growth of this regional market.
However, Asia-Pacific is expected to witness the fastest growth rate during the forecast period. The high market growth in Asia-Pacific is driven by the rapid growth rate of developing economies, the increasing number of cybercrimes, and the growing awareness about the importance of cloud security among small and medium-sized organizations.
The key players operating in the cloud security market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Checkpoint Software Technologies, Ltd. (Israel), Broadcom, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), Cisco Systems, Inc. (U.S.), McAfee, LLC. (U.S.), Fortinet, Inc. (U.S.), Imperva, Inc. (U.S.), Cloudflare, Inc. (U.S.), Aqua Security Software Ltd. (Israel), Qualys, Inc. (U.S.), Tenable, Inc. (U.S.), Netskope, Inc. (U.S.), and CrowdStrike, Inc. (U.S.).
Browse in-depth Report : https://www.meticulousresearch.com/product/cloud-security-market-5379
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