Cloud Security Market is Set to Grow at a CAGR of 13.9% Leading to a Revenue of US$ 144.3 Billion by 2031 | Get In-Depth Studies by Transparency Market Research
WILMINGTON, DE / ACCESSWIRE / March 31, 2023 / Transparency Market Research Inc. - According to TMR, the global cloud security market is estimated to grow at a CAGR of 13.9% during the forecast period of 2023-2031.
The market research report suggests that increase in adoption of cloud computing, rise in cyber threat landscape, and need for centralized security management have opened new avenues for market growth. Furthermore, surge in trend of online working models has created immense opportunities for business growth.
Transparency Market Research provides deep insights into company profiles, product ranges, business verticals, and developments. This exhaustive report proves to be crucial in understanding the current market scenario and helps stakeholders make proper decisions.
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Cloud security helps secure cloud storage from security risks such as data breaches and cyber threats. Consequently, the business trend to increase scalability and agility along with cost-effective solutions has played a vital role in influencing the global industry.
Substantial demand for cloud-native security solutions and the development of advanced IT security models such as zero-trust security have proved to be pivotal in supporting market development. The significant need to secure data has led to substantial investments in security systems. This is driving the cloud security market, according to TMR market analysis.
Cloud Security Market: Growth Drivers
- Cyber criminals are increasingly targeting cloud-based systems and applications due to the rise of cloud computing. As a result, organizations are increasingly investing in cloud security solutions to protect their critical data and infrastructure from cyber threats such as data breaches, malware, and ransomware attacks. This is anticipated to fuel the cloud security market demand.
- The COVID-19 pandemic has accelerated the trend of remote work, and many organizations have allowed employees to work from home or work remotely. This has increased the need for secure remote access to cloud-based systems and applications, making cloud security solutions even more critical.
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Key Findings of Cloud Security Market
- Multi-cloud environments are increasingly common, with many organizations using a mix of public, private, and hybrid cloud services. As a result, there is a growing need for cloud security solutions that can provide centralized visibility and control across multiple environments. This is creating growth opportunities for the global industry.
- Cloud security solutions are increasingly being integrated with other IT security tools and platforms, such as identity and access management (IAM) solutions and security information and event management (SIEM) systems. This integration helps in improving visibility and streamlining security operations.
- Real-time identification of threats through machine learning and artificial intelligence has led to effective responses to security risks, thus strengthening the safety and security aspects of various organizations globally. Therefore, the cloud security market growth is estimated to be promising in the near future.
Cloud Security Market: Regional Dynamics
North America is projected to dominate the global market due to the emerging trend of adoption of cloud technology across various organizations in the region. Rise in end-use applications in various industries, including IT & Telecom, manufacturing, government, retail, and e-commerce, is likely to fuel the market growth.
The market in Asia Pacific is also estimated to witness significant growth owing to the rise in security threats in the region. Additionally, substantial investments in security systems and solutions to ensure the protection of applications and data have created growth prospects for the cloud security market. Concurrently, rise in focus of government bodies of various countries such as India and China on protecting data may accelerate industry growth.
Cloud Security Market: Competitive Landscape
Key service providers are offering novel products with enhanced features to expand their market reach. Advanced technologies include the integration of applications and cloud security. Market players are focusing on R&D activities to develop technologically advanced products. Strategic collaborations with various stakeholders to enhance cloud security features have led to the simplification of the cloud computing process. This is expected to boost market progress. The competitive landscape in the cloud security market is intense, with companies competing on product quality, innovation, and customer support. Companies that differentiate themselves and offer unique value propositions are more likely to succeed in this highly competitive market.
Key Points from TOC:
Preface
1.1. Market Introduction
1.2. Market Segmentation
1.3. Key Research Objectives
2. Assumptions and Research Methodology
2.1. Research Methodology
2.1.1. List of Primary and Secondary Sources
2.2. Key Assumptions for Data Modelling
3. Executive Summary: Global Cloud Security Market
4. Market Overview
4.1. Market Definition
4.2. Technology/ Product Roadmap
4.3. Market Factor Analysis
4.3.1. Forecast Factors
4.3.2. Ecosystem/ Value Chain Analysis
4.3.3. Market Dynamics (Growth Influencers)
4.3.3.1. Drivers
4.3.3.2. Restraints
4.3.3.3. Opportunities
4.3.3.4. Impact Analysis of Drivers and Restraints
4.4. COVID-19 Impact Analysis
4.4.1. Impact of COVID-19 on Cloud Security Market
4.5. Market Opportunity Assessment - by Region (North America/ Europe/ Asia Pacific/ Middle East & Africa/ South America)
4.5.1. By Security Type
4.5.2. By Service Model
4.5.3. By Enterprise Size
4.5.4. By End-user
TOC Continued……
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Prominent players operating in the global market are:
- IBM Corporation
- Palo Alto Networks, Inc
- Amazon Web Services, Inc.
- Check Point Software Technologies Ltd.
- Trend Micro Incorporated
- Cisco Systems, Inc.
- Broadcom Inc.
- Fortinet, Inc.
- Google LLC
- Microsoft Corporation
- Oracle Corporation
- Tenable Inc
Cloud Security Market: Segmentation
Security Type:
- Perimeter Security
- Network Security
- Endpoint Security
- Application Security
- Others
Service Model
- IaaS
- PaaS
- SaaS
Enterprise Size
- SMEs
- Large Enterprises
End-user
- BFSI
- IT& Telecom
- Healthcare & Life Sciences
- Manufacturing
- Retail& E-commerce
- Government
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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