Cloud Security Market is expected to reach US$ 116.25 Billion by 2028

PRESS RELEASE BY The Insight Partners 02 Dec 2022

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The cloud security market is expected reach at US$ 116.25 billion by 2028; registering at a CAGR of 15.7% from 2022 to 2028, according to a new research study conducted by The Insight Partners. 

Adoption of Artificial Intelligence and Machine Learning and Increase in Government Initiatives to Provide Growth Opportunities for Cloud Security Market during 2022–2028

Despite the impact of the COVID-19 pandemic on financials, enterprises are prepared to spend on artificial intelligence (AI) and machine learning (ML), which are crucial components of their security posture. AI and ML help detect and prevent threats such as new malware versions, exploits, or phishing assaults. However, the widespread adoption of cloud services underlines the demand for AI and ML solutions having applications beyond malware detection. Automatic security capabilities of next-generation clouds can save time and resources that are required to manually control user access, and eventually, reduce the chances of human errors. AI can deliver better outcomes than security experts when detecting fraudulent activities, keeping configuration controls up to date, spotting unusual user behavior, and triaging and prioritizing security events. Thus, with the growing dependence on AI and ML, cybersecurity teams are expected to gain valuable tools for averting security breaches and focusing more on innovation to achieve their long-term business goals, thereby becoming major trends in the cloud security market.

Cloud Security Market — by Region, 2022

Cloud Security Market — by Region, 2022

Cloud Security Market Size & Share, Analysis & Forecast 2028

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Cloud Security Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Service Model [Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), and Infrastructure-as-a-Service (IaaS)], Deployment Model (Public Cloud, Private Cloud, and Hybrid Cloud), Enterprise Size (Large Enterprises and Small & Medium-Sized Enterprises), Solution Type (Email & Web Security, Cloud Identity & Access Management, Data Loss Prevention, Intrusion Detection System/Intrusion Prevention System, Security Information & Event Management, and Others), and Industry Verticals [Banking, Financial Services, and Insurance (BFSI); IT & Telecom; Energy & Utilities; Government & Public Sectors; Healthcare; Manufacturing; and Others]

Source: The Insight Partners Analysis

Governments across the world are investing in cloud technology and through Public–Private Partnerships (PPPs), they collaborate with businesses in the private sector to advance smart city and smart transportation initiatives. Cloud-based technologies provide dependable, economical, and scalable solutions. Cloud storage solutions are embraced by crucial infrastructure sectors such as communications, IT, energy, and financial services to store private and confidential data. Governments of countries in the Middle East are implementing initiatives such as Dubai Internet City (DIC) and the Kingdom of Saudi Arabia’s (KSA) Vision 2030 to transform their cities and focus on creating smart cities, smart buildings, and smart transportation services, thereby boosting the cloud security market growth. The Japanese government signed a US$ 273 million deal with AWS for hosting document management software and human resource management systems in the cloud. The use of cloud technologies is significantly increasing with such initiatives by various governments, which is likely to favor the cloud security market during the forecast period.

The cloud security market is segmented on the basis of service model, deployment model, enterprise size, solution type, and industry vertical. Based on service model, the market is segmented into software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS). By deployment model, the market is segmented into public cloud, private cloud, and hybrid cloud. In terms of enterprise size, the cloud security market is bifurcated into large enterprises and small & medium-sized enterprises. Based on solution type, the market is segmented into email & web security, cloud identity & access management, data loss prevention, intrusion detection system/intrusion prevention system, security information & event management, and others. Based on industry verticals, the market is segmented into banking, financial services, and insurance (BFSI); IT & telecom; energy & utilities; government & public sectors; healthcare; manufacturing; and others.

Amazon Web Services, Inc.; Microsoft; IBM Corporation; Oracle; Trend Micro Incorporated; VMware, Inc.; Palo Alto Networks, Inc.; Cisco Systems, Inc.; Check Point Software Technologies Ltd.; and Google, Inc. are a few key players operating in the cloud security market.

Although the global cloud security market size plummeted initially in 2020 due to the adverse impact of the COVID-19 pandemic and related regulations, it achieved a strong recovery from the pandemic and is expected to grow in the coming years. The COVID-19 outbreak accelerated the growth rate of the cloud security market and had driven many companies to use advanced security solutions. Though the adoption of cloud solutions and services was reduced in the early stage of the pandemic, in the later stage, companies turned to analytics, collaboration applications, security solutions, and AI to sustain their business operations. The manufacturing industry gained pace from mid-2021, which propelled the adoption of cloud security, as it deals with sensitive and highly confidential data such as warranty information, quality data, engineering specifications, and device history records for a product. Therefore, it has become necessary to implement endpoint security, data loss prevention, and identity and access management solutions, thus propelling the cloud security market growth.

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