Cloud Security Market Size & Share, Analysis & Forecast 2028

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]

Publication Month : Dec 2022

  • Report Code : TIPTE100000306
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 197
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The cloud security market is expected to grow from US$ 48.57 billion in 2022 to US$ 116.25 billion by 2028; it is estimated to grow at a CAGR of 15.7% from 2022 to 2028.

Security maintenance has become crucial in enterprises due to the growing number of online breaches and technological attacks. Cloud security provides numerous levels of protection within the network infrastructure against unauthorized access, data breaches, and distributed denial-of-service (DDoS) attacks. In 2022, Flexera, an American computer software company, conducted a study and projected that nearly 57% of organizations are moving their workloads to the cloud. Also, nearly 6 out of 10 businesses moved their work to the cloud. Therefore, the increasing number of companies using cloud-based infrastructure is propelling the adoption of cloud security solutions.

The presence of large well-known and financially strong companies in the global cloud security industry includes Amazon Web Services, Inc.; Microsoft; IBM Corporation; Oracle; and Google, Inc.. Owing to this, the bargaining power of buyers in the cloud security market is quite high. Furthermore, due to technological advancements in cloud security and surging managed container services, the bargaining power of buyers is estimated to remain high during 2019–2028. The major companies in the cloud security market use different strategies while planning solution and service models for different industry verticals. Continuous advancements in the technology sector are anticipated to put pressure on cloud security providers to adapt to the changes to sustain their market position.

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Cloud Security Market: Strategic Insights

Market Size Value inUS$ 48.57 Billion in 2022
Market Size Value byUS$ 116.25 Billion by 2028
Growth rateCAGR of 15.7% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Impact of COVID-19 Pandemic on Cloud Security Market Share

The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020, hampering business activities across several industries across the world. It also disrupted the operations of several firms, clients, and partners for an indefinite period due to travel restrictions and business shutdowns. The remote and hybrid work model was rapidly growing due to tremendous investment in digital transformation.  Moreover, there was a massive adoption of cloud security, fueled by the pandemic, expanding data centers, government expenditure on huge smart cities, and public administration projects supporting enterprise adoption of emerging technologies. The software industry was unaffected during the pandemic as several businesses allowed their employees to work from home. Besides, companies increasingly adopted cloud security solutions and services to reduce manpower requirements for data maintenance. This enabled them to protect their workforce from possible infections while ensuring production was not hampered.

Lucrative Regions: Cloud Security Market Share

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Market Insight – Cloud Security Market

Surging Use of Cloud-Based Solutions and Managed Security Services Fuels Cloud Security Market Growth

The demand for cloud-based services increased significantly during the COVID-19 pandemic due to the widespread adoption of the work-from-home model. Microsoft recorded a 775% spike in demand for its cloud service platform during 2021. Small and medium-sized enterprises (SMEs) are embracing managed security services since they lack the internal expertise to effectively manage cloud services. According to OTAVA, these strategies allow them to combine the advantages of a public cloud with the security of a private on-premises cloud environment. According to Flexera's 2020 State of the Cloud Report, enterprises are embracing cloud services, with 93% of them utilizing a multi-cloud strategy and 87% preferring a hybrid cloud strategy. There is a notable demand for cloud security services offered by significant cybersecurity suppliers such as Google, Microsoft, and Amazon. A few potential benefits of integrating cloud computing in the procedures and operations of SMEs are simplified access, rapid implementation, low IT infrastructure requirement, and low installation costs.

Deployment Model-Based Insights

Based on deployment model, the cloud security market is segmented into public, private, and hybrid clouds. In 2022, the public cloud segment accounted for the largest cloud security market share. Enterprises are highly deploying public cloud via third-party cloud service providers (CSPs) to manage applications and data within their infrastructure. Furthermore, key players in the market continue to provide built-in security tools, which help in protecting business-critical data. The general public, individuals, and businesses are largely attracted to public cloud infrastructures as they provide service scalability and ease the management workload for in-house IT staff. These factors are driving the cloud security market growth in the public cloud segment.

Players operating in the cloud security market are mainly focused on the development of advanced and efficient products.

  • In August 2022, VMware Inc introduced significant enhancements to its unique lateral security capabilities to help customers achieve security for modern and traditional applications for multi-cloud environments, thereby boosting the cloud security market growth.
  • In June 2022, Palo Alto Networks expanded the cloud-native application protection platform with capabilities such as context-aware software composition analysis and software bill of materials.

The cloud security market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South America. In 2022, North America led the market with a substantial revenue share, followed by Europe. Further, Asia Pacific is expected to register the highest CAGR in the market from 2022 to 2028.

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 among the key players operating in the cloud security market. The market report provides detailed market insights, which helps the key players strategize the growth in coming years.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Service Model, Deployment Model, Enterprise Size, Solution Type, and Industry Verticals

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What are reasons behind cloud security market growth?

Due to rising number of cyberattacks, businesses are implementing cutting-edge cybersecurity tools to identify risks and reduce costs associated with data breaches. Moreover, surge in usage of cloud-based solutions & managed security services and increasing managed container services are propelling the growth of the cloud security market.

What are market opportunities for cloud security market?

With growing adoption of artificial intelligence & machine learning, cybersecurity teams are expected to gain valuable tools for averting security breaches and focusing more on innovation to achieve their long-term business goals. Also, surge in number of governments initiatives & investments in cloud technology are anticipated to create growth opportunity for the market players in the coming years.

Which region to dominate the cloud security market in the forecast period?

North America dominated the cloud security market in 2021. With higher penetration of large and mid-sized companies, there is a growing frequency of cyber-attacks and the increasing number of hosted servers. Moreover, growing number of cybercrime and the production of new cyberattacks, as well as surge in usage of cloud-based solutions are all becoming major factor propelling the market growth in the region.

What are the future trend for cloud security market?

Cloud-native applications, which are created specifically to operate on the cloud, are gaining prevalence with the growing use of cloud platforms; therefore—surge in technological advancements in cloud security is one of the major trends in the cloud security market.

Who are the major vendors in the cloud security market?

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 the leading companies in the cloud security market.

The List of Companies - Cloud Security Market

  1. Amazon Web Services, Inc.
  2. Microsoft
  3. Google LLC
  4. Oracle
  5. IBM Corporation
  6. Cisco System, Inc.
  7. Trend Micro Incorporated
  8. Palo Alto Networks, Inc.
  9. Checkpoint Software Technologies
  10. VMware, Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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