USD 37.2 Billion Cloud Access Security Broker Market Worth by 2031 | Market was dominated by North America

According to a new report published by Allied Market Research, titled, "Cloud Access Security Broker Market, by Component, by Enterprise Size, by Application Areas, by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2022-2031".

The Cloud Access Security Broker Market Size was at $6.8 billion in 2021, and is estimated to reach $37.2 billion by 2031, growing at a CAGR of 18.8% from 2022 to 2031.

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A cloud access security broker is a security policy enforcement point positioned between enterprise users and cloud service providers. CASBs provide flexible enterprise solutions that help ensure cloud app security across authorized & unauthorized applications and managed (and unmanaged devices). These flexible enterprise solutions can combine multiple different security policies, from authentication and credential mapping to encryption, malware detection, and others.

Furthermore, key factors that drive the growth of the cloud access security broker market include growing demand for work-from-home and remote working policies during the period of the COVID-19 pandemic aided in propelling the demand for cloud and security solutions, hence empowering the growth of the cloud access security broker industry. However, higher installation costs and maintenance challenges of cloud access security broker platforms can hamper the cloud access security broker market forecast. On the contrary, the integration of advanced technologies such as machine learning and data analytics with cloud access security broker solutions suites is expected to offer remunerative opportunities for the expansion of the cloud access security broker industry during the forecast period.

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Competitive Analysis:
The competitive environment of Cloud Access Security Broker Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Cloud Access Security Broker Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Broadcom Inc.
Cisco Systems, Inc.
iboss Cybersecurity
Lookout
Microsoft Corporation
Netskope
Palo Alto Networks Inc
Proofpoint Inc
Skyhigh Networks
Zscaler, Inc and Many More

Region wise, the cloud access security broker market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its highly advanced technology sector which is expected to drive the market for cloud access security broker within the region during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its growing digital capabilities and a highly competitive market space, which is anticipated to fuel the cloud access security broker market growth in the region in the coming few years.

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The alarming increase in COVID-19 cases has compelled many businesses and their employees to adjust to remote working and work-from-home standards, which in turn fueled the adoption of cloud access security broker solutions during the period. Moreover, with the outbreak of COVID-19, businesses had to secure their IT and network assets from cyber threats and data breaches.

Moreover, the growing demand for cloud and security during the period drove the demand for the CASB market.

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