North America Leads Global Cloud Security Market with Asia-Pacific Forecasted for Rapid Growth

Global cloud security market report, published by Allied Market Research, forecasts that the global market is expected to garner $8.9 billion by 2020, registering a CAGR of 23.5% during the period 2015-2020.North America dominates the global cloud security market, owing to the growingadoption of cloud services in several industries in the region. However, Asia-Pacific region is expected to grow rapidly during the forecast period.

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Cloud security encompasses a broad range of technologies and methodologies aimed at safeguarding data from unauthorized access and attacks in cloud environments, ensuring secure networks. Services and solutions in cloud security offer robust measures to protect the privacy and integrity of data in cloud computing. These designs not only deliver effective prevention and remediation controls but also enhance reputation and security features. The growing adoption of cloud computing by enterprises and individuals is expected to drive market expansion. With the increasing prevalence of technology and cyber threats, there is a heightened emphasis on prioritizing security. Consequently, businesses are advised to proactively implement precautionary measures against potential cyber threats.

By type, the cloud identity and access management segment held the highest market share in 2022, accounting for above one-fourth of the global cloud security market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increasing demand for cloud security for protecting accessibility gates in the cloud. However, the cloud database security segment is projected to manifest the highest CAGR of 17.8% from 2022 to 2032, as it will be requiring more innovative and protected cloud security solutions in the future.

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By enterprise size, the large scale enterprise segment held the highest market share in 2022, accounting for more than three-fifth of share in the global cloud security market and is estimated to maintain its leadership status throughout the forecast period, owing to the increasing use of cloud infrastructure in the business and operation environment. However, the small and medium scale enterprise segment is projected to manifest the highest CAGR of 16.3% from 2022 to 2032, owing to the increasing switch towards cloud environment.

Based on industry vertical, the BFSI segment holds the largest market share of the cloud security market in the year 2022. This is attributed to the increasing requirement for cloud security to protect banking data present in the cloud. However, the healthcare market is expected to portray the largest CAGR of 17.7% from 2022 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed again to the increasing need of cloud security to protect large amount healthcare data present in the cloud.

The COVID-19 pandemic has significantly impacted the market landscape, compelling governments and regulatory bodies to enforce remote work and social distancing measures for both public and private entities. In response, businesses have increasingly adopted new strategies, with digital practices emerging as the primary Business Continuity Plan (BCP) for many. The widespread use of Bring Your Own Device (BYOD) policies, the surge in remote work (WFH), and increased global internet penetration have fueled a growing interest in digital technologies, particularly cloud solutions. This shift has led to a heightened demand for robust cloud security measures to safeguard against cyber threats. Organizations are leveraging cloud security solutions not only to ensure business continuity but also to fortify defenses against cybercrime and other malicious actors.

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Global Cloud Security Market, Key Players are

1. IBM
2. Cisco
3. Intel
4. Fortinet
5. Trend Micro
6. Symantec
7. CSC
8. CA Technologies
9. BMC Software
10. Sophos
11. Cloud Passage
12. Foreseeti (Sweden)
13. Forcepoint (US)
14. Palo Alto Networks (US)
15. Bitglass (US)
16. Imperva (US)
17. CipherCloud (US)
18. Proofpoint (US)
19. Zscaler (US)
20. FireEye (US)
21. Avanan (US)

The expansion of the cloud security market is attributed to favorable regulations, proactive e-commerce and e-governance initiatives. To meet industry demands, many companies have prioritized innovative product development. Market participants are strategically utilizing product launches, partnerships, and acquisitions to bolster their product offerings and strengthen their market presence.

North America dominates the global cloud security market, holding a substantial 42.4% share. The region's market growth is driven by factors such as the proliferation of connected devices, an upsurge in cybercrime, the strong presence of key players in cloud security, and an increasing awareness of cloud security among small and medium-sized businesses (SMBs). The forecast period is expected to witness sustained market expansion in North America.

Both government agencies and private enterprises are intensifying their commitment to security solutions. This is evident through increased investments, the launch of various initiatives, and the integration of research and development efforts to enhance existing security solutions.

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