USD 125.8 Billion Cloud Security Market to Reach by 2032 at 13.6% CAGR

According to the report published by Allied Market Research, The USD 125.8 Billion Cloud Security Market to Reach by 2032 at 13.6% CAGR. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

The surge in emergence of development security operations in the cloud environment, increase in number of cyber-attacks, rise in reliance on cloud-based services, and an upsurge in market for managed security services are factors that propel the growth of cloud security market. Furthermore, factors such as lack of awareness regarding cloud security and high navigation costs and stringent regulations are hampering the growth of cloud security market. Moreover, factors such as the development of cloud computing landscape and growth of mobile computing provide an opportunity for cloud security market expansion.

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The global cloud security market size was valued at USD 35.8 billion in 2022, and is projected to reach USD 125.8 billion by 2032, growing at a CAGR of 13.6% from 2023 to 2032.

The cloud security market is segmented on the basis of type, end-user, deployment, vertical, and region. In terms of type, the market is divided into cloud identity and access management, data loss prevention, e-mail and web security, cloud database security, network security, and cloud encryption. By end user, the market is bifurcated into large-scale enterprises and small & medium enterprises. Based on deployment, it is divided into public, private and hybrid. By vertical, the market is divided into healthcare, BFSI, IT & telecom, government agencies, retail, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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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.

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.

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By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global cloud security market revenue, owing to the increasing demand and use of cloud technology by large number of key technological companies present in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 16.6% from 2022 to 2032 and is likely to dominate the market during the forecast period, owing to the large number of technological start-ups growing in the region.

The report analyzes the profiles of key players operating in the cloud security market such as Fortinet Inc., Sophos Ltd., Cloudflare Inc., Tenable Inc., BMC Software Inc., Broadcom Corporation, Cisco Systems Inc., IBM Corporation, Trend Micro Inc., and Watchguard Technologies Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the cloud security market.

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Covid-19 Scenario

● Due to the COVID-19 pandemic and the subsequent global lockdowns, the cloud security market faced a downturn.

●However, as the global situation started ameliorating, the demand for VFX solutions was restored back. This, in turn, presented various growth opportunities for companies operating in the 3D animation market.

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