Cloud Security Market Size, Share,Growth, Industry, Forecast and outlook (2024-2031)

There are several methods adopted by cloud security including penetration testing, virtual private networks (VPN), firewalls, obfuscation, tokenization and avoiding public internet connections.Cloud security provides guidance to avoid the future risk associated with business risk at every layer of the stack to enable business goals to implement a secure-by-design methodology. Cloud security establishes security orchestration through automation to define and enforce businesses programs.It helps to rapidly detect and respond to attacks as well as to manage threat and event information with precise insights. Hence several end-user industries such as BFSI, government institutions, small and medium scale enterprises, etc. are adopting cloud security to secure and manage critical data of the organizations.

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Market Dynamics

The global cloud security market growth is driven by the rising demand for cloud security due to surge in the prevalence of cyber-attacks and the strengthening of rules & regulations for cyber security.Increasing prevalence of cyber attack and strengthning of rules & regulations for data protection using cyber security The global cloud security market is expected to grow significantly over the forecast period due to the increasing number of cases of cyber attacks. For instance, in 2019, Amazon cloud servers have been attacked by cybercriminals leaving behind more than half a billion Facebook users' records exposed and remaining unprotected.Rising number of data breached cases From 2005 to 2019, the largest banking institution in the United States Capital One have suffered a massive data breach that exposed the personal information of over 106 million credit card applicants. Thus such rising cyber crime cases around the world have propelled the demand for the cloud security market

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Segment Analysis

The global cloud security market is segmented based on type, deployment, solution, application, end-user, and region.In terms of type, the global cloud security market is bifurcated into email & web security, cloud database security, cloud IAM, endpoint security, data loss prevention, network security, cloud encryption, application security, others.Email & web security has the highest market share in 2019, this is primarily due to raising the number of data breach cases of exposing personal information. For instance, the web payment portal of the American Medical Collection Agency (AMCA) was attacked by a cyber criminal who exposed of personal data and payment information of around 20 million patients through an online website in 2019. Further on April 23, 2019 as per the FBI estimation, US businesses and individuals have registered a loss of over US$ 1.3 billion as a result of Business Email Compromise (BEC) fraud. It created a massive demand for cloud security for email & web services.

Competitive Landscape

Trend Micro, Inc., Sophos Ltd, Computer Science Corporation (Csc), Check Point Software Technologies Ltd., Symantec Corporation, Intel Security, Trend Micro, Inc., Symantec Corporation, Panda Security, CA Technologies, Inc., Cisco Systems, Inc., McAfee, Inc. and Fortinet, Inc. are the leading market players with significant market share.

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