Cloud Data Security Market Reach USD 27.4 Billion by 2032, Key Factors Behind Market's Growth

Allied Market Research published a new report, titled, " The Cloud Data Security Market Reach USD 27.4 Billion by 2032, Key Factors Behind Market's Growth." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The key factors that are driving the growth of cloud data security market include surge in cyber-data thefts, increase in demand for data security and data isolation and surge in adoption of cloud computing services. Securing social media, OS and online apps is providing an opportunity for market growth.

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The global cloud data security market size was valued at USD 5.2 billion in 2022, and is projected to reach USD 27.4 billion by 2032, growing at a CAGR of 18.3% from 2023 to 2032.

The cloud data security market is segmented on the basis of component type, enterprise size, deployment mode, industry vertical and region. In terms of component type, the market is bifurcated into solution and service. By enterprise size, the market is bifurcated into large enterprise and small and medium sized enterprise. Based on deployment mode, it is divided into public cloud, private cloud and hybrid cloud. Based on industry vertical, the market is divided into BFSI, IT and telecom, healthcare, retail and e-commerce, government and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Key Findings of the Study :

● By industry vertical, the BFSI segment led the cloud data security market forecast in terms of revenue in 2022.
● By component type, the solution segment led the cloud data security market analysis in terms of revenue in 2022.
● By enterprise size, the large enterprise segment led the cloud data security industry in terms of revenue in 2022.
● By deployment mode, the public cloud led the cloud data security market in terms of revenue in 2022.
● By region, North America generated the highest revenue in 2022.

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Based on enterprise size, the large enterprise segment held the largest market share in 2022 accounting for two-thirds of share of the global cloud data security market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the availability of finance to buy cloud infrastructure to support their operations and the need for cloud protection as large amount of valuable company data is present in the cloud.

However, the small and medium sized enterprise is expected grow during the forecast period at a CAGR of 20.3% from 2022 to 2032. This is attributed to the gradual increase in transition of small and medium sized companies to cloud environment to take advantage of cloud technology.

Based on component type, the solution segment held the largest market share in 2022 accounting for more than two-thirds of share of the global cloud data security market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increase in amount of innovative cloud solutions developed every year by different software and cloud development companies and start-ups all over the world. In addition the transition of businesses to cloud environment is driving the segment growth.

However the service segment is expected to grow during the forecast period with a CAGR of 20.2% from 2022 to 2032. This is attributed to the surge in adoption of cloud technologies for digital transformation.

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Based on region North America held the largest market share in 2022 accounting for nearly two-fifths of share of the global cloud data security market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the presence of large amount of cloud development companies in the region. However, Asia-Pacific region is expected to grow during the forecast period at a CAGR of 22.1%. This is attributed to the increase in number of IT companies investing in the region.

The report analyzes the profiles of key players operating in the cloud data security market such as Entit Software LLC, Imperva Inc., Fortinet Inc., Intel Security Group, IBM Corporation, Axis Technology LLC, Gemalto NV, Mcafee LLC, Oracle Corporation, and Informatica Ltd. These players have adopted various strategies to attain their respective holds on the cloud data security market share and strengthen their position in the market.

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