Multi-Cloud Security Market Size, Share And Growth Report 2024

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Multi-Cloud Security Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $15.23 billion In 2028 At A CAGR Of 21.3% :

The multi-cloud security market size has grown exponentially in recent years. It will grow from $5.82 billion in 2023 to $7.04 billion in 2024 at a compound annual growth rate (CAGR) of 20.9%. The growth in the historic period can be attributed to increasing adoption of cloud services, rising cybersecurity threats, regulatory compliance requirements, complexity of multi-cloud environments, incident response and recovery needs.

The multi-cloud security market size is expected to see exponential growth in the next few years. It will grow to $15.23 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to growing sophistication of cyber threats, expansion of hybrid and multi-cloud architectures, emergence of edge computing and focus on zero trust security frameworks. Major trends in the forecast period include convergence of security services across multiple cloud environments, rise in demand for cloud-native security solutions, increasing adoption of artificial intelligence and machine learning for threat detection and response and emergence of unified cloud security platforms.

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Multi-Cloud Security Market Major Segments
The multi-cloud security market covered in this report is segmented -
1) By Offering: Solutions, Services
2) By Deployment Mode: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By End User: Banking, Financial Services, And Insurance (BFSI), Healthcare, Information Technology And Telecommunication, Retail And E-Commerce, Government, Other End-Users

Key Driver - Surging Data Breach Concerns Fuels Growth In The Multi-Cloud Security Market

The rising data breach concerns are expected to propel the growth of the multi-cloud security market going forward. Data breach refers to an unauthorized access, disclosure, or acquisition of sensitive or confidential information. The rising concerns about data breaches are due to increasing cyber-attack sophistication, the proliferation of data, regulatory requirements, reputational damage, and financial loss. Multi-cloud security is utilized to mitigate data breaches by implementing robust security measures across multiple cloud environments to reduce the risk of unauthorized access and protect sensitive data from exploitation. For instance, in December 2022, according to the Identity Theft Resource Center, a US-based non-profit organization, there were 1,862 cases of data compromises in 2021, representing a surge of over 68% compared to 2020. Therefore, the rising data breach concerns are driving the growth of the multi-cloud security market.

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Prominent Trend - Integration Of Cloud Detection And Response (CDR) Platforms In The Multi-Cloud Security Market

Major companies operating in the multi-cloud security market are focusing on developing cloud detection and response platforms, such as the Synthesis CDR platform, to gain a competitive edge in the market. Synthesis CDR platform is a cybersecurity approach designed to identify and respond to threats within cloud environments. For instance, in January 2023, Skyhawk Security, an Israel-based security and technology company, launched the Synthesis CDR platform to address alert fatigue and provide cloud detection and response (CDR) across multi-cloud environments. The platform focuses on identifying real-time threats by analyzing correlated sequences of runtime events, thereby improving cloud security posture and reducing the overwhelming volume of false positive alerts typically encountered by cloud security teams. The platform operates on a freemium model, providing a basic version free of charge. Additional features, such as cloud infrastructure entitlement management (CIEM), identity threat detection and response (ITDR), and advanced cloud security posture management (CSPM), are available for purchase.

Multi-Cloud Security Market Players
Major companies operating in the multi-cloud security market report are Amazon.com Inc.; Alphabet Inc.; Microsoft Corporation; Huawei Technologies Co. Ltd. ; Intel Corporation; International Business Machines Corporation (IBM); Cisco Systems Inc.; Broadcom Inc. ; VMware Inc.; Palo Alto Networks Inc.; Juniper Networks Inc.; Fortinet Inc.; Akamai Technologies Inc.; F5 Networks Inc.; Splunk Inc.; Check Point Software Technologies Ltd.; Trend Micro Inc.; CrowdStrike Holdings Inc.; Zscaler Inc.; Sangfor Technologies Inc.; Cloudflare Inc.; Rapid7 Inc.; Barracuda Networks Inc.; Fortanix; Pulse Secure LLC

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Largest And Fastest Growing Region In The Market
North America was the largest region in the multi-cloud security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multi-cloud security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Multi-Cloud Security Market Report Structure
3. Multi-Cloud Security Market Trends And Strategies
4. Multi-Cloud Security Market - Macro Economic Scenario
5. Multi-Cloud Security Market Size And Growth
…..
27. Multi-Cloud Security Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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