Cloud Network Security Software Global Market Expected to hit $12.13 Billion at a CAGR of 26.1% by 2028, Top Factors Leading The Industry Worldwide

"The Business Research Company recently released a comprehensive report on the Global Cloud Network Security Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The cloud network security software market size has grown exponentially in recent years. It will grow from $3.82 billion in 2023 to $4.8 billion in 2024 at a compound annual growth rate (CAGR) of 25.9%. The growth in the historic period can be attributed to data breaches, regulatory compliance, increased cloud adoption, security incidents, digital transformation initiatives.

The cloud network security software market size is expected to see exponential growth in the next few years. It will grow to $12.13 billion in 2028 at a compound annual growth rate (CAGR) of 26.1%. The growth in the forecast period can be attributed to IoT expansion, edge computing, AI and machine learning adoption, hybrid and multi-cloud environments, remote workforce trends. Major trends in the forecast period include increased emphasis on zero trust architecture, rise of cloud-native security solutions, integration of security orchestration and automation, enhanced threat intelligence sharing, heightened regulatory scrutiny.

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Market Drivers and Trends:

The rising occurrences of cyber threats is expected to propel the growth of cloud network security software market going forward. The occurrence of cyber threats is driven by factors such as the increasing sophistication of cybercriminals, the expanding attack surface due to the proliferation of internet-connected devices, and the pursuit of monetary gain. Cloud network security software is utilized to implement robust defense mechanisms, including encryption, access controls, threat detection, and incident response protocols, to safeguard cloud-based infrastructure and data from a wide range of cyber threats. For instance, in January 2023, according to a report by Check Point, an Israel-based software security provider, there was a 38% surge in global cyberattacks in 2022 compared to 2021. Therefore, rising occurrences of cyber threats will drive the cloud network security software market.

Major companies operating in the cloud network security software market are crafting security suites, such as log management security suites, to further advance their offerings and meet the evolving security needs of cloud-based environments. A cloud-native log management security suite provides comprehensive protection for log data in cloud-native environments, including encryption, access controls, auditing, threat detection, and compliance monitoring. For instance, in April 2023, International Business Machines Corporation (IBM), a US-based technology company, launched the IBM security QRadar suite to streamline the security analyst experience throughout the entire incident lifecycle. This suite marks a significant advancement in the QRadar brand, encompassing core threat detection, investigation, and response technologies, with a focus on innovation and efficiency across the portfolio. It includes a common, integrated user interface that empowers analysts to work more quickly and efficiently throughout investigation and response processes, with shared insights and automated actions across multiple tools and data sources. The suite is delivered as a service on AWS, allowing for simplified deployment across cloud environments and integration with public cloud and SaaS log data. It includes a new, cloud-native security observability and log management capability optimized for large scale data ingestion, sub-second search, and rapid analytics.

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Major Key Players of the Market:

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., FireEye Inc., Trend Micro Inc., CrowdStrike Holdings Inc., Zscaler Inc., Sangfor Technologies Inc., Cloudflare Inc., Rapid7 Inc., Barracuda Networks Inc., Pulse Secure LLC

Cloud Network Security Software Market 2024 Key Insights:

• The cloud network security software market size is expected to see exponential growth in the next few years. It will grow to $12.13 billion in 2028 at a compound annual growth rate (CAGR) of 26.1%.
• Surging Cyber Threats Fueling Growth In Cloud Network Security Market
• Integration Of Comprehensive Security Suites Reshaping The Cloud Network Security Market
• North America was the largest region in the cloud network security software market in 2023

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