Multi-Cloud Security Market Size, Share, Growth Analysis & Forecast 2024-2033 | Trends & Key Players

The Business Research Company recently released a comprehensive report on the Global Multi-Cloud Security 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 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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Market Drivers and Trends:
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.

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.

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

Multi-Cloud Security Market 2024 Key Insights:
• 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%.
• Surging Data Breach Concerns Fuels Growth In The Multi-Cloud Security Market
• Integration Of Cloud Detection And Response (CDR) Platforms In The Multi-Cloud Security Market
• North America was the largest region in the multi-cloud security market in 2023

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