Cloud Security Global Market Report 2024 To 2033 | Microsoft Corporation, Cisco Systems Inc., Cloudflare Inc., FireEye Inc., International Business Machines Corporation

The Business Research Company recently released a comprehensive report on the Global 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.

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According to The Business Research Company's, The cloud security market size has grown rapidly in recent years. It will grow from $15.03 billion in 2023 to $17.48 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to regulatory compliance requirements, focus on identity and access management, bring your own device trend, advanced persistent threats, .

The cloud security market size is expected to see rapid growth in the next few years. It will grow to $35.22 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to zero trust security models, container security measures, global privacy concerns, security awareness training, . Major trends in the forecast period include multi-cloud security strategies, collaboration with managed security service providers , secure cloud-native networking, identity and access management enhancements, integrated cloud security platforms..

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Market Drivers and Trends:

The rising number of cyberattacks is expected to propel the growth of the cloud security market going forward. A cyberattack is a malicious and deliberate effort by an individual or organization to breach the data of another individual or business. Organizations use cyber security for minimizing cyber-attacks, as result, the rise in the number of attacks increases the demand for the cybersecurity market. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based government agency, the number of cybercrime reports received in 2021-2022 was 76,000, an increase of nearly 13% from the 2020-2021 financial year. Therefore, the rising number of cyber-attacks drives the growth of the cloud security market.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

Microsoft Corporation, Cisco Systems Inc., Cloudflare Inc., FireEye Inc., International Business Machines Corporation, McAfee Corp., Palo Alto Networks Inc., Proofpoint Inc., Qualys Inc., Trend Micro Incorporated, Zscaler Inc., Akamai Technologies Inc., Alphabet Inc., Barracuda Networks Inc., CrowdStrike Holdings Inc., CyberArk Software Ltd., Fidelis Cybersecurity Inc., Forcepoint LLC, Lacework Inc., Netskope Inc., Splunk Inc., Symantec Corporation, Tenable Inc., VMware Inc., Broadcom Inc., Sophos Group PLC, Bitglass Inc., Imperva Inc., CloudPassage Inc., Avanan Inc., Illumio Inc., vArmour Inc., Aqua Security Inc., SiteLock LLC, Accenture* plc,Amazon Web Services Inc., Check Point Software Technologies Ltd.,

Cloud Security Market 2024 Key Insights:

• The cloud security market size is expected to see rapid growth in the next few years. It will grow to $35.22 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%.
• Countering The Surge In Cyberattacks Catalyzing The Growth Of The Cloud Security Market
• Evolving Cloud Security Landscape The Rise Of Technological Advancements
• North America was the largest region in the cloud security market in 2023

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