Press release
Rising Adoption of Cloud-based Services by SMBs Facilitating CASB Market’s Growth at 16.7% CAGR
Cloud computing technology has greatly influenced the way organizations store their information and statistics. The adoption of cloud-based technologies has reduced data storage concerns of enterprises, allowing them to concentrate on their core capabilities. However, concerns pertaining to the privacy of sensitive data and frequent security breaches are major factors crafting the need for cloud security solutions.Thus, cloud access security brokers (CASB) are achieving a vital position in the cloud security domain as protectors of organizations’ critical data. The global CASB market is expected to expand at a CAGR of 16.7% from 2016 to 2024 owing to extensive deployment by a large number of small and medium-sized businesses (SMBs). This large-scale deployment can be attributed to the flexible characteristics of CASB solutions.
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Complete business functionality can be accessed through SaaS at lower operating costs. This has supported the deployment of SaaS-delivered services significantly across SMBs. The rising adoption of the cloud has raised security concerns, leading to a positive influence on the growth of the global CASB market. Governing bodies continually revamp regulations, making it difficult for cloud storage vendors to manage cloud security platforms. Thus, the outsourcing of security solutions has become the foremost trend and is further driving the CASB market.
The CASB market is segmented on the basis of cloud deployment type, components, services and geography. The market’s component segmentation comprises software and services. Software-based CASBs include cloud-based and on-premise types encompassing the following solutions: control & monitoring, risk & compliance management, cloud data encryption, data leakage prevention, and tokenization.
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The services delivered through CASB products include consulting, system integration, and operation & maintenance. CASB deployment across SaaS platforms has witnessed a large number of implementations, owing to rising trends in SaaS-delivered services and its cost-effectiveness.
North America recorded the greatest implementation of CASB services since their inception, and the region is expected to dominate the CASB market at the highest CAGR of 18.4% from 2016 to 2024. This high growth rate is anticipated due to the expansion of cloud-enabled services across the U.S.
Market players profiled in the report are mostly start-ups with highly innovative technologies and methodologies to secure data over the cloud. Key players in the CASB market include NetSkope Inc., Skyhigh Networks, CloudLock Inc., Zscaler, Inc., Adallom, Inc., Bitglass, Inc., CipherCloud Inc., and Protegrity USA, Inc.
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