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(Wireless-NewsWire.Com, January 24, 2024 ) Cloud Security Market Size is projected to grow from USD 40.7 billion in 2023 to USD 62.9 billion by 2028 at a CAGR of 9.1% during the forecast period according to MarketsandMarkets. The cloud security market experienced substantial growth due to the rising adoption of multi-cloud environments, the expansion of DevSecOps practices, increased utilization of AI and ML for cloud security, and the growing trend of BYOD and CYOD, which led to an increased demand for cloud security solutions.
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Cloud Security Market Dynamics:
Drivers:
Increasing adoption of multi-cloud environments.
Growth of DevSecOps
High adoption of AI and ML solutions
Upsurge in BYOD and CYOD trends
Restraints:
Lack of awareness regarding cloud security.
Complexity in cloud security management
High navigation costs and stringent regulations
Reliance of organizations on cloud security providers
Opportunities:
Development of cloud computing landscape.
Growth of mobile computing
High adoption of IoT devices
Sophistication of cybercriminals
List of Key Players in Cloud Security Market:
IBM (US)
Broadcom (US)
Check Point (Israel and US)
Google (US)
AWS (US)
Zscaler (US)
Akamai Technologies (US)
Forcepoint (US)
Fortinet (US)
F5 (US)
Qualys (US)
TrendMicro (Japan)
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By vertical segment, the retail & eCommerce vertical will grow at the highest CAGR during the forecasted period.
The retail and eCommerce industry is experiencing the highest CAGR in the cloud security market due to the increased adoption of cloud technologies for digital transformation. Data protection has become a priority, with more sensitive customer data and financial transactions being processed in the cloud. Retailers also face a higher risk of cyberattacks and data breaches, leading to the demand for advanced cloud security solutions. The COVID-19 pandemic has further accelerated the shift towards online shopping, boosting the adoption of cloud technologies in this sector. To tap into this growth opportunity, cloud security providers are customizing their solutions to meet the specific needs of retail and eCommerce, ensuring seamless integration and compliance with industry regulations. Thus, the retail and eCommerce segment is projected to have the highest CAGR during the forecast period.
By Type, Visibility and Risk Assessment holds the largest market size during the forecast period.
By type, Visibility and Risk Assessment hold the largest market size in the cloud security market due to their critical role in enhancing overall cloud security. As cloud environments grow in complexity and scale, organizations face challenges in effectively identifying and managing potential security risks. Visibility solutions provide real-time insights into cloud assets, configurations, and activities, enabling businesses to monitor and detect any suspicious behavior or vulnerabilities proactively. On the other hand, risk assessment tools help organizations assess the security posture of their cloud infrastructure, applications, and data. By conducting thorough risk assessments, businesses can prioritize security measures, allocate resources efficiently, and proactively address potential threats. These capabilities are essential as they empower organizations to stay ahead of evolving cyber threats and maintain a robust security posture in their cloud deployments. The need for comprehensive visibility and risk assessment solutions has grown exponentially as businesses recognize their critical role in safeguarding sensitive data and maintaining compliance with industry regulations.
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Market Players:
IBM (US), Broadcom (US), Check Point (Israel and US), Google (US), AWS (US), Zscaler (US), Akamai Technologies (US), Forcepoint (US), Fortinet (US), F5 (US), Qualys (US), TrendMicro (Japan), Palo Alto Networks (US), Proofpoint (US), Tenable (US), Netskope (US), Microsoft (US), Cisco (US), Imperva (US), Trellix (US), Rapid7 (US), Skyhigh Security (US), FireMon (US), Sysdig (US), LookOut (US), Fidelis Cybersecurity (US), DataTheorem (US), OpsCompass (US), Tufin (US), Menlo Security (US), Tigera (US), Orca Security (US), Ascend Technologies (US), Secberus (US), Ermetic (Israel), Sonrai Security (US), Wiz (US), Caveonix (US), Banyan cloud (US), and AccuKnox (US) are the key players and other players in the cloud security market.
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