The cloud security market size was USD 29.26 billion in 2021. The market is projected to grow from USD 33.13 billion in 2022 to USD 106.02 billion in 2029 at a CAGR of 18.1% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Cloud Security Market Share, 2022-2029.” Factors such as the rising adoption of managed container services coupled with an ongoing trend of crypto-jacking will increase the market’s footprint during the forecast period. Additionally, the rising adoption of cloud computing services and applications will boost the market’s growth.
Rising Adoption of Cloud Computing Solutions & Applications to Augment Market Growth
Factors such as the rising implementation of cloud computing towards data monitoring solutions coupled with rising demand for massive storage applications will boost the cloud security market growth during the forecast period. Additionally, the rising adoption of managed container services and solutions coupled with increasing cyber-attacks will increase the footprint of the market. Also, an ongoing trend of crypto-jacking will fuel the growth of the market towards an extended boundary.
However, budget and data privacy measures will limit the growth of the market during the forecast period.
North America to exert dominance during forecast due to rising initiatives by government bodies
North America is expected to hold the largest cloud security market share during the forecast period due to various initiatives undertaken by government agencies for increasing investments in security solutions to name a few. Additionally, rising collaborative efforts among the prominent players in the market coupled with increasing phishing and cyber-attacks will increase the footprint of the market in the region.
The Asia Pacific will account for a substantial market share in terms of global contribution due to a combinative effort between government agencies and private players in emerging economies such as China, India, Japan, South Korea, and South East Asia. Additionally, rising investments in cloud security will further strengthen the market’s growth in the region.COVID-19 Impact
Pandemic to cause a positive impact on market owing to migration of workloads from on-site towards Cloud
The COVID-19 pandemic resulted in a positive growth environment for the sector of cloud security due to the accelerated adoption of solutions and services. During the ongoing pandemic situation, huge growth in usage of containers was observed, triggering an increase in the market volume. Since a majority of the workforce transitioned into a work-from-home situation, rising demand for hybrid solutions was adopted which further led to an increase in the market share. Amid COVID-19, many organizations began shifting massive amounts of the workload from data centers and on-premises towards the cloud. This led to an exponential increase in cloud usage solutions, further leading to a boost in the cloud security market growth.
Enhanced product offerings from prominent players to help exert dominance during forecast
The sector of cloud security is dominated by various players such as Microsoft Corporation, Cisco Systems, Inc., IBM Corporation, Palo Alto Networks, Inc., and Broadcom Inc. These players are focused on launching innovative products in order to strengthen their current product offering. For example, in August 2021, McAfee Inc. announced launching MVISION Private access. This will enable an approach for zero-trust access and extend data and threat protection capabilities for private applications that are hosted across hybrid IT environments. Other players are focused on employing strategic tactics such as mergers & acquisitions and collaborations for occupying a larger market share. For example, in July 2020, Quick Heal Technologies announced launching their next cybersecurity solution for various business practices from data breaches. This offering aims to integrate cloud-based email security, data protection and privacy suits from security attacks. Globe Newswire