Cloud Security Market Size was valued at USD 25.1 billion in 2022. The Cloud Security market industry is projected to grow from USD 30.4 Billion in 2023 to USD 97.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.72% during the forecast period (2023 - 2030). Because of the cloud's vulnerability to hackers, cloud security is improving. This information is utilized to transfer the massive volumes of information that drove the biggest boom in the cloud security industry in various industries, including telecom and IT departments, contributing to the market drivers during the forecast period.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Rising Impact of Software-as-a-Service to boost the market growth
During the analysis period, the effect of COVID-19 is anticipated to lead to noticeably high growth in this market. This results from the adoption of cloud security solutions significantly accelerating, aided by the rapid uptake of cloud-based solutions. The organization's operating model is predicted to be disrupted by the software-as-a-service concept. The use of containers is projected to expand due to the COVID-19 influence on corporate operations, which will guarantee to raise demand for reliable security solutions.
The cloud's scalability and smooth user experience are credited for the continually growing trend in demand for hybrid clouds. Moreover, serverless computing and rising DevOps productivity will probably fuel market expansion. Similar to this, enterprises have reported moving more workloads from on-premises and data centers to the cloud in response to COVID-19. As a result, security concerns are expected to stay high as public cloud computing adoption keeps growing in response to the COVID crisis, hastening the transition to remote work settings. Crypto-jacking attacks in the cloud are caused by the fluctuating value of cryptocurrencies designed with superior decision-making capabilities. For instance, CoinStomp is malware made up of shell scripts that try to mine bitcoin via cloud computing instances maintained by network security providers. Users and providers of IT security have the chance to put the required safeguards in place. A declining trend in the availability of public cloud storage services shows that businesses are taking precautions to solve security issues. Therefore, such applications in cryptocurrencies have recently enhanced the Cloud Security market CAGR globally.
The usage of containers in the IT sector has exploded in recent years. Numerous businesses use managed or native Kubernetes orchestration. Businesses use well-known managed cloud services like Amazon Elastic Container Service for Kubernetes, Azure Kubernetes Service, and Google Kubernetes Engine. The management, deployment, and scaling of containerized use cases are made simple for developers by such managed services platforms, which will contribute to the Cloud Security market revenue.
Based on deployment, the Cloud Security Market segmentation includes private, public, and hybrid. Hybrid cloud security held the majority share in 2022, contributing to around ~45-47% of the Cloud Security Market revenue. The market for hybrid solutions is anticipated to develop due to increased cyberattacks. A cyberattack is a harmful and intentional attempt by a person or group to access the data of another person or company. Companies utilize cybersecurity to reduce cyberattacks, and as a result, the cybersecurity market is more in demand as the number of attacks rises. For instance, the Indian Computer Emergency Response Team (CERT-In), a government agency with headquarters in India, reports that the number of cyberattacks in India jumped from 3.9 lakhs in 2019 to 11.5 lakhs in 2020.
October 2020: Google's cooperation with Cisco will combine SD-WAN with Google Cloud's global network, enabling clients to integrate WAN applications with cloud workloads fully.
Figure 2: Cloud Security Market, by Deployment, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on types, the Cloud Security Market segmentation includes virtualization, cloud database security, and network security. Cloud database security is anticipated to hold the largest market share in 2022. It will grow with the fastest growing CAGR during the forecast period owing to organizations' increased use of data security and network security solutions due to the increasing frequency of data breaches during the forecasted period for the cloud security market. DLP refers to a group of specialized solutions that use technology for exact data matching, classification, and fingerprinting to identify, safeguard, and monitor sensitive data in businesses. Hence, rising applications for cloud database security positively impact the market growth.
The Cloud Security Market data has been bifurcated by end-users into healthcare, retail, BFSI, and IT & Telecom. The IT and telecom sector is anticipated to have the largest market share. Exemplary efficiency and fast response times for mobile applications and linked devices needing strong security and privacy, 5G networks enable boundless communication. Telcos are extensively using the cloud's AI and data analytics capabilities.
October 2019: The McAfee MVISION was unveiled to assist businesses in rapid and accurate cyberattack response by providing actionable insights and specific security. The answer would facilitate global assault tracking, which will increase the footprint of the global Cloud Security industry.
Use of the cloud is a key approach advancing digital transformation in the retail sector. Strong security solutions are becoming necessary due to the stages of digital retail strategy, including siloed retail, connected retail, analytics-driven retail, and intelligent retail.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Cloud Security market accounted for USD 11.5 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. By initiating various projects and incorporating research and development into the current solution offerings, government authorities and business actors in nations like the United States, Canada, and others are boosting their investment in security solutions.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Cloud Security Market SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe Cloud Security market accounts for the second-largest market share due to the rising number of attacks on virtual private networks combined with increasing instances of remote access working. Further, the Germany Cloud Security market held the largest market share, and the UK Cloud Security market was the fastest-growing market in the European region
The Asia-Pacific Cloud Security Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to tightening legislation; government agencies and corporate companies in nations like China, Japan, India, Oceania, South Korea, South East Asia, and others are boosting their investments in cloud security. Moreover, China Cloud Security market held the largest market share, and the India Cloud Security market was the fastest-growing market in the Asia-Pacific region
For instance, India Cloud Security market is expected to expand at a rapid CAGR in the Asia Pacific region owing to the growing use of IoT-connected devices, rising incidents of cybercrimes and data breaches, and rising data-based technology adoption. There is a significant demand for cybersecurity solutions and services. With the pace of technological advancement and the frequent occurrences of lost critical corporate data, the cloud security market is anticipated to grow favorably. Additionally, the market infrastructure for cloud security has advanced significantly. By promoting awareness of the numerous cyber-attacks and providing incentives for customers to bring their own devices, the market is still being established in the Asian region.
Major market players are making investments and providing financing to support R&D efforts so they may introduce novel treatment options to the marketplace. Businesses are also making efforts to enhance their market share through significant market developments like the introduction of new products, boosted investments, and joint ventures with other businesses. Participants in the sector of Cloud Security industry must provide more efficient solutions and aid in the security process.
One of the business strategies adopted by companies in the global Cloud Security industry is collaborating with research institutes to conduct studies The Cloud Security market major player such as Okta Inc. (US), Microsoft Corporation (US), Intel Corporation (US), Fortinet, Cisco Systems Inc. (the US), IBM Corporation (US) and others are working to expand the market demand by investing in research and development activities.
The headquarters of the American technology business Intel Corporation are in Santa Clara, California. It is one of the creators of the x86 series of instruction sets, which are the ones used in the majority of personal computers, and the largest manufacturer of semiconductor chips in the world by revenue (PCs). For nearly ten consecutive years, from the 2007 to 2016 fiscal years, Intel, the Delaware corporation, was placed No. 45 on the 2020 Fortune 500 ranking of the largest American firms by total revenue. Moreover, Intel produces motherboard chipsets, integrated circuits and network interface controllers, flash memory, graphics chips, embedded CPUs, and other computing and communication-related products.
The headquarters of the American global technology company Microsoft Corporation are in Redmond, Washington. The Windows family of operating systems, the Microsoft Office package, and the Internet Explorer and Edge web browsers are among Microsoft's most well-known software offerings. The Xbox video gaming consoles and the Microsoft Surface range of touchscreen personal PCs are its two main hardware offerings. Microsoft was the world's largest software company by revenue as of 2019; it was placed No. 21 in the Fortune 500 rankings of the largest American firms by total revenue in 2020. Together with Alphabet (Google), Amazon, Apple, and Meta, it is one of the Big Five American technological firms.
Okta Inc. (US)
Microsoft Corporation (US)
Intel Corporation (US)
Fortinet
Cisco Systems Inc. (the US)
IBM Corporation (US)
Symantec Corporation (US)
Trend Micro Inc. (Japan)
CA Technologies Inc.
CloudPassage Company (US), among others
August 2021: The cloud email security business of Avanan was purchased by Check Point Software Technologies Ltd. Through this acquisition, Check Point Software will be better able to deploy secure email security solutions and defend remote workers against malicious collaboration tools, files, URLs, and phishing across email and networks.
July 2020: To prevent data breaches, Quick Heal Technologies has launched its newest cybersecurity solution for enterprises. The company's security solution includes cloud-based email security, data protection, and privacy laws, among other features that help businesses stay protected from security threats and potential data breaches.
Private
Public
Hybrid
Virtualization
Cloud Database Security
Network Security
Healthcare
Retail
BFSI
IT & Telecom
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 25.1 billion |
| Market Size 2023 | USD 30.4 billion |
| Market Size 2030 | USD 97.5 billion |
| Compound Annual Growth Rate (CAGR) | 21.4% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2019 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Okta Inc. (US), Microsoft Corporation (US), Intel Corporation(US), Fortinet, Cisco Systems Inc. (the US), IBM Corporation (US), Symantec Corporation (US), Trend Micro Inc. (Japan), CA Technologies Inc., and CloudPassage Company (US) |
| Key Market Opportunities | Increased Adoption of Cloud Computing |
| Key Market Dynamics | Rising Focus of Key Manufacturers Towards Cloud Computing Security Rising Adoption of Analytics-as-a-Service |
Cloud Security Market Highlights:
Frequently Asked Questions (FAQ) :
The Cloud Security Market size was valued at USD 25.1 Billion in 2022.
The global market is projected to grow at a CAGR of 21.4% during the forecast period, 2022-2030.
North America had the largest share in the global market
The key players in the market are Okta Inc. (US), Microsoft Corporation (US), Intel Corporation (US), Fortinet, Cisco Systems Inc. (the US), and IBM Corporation (US) among others.
The hybrid deployment category dominated the market in 2022.
The IT & Telecom end-user had the largest share in the global market.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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