Cloud Security Market (2022-2029)
The Cloud Security Market is projected to reach $83.03 billion by 2029, at a CAGR of 13.1% from 2022 to 2029.
- Published
- Oct 2022
- Pages
- 250
- Format
- PDF + Excel
- Report ID
- MRICT - 104695
- Base year
- 2021
- 2029 · FORECAST
- $83.03B
- 2029
- $83.03B
- CAGR 2022–2029
- 13.1%
2021 baseline · 2022–2029 forecast at 13.1% CAGR · hover a bar for the value
Key highlights
Based on Component, in 2022, the Solutions Segment is Expected to Dominate the Cloud Security Market
Based on Security Type, the Network Security Segment is Projected to Register the Highest CAGR
Based on End User, the Healthcare Segment is Projected to Register the Highest CAGR
Asia-Pacific: The Fastest-growing Regional Market
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2021 |
| Estimated Year | 2022 |
| Forecast Period | 2022–2029 |
| Market Size (2029) | USD 83.03 billion |
| CAGR (2022–2029) | 13.1% |
| Format | PDF, Excel & Cloud Portal · 250 pages |
| Segments Covered | By Component: Solutions Identity & Access Management, Data Loss Prevention, Security Information and Event Management, IDS/IPS, Encryption, Risk and Compliance Management, Other Solutions, Professional Services, Managed Services · By Security Type: Network Security, Application Security, Endpoint Security, Other Security Types · By Deployment Mode: On-premise, Cloud-based · By Service Model: IaaS, PaaS, SaaS · By End User: Government, BFSI, IT & Telecom, Healthcare, Retail, Aerospace & Defense, Manufacturing, Energy & Utilities, Other End Users · By Organization Size |
| Countries Covered | North America (Canada), Europe (UK, Germany, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Singapore, South Korea, Rest of Asia-Pacific) |
| Key Companies | Microsoft Corporation, IBM Corporation, Checkpoint Software Technologies, Ltd., Broadcom, Inc., Palo Alto Networks, Inc., Cisco Systems, Inc., McAfee, LLC, Fortinet, Inc., Imperva, Inc., Cloudflare, Inc., Aqua Security Software Ltd., Qualys, Inc., Tenable, Inc., Netskope, Inc., CrowdStrike, Inc. |
Report overview
Segments covered: component, security type, deployment mode, service model, end user, organization size. Regions: North America, Europe, Asia-Pacific.
The growth of the cloud security market is driven by the growing significance of cloud security solutions in the BFSI sector, the growing sophistication of cyberattacks and cyber espionage, the rising number of cloud security regulations, and the growing adoption of the BYOD trend. Furthermore, the development of smart infrastructure and the growing need for cloud security solutions among SMEs are expected to offer significant growth opportunities for the cloud security market. However, a lack of visibility/control and misconceptions & lack of knowledge regarding cloud security solutions restrain the growth of this market.
The COVID-19 pandemic adversely impacted the global economy. Nationwide lockdowns and social distancing norms were imposed across several countries, which negatively affected multiple industries, including the cloud security industry. Uncertainty regarding the duration of the lockdowns made it difficult for the key market players to anticipate the recovery of the cloud security market. Numerous cloud security providers were under immense pressure across various fronts due to the COVID-19 pandemic.
However, economies are recovering rapidly, and there is an increase in smart infrastructure development and the adoption of cloud security solutions in the BFSI sector, which is expected to offer significant growth opportunities for players operating in the cloud security market. Furthermore, several businesses are increasingly adopting cloud security solutions. Local governments are also undertaking several relief steps to mitigate the negative impacts of the COVID-19 pandemic. Thus, these factors are expected to enable the recovery of the cloud security market by 2023.
Report infographic
Market dynamics
5 factors across 1 forceUnauthorized access to application functionality or data
Exposed cloud services
due to misconfiguration
Hijacking of user accounts
because of poor encryption and identity management
Data leakage from insecure APIs or other infrastructure endpoints
Distributed denial of service (DDoS) attacks
due to poorly managed resources
Table of contents
14 chapters · 132 sections · 250 pages · click to expandSegmental analysis
| Segment | Largest share (2022) | Fastest growth (2022–2029) |
|---|---|---|
| By Component | Solutions | — |
| By Security Type | — | Network security |
| By End User | — | Healthcare |
By Component
- The solutions segment is expected to account for the larger share of the cloud security market.
- The increasing focus on solution-centric security capabilities, the increasing number of cybercrimes and cyber espionage, and the increasing R&D investments to improve cloud security solutions are some of the factors driving the growth of this segment.
- In addition, the benefits offered by cloud security solutions, such as advanced threat detection, data security, and regulatory compliance, contribute to this segment's growth.
By Security Type
- The network security segment is projected to register the highest CAGR during the forecast period.
- Factors such as the rising number of data & security breaches, the increasing demand for filtering & monitoring network traffic, the growing need for network security and privacy, and the rising need to protect connected network infrastructure are expected to drive the growth of this segment.
By End User
- The Healthcare Segment is Projected to Register the Highest CAGR
- The healthcare segment is expected to register the highest CAGR during the forecast period.
- The rising adoption of telemedicine devices and remote healthcare services, the rising number of cyberattacks, and the increasing need for securing connected medical devices and effective cloud security measures are expected to support the growth of this segment.
Geographic analysis
Asia-Pacific
Fastest growthHowever, Asia-Pacific is slated to record the fastest growth rate during the forecast period. The high penetration of connected devices, growing cybercrimes, presence of prominent cloud security key players, and growing awareness regarding cloud security among small and medium-sized organizations are expected to support the market growth in the region during the forecast period. Asia-Pacific: The Fastest-growing Regional Market
North America
Largest shareIn 2022, North America is expected to account for the largest share of the cloud security market, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
Competitive landscape
- Microsoft Corporation
- IBM Corporation
- Checkpoint Software Technologies, Ltd.
- Broadcom, Inc.
- Palo Alto Networks, Inc.
- Cisco Systems, Inc.
- McAfee, LLC
- Fortinet, Inc.
- Imperva, Inc.
- Cloudflare, Inc.
- Aqua Security Software Ltd.
- Qualys, Inc.
- Tenable, Inc.
- Netskope, Inc.
- CrowdStrike, Inc.
Frequently asked questions
The Cloud Security Market encompasses solutions and services designed to protect cloud-based systems and data from cyber threats.
Cite this report
Meticulous Research. (2022). Cloud Security Market - Global Opportunity Analysis and Industry Forecast (2022-2029) (Report No. MRICT - 104695). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/cloud-security-market-5379