Expanding at a Healthy 13.6% CAGR Cloud Security Market Worth by 2030 | Top Players such as - Fortinet Inc., Sophos Ltd., Cloudflare Inc.

Among cloud security services, the email & web security solutions segment accounted for the largest share of 24.5% of the overall market revenue in 2014, owing to their widespread adoption among large, medium, and small enterprises. Additionally, cloud security network security solution & cloud identity and access management segments are expected to exhibit significant growth throughout the forecast period.

Global cloud security market report, published by Allied Market Research, forecasts that the global market is expected to garner $8.9 billion by 2020, registering a CAGR of 23.5% during the period 2015-2020.

Cloud security refers to the set of policies, technologies, and controls deployed to protect data, applications, and infrastructure in cloud computing environments. As organizations increasingly move their data and operations to the cloud, ensuring the security of these resources becomes paramount.

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The surge in emergence of development security operations in the cloud environment, increase in number of cyber-attacks, rise in reliance on cloud-based services, and an upsurge in market for managed security services are factors that propel the growth of cloud security market. Furthermore, factors such as lack of awareness regarding cloud security and high navigation costs and stringent regulations are hampering the growth of cloud security market. Moreover, factors such as the development of cloud computing landscape and growth of mobile computing provide an opportunity for cloud security market expansion.

Several factors contribute to the growth of the cloud security market:

1. Rapid Cloud Adoption: The move to cloud-based services and infrastructure has become a mainstream trend.
Many organizations are migrating their data and applications to the cloud for improved scalability, flexibility, and cost-effectiveness.

2. Security Concerns: As more sensitive data moves to the cloud, there is a growing concern about the security of this data. Organizations are investing in cloud security solutions to ensure the confidentiality, integrity, and availability of their data.

3. Regulatory Compliance: Regulatory requirements regarding data protection and privacy are becoming more stringent. Compliance with regulations such as GDPR (General Data Protection Regulation) and others is a key driver for organizations to enhance their cloud security measures.

4. Increasing Sophistication of Cyber Threats: Cyber threats are becoming more advanced and sophisticated. Cloud security solutions are evolving to address new and emerging threats, including data breaches, ransomware, and other cyber attacks.

5. Integration of AI and Machine Learning: The integration of artificial intelligence (AI) and machine learning (ML) technologies in cloud security solutions enables more proactive threat detection and response.

6. Hybrid and Multi-Cloud Environments: Many organizations operate in hybrid or multi-cloud environments, using a combination of on-premises, private cloud, and public cloud services. Securing data and applications across these diverse environments is a key focus for the cloud security market.

7. COVID-19 Impact: The COVID-19 pandemic has accelerated digital transformation initiatives, including cloud adoption. Remote work and the increased reliance on cloud services have underscored the importance of robust cloud security.

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The segmentation of the cloud security market can be analyzed based on several key factors, including deployment models, security types, service models, verticals, and regions.

Deployment Models:
One primary segmentation in the cloud security market is based on deployment models. This includes public cloud, private cloud, and hybrid cloud security solutions. Public cloud security focuses on protecting data and applications hosted on public cloud platforms, while private cloud security is tailored for organizations with dedicated cloud infrastructure. Hybrid cloud security addresses the challenges of securing environments that integrate both public and private clouds.

Security Types:
Cloud security solutions can also be categorized based on the types of security they provide. This includes data security, network security, application security, and identity and access management. Data security involves protecting sensitive information, network security focuses on securing communication channels, application security deals with safeguarding applications, and identity and access management controls user access to resources.

Service Models:
The cloud security market is further segmented based on service models, encompassing Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) security. Each service model requires distinct security measures to address specific vulnerabilities and risks associated with the underlying infrastructure, platform, or software.

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Verticals:
Different industry verticals have unique security requirements, leading to another segmentation of the cloud security market. Common verticals include healthcare, finance, government, retail, and IT and telecom. Each sector has specific compliance standards and regulatory frameworks, influencing the design and implementation of cloud security solutions tailored to meet industry-specific needs.

Regions:
Geographical segmentation is essential in understanding the varying demand and adoption of cloud security solutions across different regions. Factors such as regulatory environments, technological maturity, and the prevalence of cyber threats contribute to regional disparities in the cloud security market. Major regions include North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Prominent Companies Profiled in this Report:

1. Symantec Corporation (now part of Broadcom)
2. McAfee, LLC
3. Trend Micro, Inc.
4. Cisco Systems, Inc.
5. Check Point Software Technologies Ltd.
6. Palo Alto Networks, Inc.
7. Fortinet, Inc.
8. IBM Corporation
9. Microsoft Corporation
10. Amazon Web Services (AWS)
11. Google Cloud Platform (GCP)
12. Akamai Technologies, Inc.
13. Netskope, Inc.
14. Zscaler, Inc.
15. CrowdStrike Holdings, Inc.

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