DUBLIN, March 11, 2022 /PRNewswire/ — The “Cloud Security Market with COVID-19 Analysis by Security Type, Application (Visibility and Risk Assessment, User and Data Governance), Service Model, Organization Size, Vertical (BFSI, IT and ITeS, retail) and region – Global forecast to 2026″ report has been added to from ResearchAndMarkets.com offer.
The size of the global cloud security market is expected to grow from $40.8 billion in 2021 for $77.5 billion by 2026, at a compound annual growth rate (CAGR) of 13.7% from 2021 to 2026.
An increasing number of security breaches and cyberattacks and the requirement to comply with regulatory and data protection laws has contributed to the growth of the cloud security market ecosystem.
By service model, SaaS segment is expected to hold larger market size in 2021
Organizations are migrating their infrastructure to the cloud because of its hardware cost and lower features, such as agility, scalability, speed, and cost effectiveness. In cloud deployment mode, a service provider hosts the entire infrastructure and its functionality, which is provided to organizations on an as-needed basis and can scale as needed.
Microsoft Office 365, Salesforce.com, Cisco Webex, and Adobe Creative Cloud are some of the popular SaaS application providers in the market. With the proliferation of cloud collaboration tools amid the pandemic, SaaS companies expect growth as these solutions are easier to deploy, manage, and support virtually on the cloud.
APAC will register the highest growth rate during the forecast period
Asia Pacific (APAC) includes emerging economies, such as Australia, South Koreaand Japan, with a developed security infrastructure. Machine Learning (ML), Internet of Things (IoT), Big Data Analytics, and Artificial Intelligence (AI) are emerging methodologies that are being deployed in this region.
APAC is home to a large number of established small and medium enterprises (SMEs), which are growing at a commendable pace to cater to their large customer base. SMBs are rapidly adopting cloud-based solutions to manage their business data. Despite the growing importance of SMEs in this region, they are mostly the most affected by cyberattacks and malware due to budget constraints and resource shortages.
The Cloud Security Market study includes an in-depth competitive analysis of these key players along with their profiles, recent developments, and key market strategies.
- Increase in instances of phishing and spam attacks to drive demand for cloud security solutions
- Industry IT and ITES Vertical and North America hold the highest market shares in 2020
- Network security segment dominated the market in 2021
- Data Users and Governance Segment is Expected to Grow at the Highest CAGR Over the Forecast Period
- Asia Pacific become the best market for investments in the next five years
- Growing sophistication of cyber crimes, cyber espionage campaigns and the generation of new cyber attacks
- Increased use of cloud-based solutions and MSS
- Increase in BYOD and CYOD trends to drive demand for cloud security
- Mistrust and poor collaboration between companies and cloud security service providers
- Increase government initiatives to support smart infrastructure projects
- Securing online payment applications, social networks and OS
- Lack of business and consumer awareness due to the complexity of cloud computing models
- Market dynamics and analysis of factors related to the COVID-19 pandemic
- Use Case: Cloud Security for IT and IT Provider Onelink
- Use Case: Cloud Security for Mercedes Amg
- Use Case: Cloud Security for Qlik
Patent Analysis: Top Candidates for Cloud Security-Related Patents
- Payment Services Directive 2
- Electronic identification, authentication and trust services
- Fight against money laundering
- General Data Protection Regulation
- Federal Information Processing Standards
- Payment Card Industry Data Security Standard (Pci-Dss)
- Health Insurance Portability and Accountability Act (Hipaa)
- Amazon Web Services
- Palo Alto Networks
- Trend Micro
- point of strength
- point of proof
- Water safety
- encryption cloud
- Bitglass (strength point)
- Site lock
- cloud passage
- eye of fire
For more information on this report, visit https://www.researchandmarkets.com/r/17bk0d
For EST office hours, call +1-917-300-0470
For USA/CAN call toll free +1-800-526-8630
For GMT office hours call +353-1-416-8900
US Fax: 646-607-1907
Fax (outside the US): +353-1-481-1716
SOURCE Research and Markets