WESTFORD, Mass., July 5, 2024 /PRNewswire/ -- According to
SkyQuest, the global Cloud Security Market size was valued at
USD 33.5 billion in 2022 and is
poised to grow from USD 39.5 billion
in 2023 to USD 147.45 billion by
2031, growing at a CAGR of 17.9% in the forecast period
(2024-2031).
Increase in complexity of cyberattacks and data breaches has
bolstered the demand for novel cloud security solutions around the
world. The rising use of cloud technologies and platforms on a
global level is also boosting the cloud security market growth. The
high use of cloud computing and edge computing services by multiple
organizations also creates a high demand for better cloud security
infrastructure. The global cloud security market is segmented into
type, service model, offering, end user, and region.
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overview:
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Cloud Security Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
USD 39.5
billion
|
Estimated Value by
2031
|
USD 147.45
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 17.9%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Type, Service Model,
End-User and Offering
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Digital Transformation
Fortifying Cloud Security with AI and ML
|
Key Market
Drivers
|
Rising demand for Cloud
Computing and Cybersecurity through Advanced Data
Solutions
|
Segments covered in Cloud Security Market are as
follows:
- Type
- Legal Issues, Compliance, Governance, Virtualization, Data
Security, Interface, Network Security
- Service Model
- SaaS (Software as a Service), IaaS (Infrastructure as a
Service), PaaS (Platform as a Service)
- End-User
- Aerospace & Defence, Government, BFSI, Healthcare, IT,
Telecommunication, Manufacturing, Retail, Energy & Utilities,
Media & Entertainment, Others
- Offering
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report:
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Compliance to Remain a Key Cloud Security Concern for All
Companies through 2031
Compliance has always been a key part of any security solution
and the same is also true for cloud security as well. Regulatory
bodies and governments have been implementing stricter laws and
mandates to ensure the safety of data on cloud platforms. Ensuring
compliance with these norms is essential for any cloud service
provider, which is why a security solution that understands and
manages compliance is always in demand. Ensuring cross-border
compliance could help cloud security companies get more bang for
their buck in the future.
Legal issues and data privacy concerns are also estimated to
drive up the demand for novel cloud security solutions. Complex
legal and regulatory frameworks are also contributing to the high
adoption of cloud security with legal security features as well.
Data and network security are also important aspects that cloud
security providers need to emphasize going forward.
Cloud security Solutions to Remain Essential Securing a Cloud
Environment
Cloud security solutions powered by artificial intelligence and
other advanced technologies are being developed around the world.
Deployment of different solutions for enterprise and individual
cloud applications will also create new opportunities for cloud
security market players over the coming years. Data loss prevention
and disaster recovery are some key features of cloud security
solutions that most companies are trying to improve. Meanwhile, the
rapid adoption of cloud security is also creating a high demand for
cloud security services as well. Cloud security providers are
continually focusing on improving their services by offering
round-the-clock support and predictive threat management
services.
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(TOC):
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High Use of Cloud Platforms and Technologies in the IT
Industry Creates an Opportune Setting for Cloud Security
Vendors
The information technology (IT) industry has always led the
adoption of novel technologies and the cloud is one of them. The
rising use of cloud platforms and migration of traditional
technologies in cloud environments are boosting the demand for
cloud security in the IT industry. The BFSI industry will also
offer new moneymaking scope for cloud security providers as it
moves towards digitization and the incidence of digital frauds
increases. Telecommunication end users are also expected to bolster
the demand for novel cloud security solutions as they utilize cloud
technology to become digital service providers. Adoption of
automation and smart manufacturing practices in the manufacturing
space will also promote the use of cloud platform, which in turn,
is expected to boost cloud security demand as well.
Cloud security companies have a lot of potential to expand their
business in many industry verticals. New companies can focus on
providing services to build a strong market presence and then move
on to making cloud security solutions to compete with the leading
market players.
Related Report:
Cyber Security Market
Network Security Market
Endpoint Security Market
Managed Security Services Market
Application Security Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj
Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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