London, March 13, 2023 (GLOBE NEWSWIRE) -- Exploding digitization, proliferation of social media applications, and increasing cloud connectivity collectively drive revenue to the cloud data security market. The global market is expected to benefit largely from growing knowledge and awareness about data science, especially over the recent past. The latest published report of Fairfield Market Research suggests a robust growth outlook for cloud data security market between 2022 and 2029. “Likely to attain the revenue exceeding US$13 Bn by the end of 2029, cloud data security market continues to reap the benefit from consistently falling technology costs. While we’ve covered the leaders like Cisco, IBM, and Oracle, an important observation shows growing prominence of service-based models that companies prefer for improved sales,” states the analyst at Fairfield, “the market will most likely experience 15.9% growth in revenue through 2029,” adding further.
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Key Report Insights
- Through the end of 2029, global cloud data security market value is poised to reach US$13.2 Bn
- Adoption in banking and financial services domain accounts for over 28% of total demand
- North America retains top spot with more than 29% share in market revenue
Insights into Segmentation Analysis
Demand for cloud data security solutions has been higher than that for the services counterpart. The report indicates the solutions segment to be accounting for more than 57% value share. In terms of the offerings, fully managed services continue to remain sought-after over their co-managed service offerings. The latter currently contribute nearly US$2 Bn toward the cloud data security market revenue. Although large enterprises currently account for nearly 3/5th of the overall market valuation, adoption of cloud data security solutions and services across small and mid-sized enterprises has been on a remarkable rise. Based on analysis of the cloud data security market by application area, the banking and financial services segment leads its way with over 28% share in market valuation. IT and telecom, and healthcare industry further follow.
Key Report Highlights
- Dependence of organizations on cloud computing, and cloud services soars high, in turn boosting market growth
- Mounting investments by governments in smart infrastructure projects to largely favor market expansion
- Cloud data security market emerged critically lucrative overnight as employees started working remotely amidst COVID-19 pandemic
Insights into Regional Analysis
North America, led by the US, is at the forefront of generating demand for cloud data security services and solutions. The region as suggested by the report findings represents a notable share of over 29% in the global cloud data security market. In addition to strong presence of globally leading tech companies like Cisco, AWS, Oracle, and Dell, North America’s market will leverage the dynamically thriving start-up ecosystem across the region. A growing number of strategic collaborations, and alliances that are afoot across the North American competition landscape are likely to work in favor of the market expansion here. “Europe, and Asia Pacific collectively account for more than 50% share in market revenue. The trend will most likely prevail throughout the period of projection,” says the analyst.
Key Players in Global Cloud Data Security Market
Besides IBM, Cisco Systems, and Oracle, the report has also covered industry leaders such as Microsoft Corporation, Dell, Sailpoint Technologies, Hitachi, Micro Focus, CA Technologies, Centrify Corp., and Okta under the detailed competitive analysis and profiling section.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2029 | |
| Market Size in 2019 | US$2.5 Bn | |
| Estimated Market Size in 2029 | US$13.2 Bn | |
| CAGR | 15.9% | |
| Key Players | IBM, Cisco Systems, Oracle, Microsoft Corporation, Dell, Sailpoint Technologies, Hitachi, Micro Focus, CA Technologies, Centrify Corp., Okta | |
The Global Cloud Data Security Market is Segmented as Below:
By Components Coverage
- Solutions
- Services
By Org Size Coverage
- Small and Medium Enterprises
- Large Enterprises
By Verticals Coverage
- Banking & Financial Services
- Government and Public Utilities
- Healthcare and Life Sciences
- IT and Telecom
- Retail
- Others
By Offerings Coverage
- Fully managed
- Co-Managed
By Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- Cisco Systems
- Microsoft Corporation
- Sailpoint Technologies
- Oracle
- DELL
- IBM
- HITACHI
- CA Technologies
- Okta
- Micro Focus
- Centrify Corp
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Component-wise Analysis
- Organization Size-wise Analysis
- Vertical-wise Analysis
- Offering-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/cloud-data-security-market/more-information
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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