Selbyville, Delaware, Aug. 22, 2023 (GLOBE NEWSWIRE) --
The cloud data security market is expected to surpass USD 15 billion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing number and complexity of cyber threats are driving the demand for advanced security solutions to safeguard data from unauthorized access, data breaches, and other cyberattacks. Moreover, individuals are becoming more aware of their data privacy rights and the potential risks associated with data breaches, promoting the demand for stronger security measures from organizations that handle their personal information. As a result, organizations are investing heavily in cloud data security solutions to gain consumer trust and protect their brand reputation.
The cloud data security market from the services segment will reach USD 6 billion by 2032 as organizations seek to leverage the expertise and resources of security providers to manage security in the cloud effectively. Service components, such as managed services, professional services, and support and maintenance, provide the necessary support to implement, manage, and maintain cloud security solutions. The complexity of cloud computing is further complementing industry growth.
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The cloud data security market from the co-managed segment is estimated to depict more than 16% CAGR from 2023 to 2032, as per the report. The segment growth can be attributed to the flexibility offered to organizations to share responsibilities for managing security in the cloud with a third-party provider. It also enables businesses to maintain control over security while still benefiting from the expertise of a security provider.
Asia Pacific cloud data security market will be worth over USD 4 billion by 2032. Rising digitalization across various industries of the APAC region, including China, Japan, and India, is pushing the demand for these security solutions to secure data in the cloud. The booming IT & telecommunication industry in India has encouraged firms to shift to cloud-based technologies, resulting in the need for effective security solutions to protect their data and infrastructure.
Some of the key players profiled in the cloud data security market include Amazon Web Service Inc., Cisco Systems, Inc., Check Point Software Technologies Ltd., Sophos, Commvault, IBM Corporation, Fortinet Inc., Imperva, Orca Security, Microsoft Corporation, Palo Alto Networks, Inc., Radware, Polar Security, Rubrik, and VMWare. These firms focus on different development strategies, including R&D initiatives, partnerships, and mergers, to stay ahead in the competitive scenario.
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Cloud data security market news
- In February 2023, Microsoft Corporation, a technology firm, announced the transition to a comprehensive SaaS security solution. The new SaaS security Posture Management will provide advanced threat protection as part of its XDR solution. With this, the company aims to achieve a competitive edge in the business.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Cloud data security industry 360° synopsis, 2018-2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Component trends
2.5 Organization size trends
2.6 Offering type trends
2.7 End-use trends
Chapter 3 Cloud Data Security Market Industry Insights
3.1 Impact of COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.6.1 5G
3.6.2 DevSecOps
3.6.3 SASE-Secure Access Service Edge
3.7 Regulatory landscape
3.8 Patent analysis
3.9 Key initiatives & news
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.1.1 Growing demand of cloud-based technology
3.10.1.2 Rising complexity associated with procurement for SMEs
3.10.1.3 Digitalization across various industries
3.10.1.4 Surging demand of cloud computing in government & public enterprises
3.10.1.5 Growth in cybersecurity breaches
3.10.2 Industry pitfalls & challenges
3.10.2.1 Cybersecurity concerns
3.10.2.2 Lack of skilled professionals
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
