Cloud Access Security Broker Market Size, Share, Opportunities, And Trends By Deployment Type (On-Premise, Cloud-Based), By Enterprise Size (Small, Medium, Large), By End-User (BFSI, IT & Telecommunication, Government, Healthcare, Others), And By Geography - Forecasts From 2024 To 2029

The cloud access security broker market is expected to grow at a CAGR of 17.80% reaching a market size of US$50.223 billion in 2029 from US$15.953 billion in 2022.

Cloud Access Security Broker Market Trends:

The primary drivers of this market's growth are the ease with which job tasks can be completed through shadow IT operations, the growing necessity for cloud computing, and the proliferation of cloud-based applications in small and medium-sized enterprises. Furthermore, internalizing information technology security is expensive, which is why outsourcing cloud security services has emerged as a popular trend and is propelling the market's expansion.

Furthermore, by facilitating multi-cloud management, the use of AI and machine learning guarantees optimal operational capability and fosters market expansion. bringing about more security issues and favourably impacting cloud access security brokers. Moreover, the market for cloud security has been stimulated by the increase in cyberattacks targeting cloud systems.

Cloud Access Security Broker Market Drivers:

Increasing adoption of cloud services

Cloud access security brokers are a vital tool for businesses that rely on cloud services as they provide a centralized solution for implementing security policies and compliance requirements across multiple cloud-based services. The shift in cloud-based solutions has increased the cloud access security broker adoption, as organizations understand the importance of data security and compliance in cloud environments. For instance, in November 2023, Alibaba Cloud released the availability of salesforce sales Cloud, and service cloud on Alibaba Cloud. It changes the way service teams provide value to customers at every touchpoint, including customer experience, engagement, processes, automation, and service operations systems, as well as pre-built merged applications, and ticket administration.

Rising need for cybersecurity

Many businesses outsource security services due to the growing need for cyber security, threat management, intrusion detection, and business protection. The growth of the cloud access security broker market is also being driven by other factors, such as web application security for access to the best tools in the security domain, continuous vulnerability assessment options, and cost-effectiveness due to the high cost of in-house security. To concentrate on their primary business operations, many organizations are choosing to outsource security services. For example, in November 2022, Atos, a provider of high-performance computing and IT infrastructure, and Amazon Web Services, Inc. worked together to complete the digital transformation of Atos customers who had large-scale infrastructure outsourcing contracts by increasing workload migrations to the cloud.

Booming user experience enhancement

A cloud access security broker (CASB) can enhance the user experience by offering secure and compliant access to cloud services, allowing companies to gain the benefits of cloud computing without compromising security. Cloud access security broker acts as a connection point between on-premises security and cloud-based services that enhance user security and experience owing to which multiple organizations are adopting CASB solutions.

Rising adoption of Software as a Service

The ease of setting up software-as-a-service cloud storage solutions and cloud service providers' continued use of cloud-based applications are two factors that contribute to the high adoption of Software as a Service in the service model. Software as a Service is also driven by scalability, lower costs, faster deployment, and mobility. Solutions for cloud access security brokers are therefore in great demand. Artificial intelligence also improves the SaaS model's essential features while upending it in a few different ways. Businesses can augment human capabilities, enhance security, better leverage data, and customize services by combining SaaS and AI.

Cloud Access Security Broker Market Geographical Outlook:

North America is witnessing exponential growth during the forecast period

Due to the region's rapid expansion in the use of cloud services and growing concerns about data security, North America is anticipated to hold a significant portion of the market for cloud access security brokers.

The United States and Canada, two significant North American countries, are investing to support their cybersecurity initiatives. To guarantee that every American reaps the benefits of a secure and encrypted digital ecosystem, the Biden-Harris Administration, for example, released the National Cybersecurity Strategy in March 2023. Additionally, the administration's bipartisan infrastructure act included a $1 billion investment to improve cybersecurity for local, state, tribal, and territory governments.

Key Cloud Access Security Broker Players and Products:

• Forcepoint ONE Cloud Access Security Broker- The Forcepoint ONE Cloud Access Security Broker (CASB) manages permissions for managed SaaS applications and shadow IT applications while also providing DLP and protection against malware. It also has auto-scaling and over 300 points of presence on AWS, which reduces latency and increases throughput, and an Active Directory sync agent, which speeds up user onboarding.
• Cisco Cloudlock- Cisco Cloudlock is a cloud-based cloud access security broker (CASB) that helps in the secure transition to the cloud. It safeguards cloud users, data, and applications. Cloudlock's simple, open, and automated tackle uses APIs to manage threats in your cloud app environment. Cloudlock makes it easier to defend against data breaches while complying with regulations.
• Oracle CASB Cloud Service- Oracle CASB Cloud Service provides automated security monitoring for your entire cloud footprint. It simplifies and stops configuration drift, detects unusual activity with user behavior analytics, and protects against threats that involve multiple cloud services.

Cloud Access Security Broker Industry Updates:

• In February 2023, Skyhigh Security announced that its Skyhigh Security Service Edge portfolio had successfully completed the assessment process for the Australian Information Security Registered Assessors Program, earning a security classification of PROTECTED. The federal government's adoption of Skyhigh Security is furthered by the latest assessment, which places Skyhigh Cloud Access Security Broker (CASB) at the PROTECTED level. The evaluation provides public sector organizations with the reassurance that highly sensitive data and infrastructures for Australian government agencies are managed with appropriate and effective security controls thanks to Skyhigh Security's robust data-aware cloud security technology suite.
• In September 2022, to offer a Single Security Service Edge platform, Forcepoint ONE Expands FedRAMP Authorization for CASB to include Zero Trust Network Access (ZTNA) and Secure Web Gateway (SWG). As a result, all federal agencies can access the Forcepoint ONE SSE architecture for integrated SWG, CASB, and ZTNA, and simplify overall security. Forcepoint ONE is Security Service Edge's unified, cloud-delivered platform that safeguards contractors and agency staff who work remotely and use private, public, and cloud apps.

Cloud Access Security Broker Market Scope:

Segmentation:

• By Deployment Type
  • On-Premise
  • Cloud-Based
• By Enterprise Size
  • Small
  • Medium
  • Large
• By End-User
  • BFSI
  • IT & Telecommunication
  • Government
  • Healthcare
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain   
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others