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. The market will experience growth due to 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.

In addition, internalizing information technology security is expensive, which is why outsourcing cloud security services has emerged as a popular trend and is bolstering the market growth globally. Moreover, bringing about more security issues favorably impacts cloud access security brokers. Additionally, the market for cloud security has been stimulated by the increase in cyberattacks targeting cloud systems in the years ahead.

Cloud Access Security Broker Market Drivers:

• The rising need for cybersecurity will bolster the cloud access security broker market expansion.

Many businesses outsource security services due to the growing need for cyber security, threat management, intrusion detection, and business protection. 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, are also driving the cloud access security broker market growth.

Additionally, many organizations are choosing to outsource security services to concentrate on their primary business operations. 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 with large-scale infrastructure outsourcing contracts by increasing workload migrations to the cloud.

• Booming user experience enhancement is predicted to boost market growth.

A cloud access security broker (CASB) can upgrade client involvement by offering secure and compliant access to cloud administrations, permitting companies to gain the benefits of cloud computing without compromising data security. CASB 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 these solutions.

• The rising adoption of Software as a Service is anticipated to grow the demand for cloud access security brokers.

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.

• Increasing adoption of cloud services is expected to propel the market of cloud access security brokers.

Cloud access security brokers are vital tools for businesses that rely on cloud services. 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 adoption of cloud access security brokers 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. This 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.

Cloud Access Security Broker Market Geographical Outlook

• The North American region is expected to have a significant market share.

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, In September 2022, the administration's bipartisan infrastructure act included a $1 billion investment to improve cybersecurity for local, state, tribal, and territory governments.

Cloud Access Security Broker Market 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 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 secure the transition to the cloud. It safeguards cloud users, data, and applications. Cloudlock's simple, open, and automated approach 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 streamlines and stops drift in configuration, detects unusual activity with analytics on user behavior, and protects against threats that involve multiple cloud services.

Cloud Access Security Broker Market Developments:

• May 2024 - Skyhigh Security, a member of Oracle PartnerNetwork completed an updated Australian Information Security Registered Assessors Program assessment, including Skyhigh Cloud Firewall and Oracle Cloud Infrastructure.
• February 2023 - Zscaler planned to acquire Canonic Security, a SaaS application security platform, to upgrade its integrated SaaS supply chain security capabilities. Canonic's platform aimed at preventing expanding risks of SaaS supply chain attacks since organizations progressively embrace cloud-based platforms, driving user-connect third-party applications as well as browser expansions without IT's authorization requirement.
• September 2022- Forcepoint ONE was approved by the Federal Risk and Authorization Management Program (FedRAMP®) for its all-in-one cloud platform, giving a single security service edge for integrated CASB, SWG, and ZTNA, subsequently streamlining security for government organizations.
• June 2022- Juniper Networks extended its Secure Edge (SASE) offering by including Cloud Access Security Broker (CASB) and progressed Data Loss Prevention (DLP) capabilities. This development, combined with Juniper's unique SD-WAN solution fueled by Mist AI, makes it the primary supplier to offer a full-stack SASE solution with permeability into both the data center and edge.
• February 2022 - Cato Networks presented Cato CASB, the primary Cloud Access Security Broker (CASB), to convey actionable value in under 60 minutes. The solution, together with the Cloud Application Catalog, offers the fastest and most effortless way to manage the risk of cloud application data.

Cloud Access Security Broker Market Scope:

Cloud Access Security Broker Market is segmented and analyzed as below:

• 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