Cloud Security Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Deployment Model (Private, Public, Hybrid), Security Type (Email And Web Security, Cloud Database Security, Data Loss Prevention, Cloud IAM, Network Security, Others), End-User (Government, Leisure, Retail, BFSI, Communication And Technology, Healthcare, Others), And By Geography - Forecasts From 2022 To 2027

Published:  May 2022 Report Code: KSI061610278 Pages: 114

The cloud security market is projected to grow at a CAGR of 16.07% during the forecast period to reach US$106.326 billion by 2027, from US$37.458 billion in 2020.

Introduction

Cloud security is a form of cyber security that focuses on keeping cloud computing systems safe. This involves ensuring the privacy and security of data across internet systems, apps, and platforms. Cloud security refers to the technologies, protocols, and best practices that safeguard cloud computing environments, cloud-based applications, and cloud-based data.

Market Trend:

The global Cloud Security market is expected to grow substantially, mainly due to it’s the increasing cybercrime cases and the adoption of cloud services. The demand for cloud security has also increased due to the innovations in smartphone technology, leading to an increase in the market size. Moreover, the adoption of stricter cloud security protocols by governments is another factor that inflates market demand. The North American region has been reported to have the largest market share, due to the increasing government initiatives to ensure strict cloud security measures. Moreover, with the increasing cybercrime cases, it is expected to continue leading the market in the forecasted period.

Growth Factors

Increasing adoption of mobile devices

Countries around the world have reported the growing adoption of smartphones and smart devices. Smartphones have become an essential tool in our day-to-day lives. With the development of features such as online shopping, online banking, social media services, and other important features, smartphones have made our lives easier. However, smartphones are vulnerable to cyberattacks, and with the growing adoption of smartphones, malware attacks are on the rise. Attackers can steal a user’s data through various methods, resulting in the loss of precious data or personal information.

One of the most common methods of cyber-attack is through unsecured Wi-Fi connections set up by attackers. Attackers can access mobile phones that are connected to such wireless networks, and gain access to confidential services, such as banking information or private data.

Increasing cases of crypto hacks have also emerged in the IT industry. Recently, Ronin Network, which developed the popular mobile game: Axie Infinity, reported that it lost about US$615 million in a crypto hack. Instances like these are key players in the cloud security market and are expected to increase the market demand in the forecasted period. 

Increasing cases of cybercrime

With the increasing adoption of cloud services such as banking, data storing, and other applications, the cases of cybercrime have increased. Moreover, due to the COVID-19 pandemic and lockdown measures, individuals and organizations have seen a significant increase in cybercrime cases, leading to the loss of huge sums of revenue.

The average total cost of a data breach jumped from US$3.86 million in 2004 to US$4.24 million in 2021, according to IBM, the highest total cost in the last 17 years of history. The average cost of breaches in which remote work was a factor in triggering the breach was US$1.07 million more than breaches in which remote work was not a factor. The Office for Civil Rights (OCR) has identified roughly 550 covered firms that suffered a data breach in 2021. The average cost of a ransomware attack was reported to be US$4.62 million in 2021, according to IBM, which is more than the average cost of a data breach (US$4.24 million).

In 2021, the IC3 received over 20,000 Business Email Compromise (BEC) reports, with an estimated adjusted damages of US$ 2.4 billion, according to a study released in March 2022. Since 2016, business email compromise (BEC) breaches have resulted in global losses of at least $26 billion, according to the FBI.

According to IBM, the average total cost of a healthcare data breach increased by 29.5 percent, from $7.13 million in 2020 to $9.23 million in 2021. The most expensive data breaches occurred in the United States, costing $9.05 million per incident, followed by the Middle East at $6.93 million and Canada at $5.4 million.

The increasing instances of cybercrime have led authorities and organizations to implement strict security measures, safeguard the interests of the people, and provide a safe and secure environment for cyber services. For these reasons, the cloud security market is expected to rise.

COVID-19 impact on Cloud Security Market

The pandemic had a positive impact on the cloud security market. The COVID-19 pandemic led to a massive slowdown in industries all over the world. With the increasing number of infection cases, most countries have announced lockdowns and social distancing regulations. This led to an increase in the adoption of remote work by various organisations. This ultimately led to a rise in instances of cybercrime, such as data breaches, phishing, and scamming, which called for stricter security measures, and the cloud security market increased in demand.

Cloud Security Market Scope:

Report Metric Details
 Market size value in 2020  US$37.458 billion
 Market size value in 2027  US$106.326 billion
 Growth Rate  CAGR of 16.07% from 2020 to 2027
 Base year  2020
 Forecast period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments covered  Deployment Model, Security Type, End-User, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered Amazon Web Services, Palo Alto Network, Cisco Systems, IBM Corporation, Fortinet, Microsoft (Microsoft Azure), Intel Security Group, Skyhigh Security, Trustwave Holdings, CA Technologies, Trend Micro, McAfee Corporation
 Customization scope  Free report customization with purchase

 

Key Market Segments

  • By Deployment Model
    • Private
    • Public
    • Hybrid
  • By Security Type
    • Email and Web Security
    • Cloud Database Security
    • Data Loss Prevention
    • Cloud IAM
    • Network Security
    • Others
  • By End-User 
    • Government
    • Leisure
    • Retail
    • BFSI
    • Communication and Technology
    • Healthcare
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      •  Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • Sweden
      • Denmark
      • Others
    • Middle East and Africa
      • UAE
      • Israel
      • South Africa
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Australia
      • Others

Frequently Asked Questions (FAQs)

Q1. What will be the cloud security market size by 2027?
A1. The cloud security market is projected to reach a total market size of US$106.326 billion in 2027. 


Q2. What is the size of the global cloud security market?
A2. Cloud Security Market was valued at US$37.458 billion in 2020. 


Q3. What are the growth prospects for the cloud security market?
A3. The global cloud security market is projected to grow at a CAGR of 16.07% during the forecast period. 


Q4. Which region holds the maximum market share in the cloud security market?
A4. The North American region has been reported to have the largest share in the cloud security market due to the increasing government initiatives to ensure strict cloud security measures.


Q5. What factors are anticipated to drive the cloud security market growth?
A5. The cloud security market is expected to grow substantially, mainly due to it’s the increasing cybercrime cases and the adoption of cloud services.

1. INTRODUCTION
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation

2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions

3. EXECUTIVE SUMMARY
3.1. Research Highlights

4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The Threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis

5. CLOUD SECURITY MARKET, BY DEPLOYMENT MODEL
5.1. Introduction
5.2. Private
5.3. Public
5.4. Hybrid

6. CLOUD SECURITY MARKET, BY SECURITY TYPE
6.1. Introduction
6.2. Email and Web Security
6.3. Cloud Database Security
6.4. Data Loss Prevention
6.5. Cloud IAM
6.6. Network Security
6.7. Others

7. CLOUD SECURITY MARKET, BY END-USER 
7.1. Introduction
7.2. Government
7.3. Leisure
7.4. Retail
7.5. BFSI
7.6. Communication and Technology
7.7. Healthcare
7.8. Others

8. CLOUD SECURITY MARKET, BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. USA
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2.  Argentina
8.3.3. Others
8.4. Europe
8.4.1. United Kingdom
8.4.2. Germany
8.4.3. Sweden
8.4.4. Denmark
8.4.5. Others
8.5. Middle East and Africa
8.5.1. UAE
8.5.2. Israel
8.5.3. South Africa
8.5.4. Others
8.6. Asia Pacific
8.6.1. China
8.6.2. Japan
8.6.3. South Korea
8.6.4. India
8.6.5. Australia 
8.6.6. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES
10.1. Amazon Web Services Inc. 
10.2. Palo Alto Network Inc. 
10.3. Cisco Systems Inc.
10.4. IBM Corporation 
10.5. Fortinet
10.6. Microsoft (Microsoft Azure)
10.7. Intel Security Group
10.8. Skyhigh Security
10.9. Trustwave Holdings 
10.10. CA Technologies 
10.11. Trend Micro
10.12.  McAfee Corporation

Amazon Web Services

Palo Alto Network

Cisco Systems

IBM Corporation

Fortinet

Microsoft (Microsoft Azure)

Intel Security Group

Skyhigh Security

Trustwave Holdings

CA Technologies

Trend Micro

McAfee Corporation

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