Cloud Data Security Market Trends, Size, Share, Growth, Industry Analysis, Advance Technology and Forecast 2027
MarketsandMarkets forecasts the global cloud data security market size estimated to be USD 4.4 billion in 2022 and is projected to reach USD 9.1 billion by 2027, at a CAGR of 15.5% during the forecast period. Globally increasing cyber thefts and growing adoption of cloud services by businesses are key factors driving the market growth.
What is cloud data security?
Cloud data security is the blend of technical solutions, policies, and processes used to safeguard cloud-based applications and systems and the data and user access connected with them. Data security must be considered at all phases of cloud computing and the data life cycle: from application development, deployment, or migration through cloud environment administration.
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By offering, the services segment to grow with the highest CAGR during the forecast period
The cloud data security market is segmented into solutions and services based on offerings. The services segment has the highest CAGR because of the high level of security that these services offer to businesses and governments. Organizations and governments are increasingly migrating from on-premises to the cloud due to its numerous benefits. However, they are utilizing cloud security services to mitigate the risks involved with adopting the cloud without losing focus on their core businesses. Additionally, these services also improve compliance with cloud environments. Thus, leading to growth in the services segment during the forecast period.
By offering type, co-managed segment to hold a larger market size during the forecast period
The cloud data security market is segmented into fully managed and co-managed based on the type of offerings. The co-managed security is made to deal with security flaws in networks, servers, data, applications, and other areas. Cloud computing, hybrid cloud architectures, computers, cell phones, and other devices are all covered by co-managed security. Additional benefits of co-managed security services include the ability for a group of trained engineers and security analysts to remotely manage an organization’s vital data and tools from a 24x7x365 Security Operations Center (SOC). The SIEM platform may be hosted on-site or in the cloud using this service model, enabling client data to stay internal. Thus, co-managed security offering holds a larger market size during the forecast period.
Competitive overview:
The cloud data security market is led by some of the globally established players, such as CrowdStrike (US), Check Point (US), Palo Alto Networks (US), Zscaler (US), IBM (US), Imperva (US), Veritas (US), Digital Guardian (US), VMware (US), and Thales (France). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies by these players to increase their market presence.
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Check Point (US) offers cybersecurity solutions to businesses and governments worldwide. The company’s industry-leading technology defends against fifth-generation cyberattacks. The business’ extensive security management system offers Infinity Total Protection with Gen V Advanced Threat Prevention (ATP), a multi-level security architecture in cloud platforms, networks, and mobile devices. Its customer base consists of 100,000 businesses of varying sizes. Its comprehensive security management system provides a multi-level security architecture spanning the cloud, network, and mobile devices, along with “Infinity Total Protection with Gen V advanced attack prevention.” Network security, NGFW, IPS, DLP, endpoint protection, information security, Unified Threat Management (UTM), cloud security, cyber threat detection, and security compliance are all services offered by Check Point. It operates in retail, financial services, government, healthcare, ICS & SCADA, telco/service provider, and education verticals. Through collaborations and acquisitions, the firm has grown its portfolio and presence in the cloud data security market with companies, such as Spectral (Israel), NxtGen (US), Avanan(US), and Crayon (Norway).
IBM (US) is a computer, technology, and information technology consulting organisation. It invented, developed, and produced some of the most cutting-edge technology available today. It is one of the greatest technical businesses in the world and the second-most valuable enterprise. The range of products offered by IBM includes microelectronics, networking systems, storage devices, computer systems, and software. In addition, it offers infrastructure, hosting, and consulting services in various industries, from nanotechnology to mainframe computers. IBM’s primary business sectors include global financing, global business services, global technology services, systems, cloud, and cognitive software. The solutions offered by the company are cloud IAM, cloud Identity, application security, network projection, security intelligence and operations, data protection, and endpoint security.
IBM caters to several industries, including supply chain, financial services, automotive, real estate, food safety, identification, international trade, IT, healthcare, life sciences, government, telecom, automobile, manufacturing, FMCG, chemicals and petroleum, electronics, energy and electricity specializes in data encryption, tokenization, data masking, Hardware Security Module (HSM) management, key management, and digital signature.
Apart from large vendors, some other players, such as Sophos, Polar, Netwrix, Informatica, Commvault, and Orca Security, are also evolving in the cloud data security market. Sophos (UK) is a key provider of data protection and information technology security solutions. These services protect customers against sophisticated attacks and weaknesses. In 2020, the company was acquired by Thoma Bravo. The company’s high-tech security solutions include MSS, SWG, cloud security, next-generation XG firewall, endpoint protection, and cloud security.
According to MnM’s approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. In 2020–2021, the number of transactions rose by 50–60%. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities abruptly decreased as a result of the COVID-19 pandemic. On the other hand, organizations are anticipated to embrace organic growth strategies starting in 2021 to provide end consumers with cloud data security solutions and services, which would assist businesses in boosting market revenue.
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