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(Wireless-NewsWire.Com, September 25, 2023 ) The global Cloud Security Market size is projected to grow from USD 40.7 billion in 2023 to USD 62.9 billion by 2028 at a CAGR of 9.1% during the forecast period. The cloud security market experienced substantial growth due to the rising adoption of multi-cloud environments, the expansion of DevSecOps practices, increased utilization of AI and ML for cloud security, and the growing trend of BYOD and CYOD, which led to an increased demand for cloud security solutions.
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By vertical segment, the retail & eCommerce vertical will grow at the highest CAGR during the forecasted period.
The retail and eCommerce industry is experiencing the highest CAGR in the cloud security market due to the increased adoption of cloud technologies for digital transformation. Data protection has become a priority, with more sensitive customer data and financial transactions being processed in the cloud. Retailers also face a higher risk of cyberattacks and data breaches, leading to the demand for advanced cloud security solutions. The COVID-19 pandemic has further accelerated the shift towards online shopping, boosting the adoption of cloud technologies in this sector. To tap into this growth opportunity, cloud security providers are customizing their solutions to meet the specific needs of retail and eCommerce, ensuring seamless integration and compliance with industry regulations. Thus, the retail and eCommerce segment is projected to have the highest CAGR during the forecast period.
By Type, Visibility and Risk Assessment holds the largest market size during the forecast period.
By type, Visibility and Risk Assessment hold the largest market size in the cloud security market due to their critical role in enhancing overall cloud security. As cloud environments grow in complexity and scale, organizations face challenges in effectively identifying and managing potential security risks. Visibility solutions provide real-time insights into cloud assets, configurations, and activities, enabling businesses to monitor and detect any suspicious behavior or vulnerabilities proactively. On the other hand, risk assessment tools help organizations assess the security posture of their cloud infrastructure, applications, and data. By conducting thorough risk assessments, businesses can prioritize security measures, allocate resources efficiently, and proactively address potential threats. These capabilities are essential as they empower organizations to stay ahead of evolving cyber threats and maintain a robust security posture in their cloud deployments. The need for comprehensive visibility and risk assessment solutions has grown exponentially as businesses recognize their critical role in safeguarding sensitive data and maintaining compliance with industry regulations.
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Regional Analysis for Cloud Security Market:
Europe holds the second-largest market share in the cloud security market. Europe is prominently advancing in the cloud security market, driven by collaborations, robust governmental initiatives, and increasing cyber threats. With nations like Germany, the UK, and France leading the way, the continent is positioning itself as a major stakeholder in global cloud security, emphasizing stringent data protection laws and public-private partnerships for a resilient cybersecurity ecosystem.
UK:
The UK has taken significant steps to promote cloud security. For instance, the UK government has proactively launched measures to bolster cloud safety throughout the nation. The National Cyber Security Center (NCSC) has set forth 14 guiding principles focused on the safe usage, setup, and implementation of cloud platforms. Additionally, a collaboration between UK Cloud Health, a government-endorsed cloud provider, and the NHS aims to offer both security management services and expert consultancy, assisting healthcare entities in formulating secure cloud integration tactics. Furthermore, the UK government is actively soliciting feedback on enhancing the protection and robustness of domestic data centers, underscoring their dedication to defending critical systems.
Germany:
Germany's dedication to cloud security is evident through its rapid adoption rates, with 61% of its companies implementing cloud security, outpacing even the UK. Despite facing challenges like a 39% data breach rate in cloud systems in 2022, the German government is proactive, introducing the 2021 Cyber Security Strategy. This framework emphasizes societal, industrial, and international collaboration, advocating for digital sovereignty and a security-by-design approach. Supported by strict data protection laws like the GDPR, Germany is emerging as a pivotal player in the global cloud security landscape.
France:
The cloud security market in France is growing, with projections reaching €5.16 million by 2028. Collaborations like Thales with Google in 2021 highlight France's cloud adoption pace. Amidst security challenges like ransomware attacks, the French government introduced a national cloud strategy, emphasizing servers in France operated by European entities. This strategy, combined with partnerships like ANSSI and BSI, showcases France's commitment to enhancing European cybersecurity.
Nordics:
In Sweden, the cloud security market is set to grow significantly, projected to reach USD 101.78 million by 2028. As cloud adoption increases, concerns over security intensify with 80% of IT professionals worried about public cloud vulnerabilities. The Swedish government's strategy promotes hosting cloud servers domestically and leans on European operators. Enhancing this, Microsoft has introduced sustainable data centers across key locations. Similarly, in Denmark, past cloud security breaches, such as the 2018 Danske Bank incident, have underlined the urgency for enhanced cloud security measures. The Danish government's response includes a comprehensive National Strategy for Cyber and Information Security and the strict implementation of data protection laws like the GDPR. Collaboration efforts, such as with Denmark's CERT and guidance from the Danish Data Protection Agency, signify the nation's proactive approach to securing the cloud.
Market Players:
IBM (US), Broadcom (US), Check Point (Israel and US), Google (US), AWS (US), Zscaler (US), Akamai Technologies (US), Forcepoint (US), Fortinet (US), F5 (US), Qualys (US), TrendMicro (Japan), Palo Alto Networks (US), Proofpoint (US), Tenable (US), Netskope (US), Microsoft (US), Cisco (US), Imperva (US), Trellix (US), Rapid7 (US), Skyhigh Security (US), FireMon (US), Sysdig (US), LookOut (US), Fidelis Cybersecurity (US), DataTheorem (US), OpsCompass (US), Tufin (US), Menlo Security (US), Tigera (US), Orca Security (US), Ascend Technologies (US), Secberus (US), Ermetic (Israel), Sonrai Security (US), Wiz (US), Caveonix (US), Banyan cloud (US), and AccuKnox (US) are the key players and other players in the cloud security market.
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