According to the latest report by IMARC Group, titled "Cloud Security Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global cloud security software market reached a value of US$ 27.9 Billion in 2021. Cloud security software is widely employed by numerous organizations for gaining multiple levels of control in a network infrastructure. Also known as cloud computing security software, it protects the cloud-based system, data and infrastructure while ensuring the security and regulatory compliance of the same. It is essential for establishing authentication rules for individual users and devices that lead to enhanced privacy, access control, backup solutions and data protection. It also protects the public and private cloud against distributed denial of service (DDoS). Apart from this, these solutions are deployed for safeguarding unstructured data formats and integrating the same with multiple processors or endpoints while eliminating the need to invest in expensive hardware.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cloud Security Software Market Trends:
The market is primarily driven by the growing adoption of cloud computing solutions in numerous industries across the globe. The widespread utilization of cloud servers to store, manage and process sensitive business data in the corporate sector has made it more susceptible to unauthorized access, cyberattacks, data exposure and other threats. This has stimulated the requirement for cloud security software to secure the integrity and continuity of resources at different levels. Moreover, there has been a significant increase in the adoption of encryption and tokenization technologies, which, in turn, is contributing to the market growth. These advanced technologies assist in facilitating easy data transfer and hindering unauthorized access during security breaches. The advent of numerous security solutions that are integrated with machine learning (ML) and artificial intelligence (AI) is acting as another major growth-inducing factor. Apart from this, extensive research and development (R&D) has led to the launch of advanced variants that offer easy-to-use and affordable services to end users. For instance, Trend Micro Incorporated, a Tokyo-based cybersecurity company, has launched Worry-Free Services Advanced, cloud-based security, specially designed for small businesses, that manages the security of numerous devices from one web console while protecting the user against spear phishing and advanced targeted attacks. On account of the aforementioned factors, the market is expected to grow at a CAGR of 5.19% during 2022-2027.
- Based on the type, the market has been divided into cloud identity and access management, data loss prevention, email and web security, cloud database security, network security and cloud encryption.
- On the basis of the deployment, the market has been segregated into public, private and hybrid.
- Based on the end user, the market has been categorized into small and midsize businesses (SMBs), large enterprises, cloud service providers, government agencies and others/third party vendors.
- On the basis of the vertical, the market has been segmented into healthcare, banking, financial services and insurance (BFSI), information technology (IT) and telecom, government agencies, retail, and others.
- On the geographical front, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Broadcom, Inc., Trend Micro Incorporated, IBM Corporation, Cisco Systems, Inc., RSA Security LLC, McAfee, LLC, Microsoft Corporation, Dell Technologies, Inc., Hewlett Packard Enterprise Company, BMC Software, Inc., Bitium, CipherCloud, Inc., CloudPassage Inc., Check Point Software Technologies Ltd, Fortinet, Inc., VMware, Inc., Sophos Limited, Gemalto NV, and Imperva, Inc.
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