The global cloud security market size will reach 20.9 billion US dollars in 2027
2016-2027 global cloud security market size (1 billion US dollars) Data source: Million Insights
According to the latest report from Million Insights, the global cloud security market size is expected to reach USD 20.9 billion in 2027, and from 2020 to 2027, the market is expected to grow at a CAGR of 14.6%. Investments in cloud infrastructure and rising cyber-attacks will continue to drive the growth of the cloud security market.
The introduction of more and more policies and regulations and the growing user demand for security services will also drive the growth of the cloud security market in the next few years.
Additionally, the diversity of threat vectors and data is driving security-as-a-service offerings. The trend towards shared responsibility for data security incidents between cloud service users and cloud service providers (rather than just the responsibility of cloud service providers) will have a significant impact on the growth of the cloud security market.
Additionally, initiatives such as convergence and virtualization technologies and the Computer Emergency Readiness Team (CERT) are expected to help provide a higher level of security for cloud infrastructure.
The increasing sophistication of hacking techniques and technological advancements in cyber espionage are giving rise to new attacks such as advanced persistent threats (APT), ransomware, zero-day threats, insider threats, and DDoS. Industry users need to focus on partnerships and collaboration to counter such cyberattacks.
Self-mutating code, detection bypass techniques, and polymorphism have transformed traditional endpoint protection mechanisms and security techniques.
Cloud IAM is expected to grow at a significant CAGR over the forecast period owing to the growing number of cloud-based services and growing concerns over data security.
The past few years have seen an increasing number of large-scale data breaches, including big names like Anthem, Home Depot, and Ashley Madison.
In 2019, the North American market became the world’s largest cloud security market, followed by Europe, due to rising awareness of cyberattacks and corporate espionage.
Countries and regions such as the European Union have implemented cyber regulations to protect information and data. Germany, for example, is working to improve data protection capabilities, while other countries such as France and the US are seeking better visibility into internet traffic.
A number of industry-specific regulations are expected, such as the Payment Card Industry Data Security Standard (PCI DSS 4.0) for the financial industry, the Health Insurance Portability and Accountability Act of 1996 (HIPAA) for the healthcare industry, and related international laws such as the Security Hong Kong Act and the EU Data Protection Directive. All these regulations will drive the growth of the cloud security market.
Major tech enterprise players such as CA, Intel, IBM, Trend Micro and Symantec are focusing on building partnerships, collaborations and alliances to strengthen their market positions.
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