Cloud Security Market to Register a CAGR of 18.1% during Forecast Period; Factors such as Migration of Workload from Traditional Platforms to Cloud Solutions to Drive Growth

The global cloud security market size reached USD 29.26 billion in 2021. The market value is estimated to increase from USD 33.13 billion in 2022 to USD 106.02 billion in 2029 at a CAGR of 18.1% in 2022-2029. This information is published by Fortune Business Insights™, in its report, titled, “Cloud Security Market Size, Share, Trends & COVID-19 Impact Analysis, By Security Type (Identity and Access Management (IAM), Data loss prevention (DLP), Security Information and Event Management (SIEM), Business Continuity and Disaster Recovery, and Others), By Enterprise Size (Large Enterprises, Small and Medium-Sized Enterprises (SMEs), By End-User (IT and Telecommunication, Banking, Finance, Security and Insurance (BFSI), Healthcare and Life Sciences, Manufacturing, Retail, Government, Energy and Utilities, and Others), and Regional Forecast, 2022-2029”.

Transforming Work Activities Led to Migration of Data towards Cloud Resources Triggering Exponential Growth during Pandemic

The ongoing pandemic resulted in impacting the market in a positive manner as work from office measures transitioned quickly into work from home. This was attributed to the rapid adoption of cloud solutions and applications in order to accommodate the latest working conditions. The market witnessed a huge spike in growth from 11.6% in 2020 compared to 10.8% in 2019 during this forecast.

Rising security measures further led to an increased injection of the market towards the global workspace. Currently, approximately 87% of employees were permitted to work from home and are expected to further continue in their current work setting. This will give the market a suitable path in terms of growth potential.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/cloud-security-market-102427

Orange Announces Selecting Palo Alto Networks for Global Cloud Operations

Palo Alto announced that Orange selected its network as their cloud security solution for expanding its profile of cloud workloads and storage for telecommunication carriers and IT services. Orange operates in 26 countries currently and requires a heavy amount of scaled-up cloud usage, cloud workloads, and cloud storage.

Palo Alto’s security solution, Prisma Cloud is perfectly suited to meet their current requirements in terms of cloud security solutions and delivering security options. Orange looks to rapidly scale up its operations and further increase flexibility. Orange is looking to mitigate risks as they move forward with their operations.

A Surge in Cloud Computing Solutions & Adoption of Managed Container Services to Augment Growth

Factors such as an ongoing trend of crypto-jacking and the rising adoption of managed container services will boost the cloud security market growth during the forecast period. For example, CoinStomp recently attempted to exploit cloud compute instances for mining cryptocurrencies. Rising instances of malware and increasing cyber-attacks will further contribute to the market’s growth.

Additionally, increasing implementation of cloud computing across a wide range of applications will lead to an increase in the footprint of the market. Rising demand for data monitoring services will further fuel the growth of the market. Assisting end-users and controlling the intensity of uncertain threats coupled with increasing demand for massive storage applications to store and secure data will further boost the value of the market during the forecast period.

Key Industry Developments:

• August 2021: Check Point Software Technologies Ltd. announced acquiring Avanan's cloud email security company for increasing their product offering. Additionally, this acquisition will help protect the remote working force from a wide range of malicious collaboration suites, files, URLs, and phishing scams across emails and networks.  

List of Players in the Market:

• Trend Micro Incorporated (Tokyo, Japan)
• Cisco Systems, Inc. (California, U.S.)
• McAfee, Inc. (California, U.S.)
• Palo Alto Networks, Inc. (California, U.S.)
• Check Point Software Technologies (Tel Aviv-Yafo, Israel)
• Microsoft Corporation (Washington, U.S.)
• IBM Corporation (New York, U.S.)
• Splunk Inc. (California, U.S.)
• Alphabet Inc. (California, U.S.)
• Amazon.com (Washington, U.S.)

Further Findings:

• The identity and access management will account for the largest segmental growth during the forecast period due to the encompassment of various technologies such as multi-factor authentication, password management, and single sign-on among others. The rising adoption of cloud services and application contributes to segmental growth.
• North America to register the largest cloud security market share during the forecast period due to rising investment in security solutions from emerging economies such as the United States and Canada coupled with increasing attacks on VPNs.

Table of Segmentation: