According to a research report "Cloud Data Security Market by Offering, Organization Size (Large Enterprises and SMEs), Offering Type, Vertical (BFSI, Retail & eCommerce, Government and Defense, Healthcare and Life Sciences, IT and ITeS, Telecom) and Region - Global Forecast to 2027" published by MarketsandMarkets, the global market is projected to grow from USD 4.4 billion in 2022 to USD 9.1 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 15.5% during the forecast period. Factors driving the market growth include increasing security attacks and the growing trend of cloud-related services among businesses.
Browse 272 market data Tables and 44 Figures spread through 283 Pages and in-depth TOC on "Cloud Data Security Market by Offering, Organization Size (Large Enterprises and SMEs), Offering Type, Vertical (BFSI, Retail & eCommerce, Government and Defense, Healthcare and Life Sciences, IT and ITeS, Telecom) and Region - Global Forecast to 2027 "
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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.
By Region, Asia Pacific is to grow at the highest CAGR during the forecast period
Countries such as China, Japan, India, Singapore, and Australia are economically the fastest-growing countries in the Asia Pacific region. The Asia Pacific countries are anticipated to see a rise in the cloud data security market because, as per the CISCO Cybersecurity Series analysis, the countries in this region host a bigger share of their infrastructure in the cloud rather than on-premises, and more than half of the organizations in this region consider cloud as a convenient and user-friendly option. Moreover, with effective government compliance & regulations and technical improvements, the cloud security industry is seeing enormous growth potential in this area. Additionally, the surge in security-related threats and the severity and sophistication of cyberattacks have increased, eventually leading to the need to deploy cloud data security solutions in Asia. Consequently, Asia Pacific is anticipated to have the highest CAGR during the forecast period.
CrowdStrike (US), Check Point (US), Palo Alto Networks (US), Zscaler (US), IBM (US), Imperva (US), Veritas (US), Digital Guardian (US), VMware (US), Thales (France), Sophos (UK), Polar (Israel), Netwrix (US), Informatica (US), Commvault (US), Orca Security (US), Radware (US), Rubrik (US), Veeam (US), Infrascale (US), Druva (US), Faction (US), Cohesity (US), Netskope (US), and Cloudian (US) are the key players and other players in the cloud data security market.
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