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 is witnessing significant growth driven by various key factors, including using AI and ML for cloud security, developing DevSecOps practices, increasing adoption of multi-cloud environments, and the rise in BYOD and CYOD trends. Organizations seek robust cloud security solutions to protect their data and operations as they embrace modern practices and technologies in the cloud landscape. Cloud security providers are capitalizing on this demand by offering innovative solutions to safeguard digital assets and ensure data privacy and integrity.
Cloud Security Market Definition
As per MarketsandMarkets, cloud security is a branch of cybersecurity that focuses on protecting cloud computing systems. Its main goal is to ensure the privacy and safety of data within online-based infrastructure, applications, and platforms.
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The cloud security market is led by some of the globally established players, namely 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). Partnerships, agreements, collaborations, acquisitions, and product developments are various growth strategies these players adopt to increase their market presence.
Broadcom (US) is a global player in the cloud security market, renowned for its advanced infrastructure solutions and engineering excellence. With a diverse product portfolio and expertise in semiconductor and infrastructure software, Broadcom is well-equipped to meet the unique challenges of cloud security. The company’s category-leading offerings span data center networking, storage, enterprise and mainframe software, telecoms, and factory automation, providing comprehensive solutions to safeguard cloud-based infrastructure, applications, and platforms. Additionally, strategic acquisitions, including Symantec (US) and CA Technologies (US), have bolstered Broadcom’s position, enabling them to deliver integrated security solutions tailored to the evolving needs of cloud environments. With a strong record of innovation and commitment to driving advancements in cloud security technology, Broadcom continues to be a significant force in this rapidly growing market.
AWS (US), a subsidiary of Amazon, is a prominent player in the cloud security market, offering a wide range of infrastructure and services to enhance cloud security. With AWS, businesses gain the control and confidence needed to securely run their operations in a flexible, secure cloud computing environment. AWS provides data centers and a network to protect information, identities, applications, and devices, ensuring organizations meet core security and compliance requirements. AWS offers fine-grain identity and access controls, continuous monitoring for real-time security information, and automation of security tasks to reduce risks and enhance overall security posture. Additionally, AWS sets high privacy and data security standards through encryption capabilities and automatic encryption of data flowing across its global network. With the largest ecosystem of security partners and solutions, AWS allows customers to deploy a comprehensive security architecture and seamlessly integrate cloud and on-premises environments while meeting global compliance requirements.
Apart from prominent vendors, other players include Skyhigh Security, FireMon, Sysdig, LookOut, Fidelis Cybersecurity, DataTheorem, OpsCompass, Tufin, Menlo Security, Tigera, Orca Security, Ascend Technologies, Secberus, Ermetic, Sonrai Security, Wiz, Caveonix, Banyan cloud, and AccuKnox which are also evolving in the cloud security market.
Ermetic (Israel) is a leading player in the cloud security market, offering a holistic and effective approach to safeguarding cloud infrastructures. With a strong emphasis on identity-based security, its SaaS solution enables organizations to prevent breaches by continuously analyzing and monitoring permissions, configurations, and behavior across various cloud resources. Using advanced analytics and automation, Ermetic empowers businesses to identify and address security risks in real-time, reducing their attack surface and enforcing the principle of least privilege at scale. The company’s CNAPP provides comprehensive visibility and control over cloud security, making it a preferred choice for Fortune 50 companies and organizations looking to bolster their cloud security posture, ensure compliance, and protect their cloud data.
Orca Security (US) is a leading company that helps businesses stay secure in the cloud. It makes cloud security fast, easy, and affordable for organizations. With an innovative platform, it can quickly identify and prioritize security risks in the cloud. The company’s strengths lie in its simple onboarding process and context-aware security, which provides insights into various risks. Moreover, the company has automation capabilities to fix vulnerabilities and improve overall cloud security efficiently. Orca Security is recognized for its commitment to employees and has strong partnerships with technology vendors. The company focuses on offering comprehensive cloud security solutions and building strong relationships with its customers and partners.
MnM says most businesses use inorganic growth strategies to hold their market share. In 2021–2022, the number of agreements rose significantly. MnM is expecting that the rate of agreements will further increase in the cloud security market in the coming years as startups are evolving in this market space, having technical advancements which, with time, get acquired or partnerships with tech giants to bring the innovations in their existing solutions and increase their market share in the cloud security market.
Cloud Security Market by Offering (Solution and Services), Solutions (CASB, CWPP, CSPM, CDR, and CIEM), Services (Professional and Managed), Service Model (IaaS, SaaS, and PaaS), Type, Vertical, and Region - Global Forecast to 2028
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