Market Leadership - Cloud Security Posture Management Market
MarketsandMarkets forecasts the cloud security posture management (CSPM) market size to grow from USD 4.2 billion in 2022 to USD 8.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.3% from 2022 to 2027. Low visibility across the IT infrastructure and increase in configuration errors in cloud infrastructure, absence of efficient security tools and processes to handle the cloud-based environments and developing cloud security capabilities such as easy DevSecOps integration and threat intelligence are some of the factors that are driving the market growth.
What is CSPM?
Considering the sources and association’s views on CSPM, MarketsandMarkets defines CSPM as “the process of mitigating the risks while migrating to cloud. Here, compliance and security policies assessment, mitigating misconfiguration of cloud-based application deployment, reducing vulnerabilities are some of the elements associated with CSPM.”
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Competitive overview:
The CSPM market is led by some of the globally established players such as VMware, Fujitsu, Palo Alto Networks, Cisco, Check Point, and IBM. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions and product developments to increase their market presence.
VMware holds a prominent position in the cloud security posture and management market space. The company offers a robust set of solutions and services in the market and enables customers to tackle challenges in any security threat. The company offers a multi-cloud operations facility that helps reduce the risk of misconfiguration, prioritize risk mitigation activities, detect threats in real-time, accelerate issue investigation, and unify SecOps and DevOps. Through its innovative CSPM products and services, VMware enables its customers to implement cloud solutions and services. The company focuses on offering end-to-end solutions through huge R&D investments, thus constantly enhancing its product offerings. It offers several products and solutions for cloud security through its cloud platform. VMware has built a reliable distribution network that can reach most of its potential market. The strong presence across the globe is one of the key factors leading to a good market share in the CSPM market.
Apart from large and SME players, start-ups such as Orca Security (Israel), AppOmni Inc. (US), Adaptive Shield (Israel), OpsCompass (US), C3M, LLC (US), Wiz.io (US), Caveonix (US), Ermetic (US), Obsidian Security (US), and Ascend Technologies (US) are also evolving in network forensics market space.
Founded in 2020, Wiz.io offers a cloud security platform to assess security and risk at PaaS, IaaS, containers, and serverless architectures. The cloud security platform identifies risk and security issues in the public cloud infrastructure. Wiz.io cloud security platform can be deployed on AWS, Azure, and Google Cloud or on-premises, including OpenShift. The company has recently received Series C investment of USD 250 million which has tripled its valuation to approx. USD 6 billion in 2021. Wiz.io’s customer base includes the Fortune 500 companies such as Blackstone, Salesforce, Slack, The Home Depot, Rivian, DocuSign, and UiPath. The company has witnessed a significant growth in past 2 years which makes it one of the progressive start-ups in the CSPM market.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period of 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onward, companies are expected to follow organic growth strategies to provide CSPM solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
Related Reports:
Cloud Security Posture Management Market by Component (Solutions and Services), Cloud Model (IaaS, PaaS, and SaaS), Vertical (BFSI, Healthcare, Retail & eCommerce, IT & ITeS, Government, and Education) and Region - Global Forecast to 2027
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