MarketsandMarkets forecasts that the global multi-cloud security market would grow from an estimated USD 4.4 billion in 2022 to USD 10.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.7% from 2022 to 2027. Rising need for unified multi-cloud security solutions due to increasing cyberattacks, and the growing government support for deploying multi-cloud security solutions are some of the factors driving the market growth.
What is Multi-Cloud Security?
According to MarketsandMarkets, multi-cloud security is a cloud security solution and service that protects multiple public cloud platforms. The solution protects cyber breaches across multiple cloud infrastructures and caters to applications such as network security, endpoint and IoT device security, and application security.
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The multi-cloud security market is led by some globally established players, such as Microsoft, VMware, Rackspace, Check Point, F5, and others. These players have adopted various growth strategies, such as partnerships, agreements, collaboration, acquisitions, and product developments, to increase their market presence.
Microsoft develops and supports software, services, devices, and solutions, including computer software, consumer electronics, personal computers, and related services. The company offers various services, including cloud-based solutions that provide customers with software, services, and platforms, along with solution support and consulting services. The company’s products include operating systems, across-device productivity and collaboration applications, server applications, business solutions, desktop and server management tools, software development tools, and video games. The company also designs and sells devices, including PCs, tablets, gaming and entertainment consoles, intelligent devices, and related accessories. In the multi-cloud security market, it provides Microsoft Defender for Cloud. Microsoft Defender for Cloud is a unified cloud-native platform that helps strengthen the security posture, enables protection against modern threats, and helps reduce risk throughout the cloud application lifecycle across multi-cloud and hybrid environments. It provides unified visibility of security posture across Azure, AWS, Google Cloud, and hybrid clouds; offers real-time security access and prioritization of critical tasks; provides integrated XDR solution across multi-cloud workloads to prevent, detect, and respond to attacks; and provides centralized insights across multipipeline and multi-cloud DevOps to improve application development security.
Apart from large vendors, some SMEs and startups, such as Aqua Security, Aviatrix, Saviynt, Tufin, Distology, are also evolving in the multi-cloud security market.
Another important player in the multi-cloud security market is Aqua Security. Aqua Security is a cybersecurity company that helps organizations secure their containers, serverless functions, and cloud VMs. The company provides products and solutions for software supply chain security, container security, Kubernetes security, CSPM, vulnerability scanning, container security, serverless security, and VM security. In the multi-cloud security market, it provides the Aqua Platform. Aqua Security provides full lifecycle security controls for containers and serverless functions and compatibility and integrations with cloud providers.
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 multi-cloud security solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
Multi-cloud Security Market by Offering (Solution and Services), Cloud Model (IaaS, PaaS, and SaaS), Application (Network, Endpoint), Verticals (BFSI, Healthcare, IT and ITeS, Retail and eCommerce), Organization Size Region - Global Forecast to 2027
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