Rapid Growth Forecasted for Retail Trade Segment in Cloud Security Market, Projected CAGR of 13.6% from – EIN News

Cloud Security Market Segment

The objective of the report is to present a comprehensive analysis of the Global Cloud Security Market to the stakeholders in the industry.

PORTLAND, PORTLAND, OR, UNITED STATES, November 21, 2023 / — According to the report, the global cloud security industry generated $35.8 billion in 2022, and is anticipated to generate $125.8 billion by 2032, witnessing a CAGR of 13.6% from 2022 to 2032.

The Cloud Security market encompasses a range of security measures applied in public, private, and hybrid cloud settings to safeguard virtualized IT systems, data, services, applications, and cloud infrastructure from cyber threats. Security practices in cloud computing aim to authenticate users and devices, preserve data privacy, and mitigate the potential risks of data loss and breaches. The fundamental goal of cloud security is to ensure the confidentiality, integrity, and availability of applications, data, and IT infrastructure within cloud environments.

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North America is expected to hold the largest cloud security market share during the forecast period due to various initiatives undertaken by government agencies for increasing investments in security solutions to name a few. Additionally, rising collaborative efforts among the prominent players in the market coupled with increasing phishing and cyber-attacks will increase the footprint of the market in the region.

The Asia Pacific will account for a substantial market share in terms of global contribution due to a combinative effort between government agencies and private players in emerging economies such as China, India, Japan, South Korea, and South East Asia. Additionally, rising investments in cloud security will further strengthen the market’s growth in the region.

The market is categorized by Organization Size, with segments including Large Enterprises and SMEs. By 2029, it is anticipated that the Large Enterprises segment will dominate with a market share of xx%. These enterprises allocate substantial resources to advanced technology to enhance overall productivity and efficiency. To safeguard their operations in the competitive landscape, Large Enterprises are increasingly adopting cloud security solutions. The surge in investment is particularly notable in modern cloud security solutions, as these organizations heavily rely on cloud and IoT-based applications vulnerable to cyber threats. The need to protect against specific attacks targeting their IT services further propels the growth of the Large Enterprises segment in the global market throughout the forecast period from 2023 to 2029.

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By type, the cloud identity and access management segment held the highest market share in 2022, accounting for above one-fourth of the global cloud security market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increasing demand for cloud security for protecting accessibility gates in the cloud. However, the cloud database security segment is projected to manifest the highest CAGR of 17.8% from 2022 to 2032, as it will be requiring more innovative and protected cloud security solutions in the future.

The market is also segmented by Verticals, including Information, Finance and Insurance, Healthcare and Social Assistance, Retail Trade, Manufacturing, Utilities, and Others. The Retail Trade segment is poised for rapid growth at a CAGR of xx% between 2022 and 2029. Artificial intelligence in retail stores has transformed the shopping experience, allowing customers to bypass traditional checkout lines. Consequently, the retail industry is actively adopting cloud security measures to safeguard consumer data, sensitive information, and digitally stored confidential identities associated with each customer on the cloud. This proactive approach contributes to the accelerated growth of the Retail Trade segment in the global market.

By deployment mode, the public segment held the largest share in 2022, thus contributing to nearly half of share in the cloud security market. The reasons behind the segment growth is attributed to the large presence of key players operating as a public cloud. However, the private market is expected to portray the largest CAGR of 15.7% from 2022 to 2032 and is projected to maintain its lead position during the forecast period. This is owing to large demand for private cloud infrastructure by the companies.

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Key Takeaways:

• Cloud Security Market size in North America was USD 125.8 billion from 2023 to 2032.

• Security Tools to Gain Traction as Organizations Migrate Workloads from Data Centers and On-Premise to Cloud.

• Large Enterprises to Derive Growth from Widespread Adoption of Network Security Solutions During COVID-19 Pandemic.

• IT and Telecommunications Industry to be a Potential Customer of Robust Security Solutions.

Key players in the market, including Microsoft Corporation, Cisco Systems, Inc., IBM Corporation, Palo Alto Networks Inc., Broadcom Inc., and others, strive to enhance their products through the integration of cutting-edge technologies. Additionally, some companies have formed strategic partnerships to fortify their market positions and attain a competitive edge.

Market Key Players:

• Amazon Web Services, Inc.

• Microsoft

• Palo Alto Networks, Inc

• Trend Micro, Inc

• Broadcom, Inc

• Check Point Software Technologies Ltd.

• Google

• Palo Alto Networks.

• McAfee, LLC.

• IBM Corporation

• Zscaler, Inc.

• Cisco Systems, Inc.

• Fortinet, Inc.

• Sophos Ltd.

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