Cloud Access Security Broker Market - Forecasts from 2024 to 2029

The cloud access security broker market was valued at US$15.953 billion in 2022.

A cloud access security broker (CASB) is an encryption policy enforcement point that acts as an intermediate for cloud service users and cloud applications, tracking all activity and applying security policies. They offer benefits such as shadow IT examination and management, cloud usage control, data loss prevention, malware detection, adaptive access control, and behavior data analysis. Increasing adoption of cloud services and security concerns have emerged as a significant driving force behind the substantial growth of the cloud access security broker market.

Market Drivers

• Increasing adoption of cloud services bolsters the cloud access security broker market growth.

Cloud access security brokers are a vital tool for businesses that rely on cloud services as they provide a centralized solution for implementing security policies and compliance requirements across multiple cloud-based services. The shift in cloud-based solutions has increased the cloud access security broker adoption, as organizations understand the importance of data security and compliance in cloud environments. For instance, in November 2023, Alibaba Cloud released the availability of salesforce sales Cloud, and service cloud on Alibaba Cloud. It changes the way service teams provide value to customers at every touchpoint, including customer experience, engagement, processes, automation, and service operations systems, as well as pre-built merged applications, and ticket administration.

• The rise in data security concerns drives the cloud access security broker market growth.

The growing prevalence of high-profile data breaches and cyber threats is emphasizing the adoption of cloud access security brokers in organizations. Numerous market players are offering cloud access security brokers to protect organizations' confidential data from unauthorized access. For instance, in November 2021, Palo Alto Networks launched the industry's first next-generation CASB (Cloud Access Security Broker), raising the bar in SaaS security to support hybrid work tools. It allows organizations to safely adopt cloud-based software by effortlessly securing new applications, accurately protecting sensitive data in real-time, and hindering known and unknown threats with the best threat detection and mitigation.

• Booming user experience enhancement drives the cloud access security broker market expansion.

A cloud access security broker (CASB) can enhance the user experience by offering secure and compliant access to cloud services, allowing companies to gain the benefits of cloud computing without compromising security. Cloud access security broker acts as a connection point between on-premises security and cloud-based services that enhance user security and experience owing to which multiple organizations are adopting CASB solutions.

North America is expected to dominate the market.

North America is projected to account for a major share of the cloud access security broker market owing to the region's robust growth in cloud service adoption and increasing data security concerns. Major North American nations namely the United States and Canada are undertaking investments to bolster their cybersecurity initiatives. For instance, in March 2023, the Biden-Harris Administration issued the National Cybersecurity Strategy to ensure that all Americans get the full benefits of an encrypted and secure digital ecosystem and the administration's bipartisan infrastructure act involved investing $1 billion to enhance cybersecurity for local, state, and tribal, and territory governments.

Market Challenges

• Lack of awareness will restrain the cloud access security broker market growth.

The market faces a significant challenge due to a lack of awareness about cloud access security brokers (CASB). Despite the growing popularity of cloud services, many businesses are still unaware of the need for cloud access security brokers, their performance features & benefits which may hinder CASB adoption.

Market Developments

• July 2023- Plurilock Security Inc. introduced new AI-driven cloud access safety broker technologies for generative AI tools and filed a provisional patent application in the United States. The application covers an omnibus system of cloud access security broker's technology features that automatically prevent the leakage of sensitive and confidential data during AI use. As part of the company's focus on generative AI security, the new technology will be created for enterprise use.

Company Products

• Forcepoint ONE Cloud Access Security Broker- The Forcepoint ONE Cloud Access Security Broker (CASB) manages permissions for managed SaaS applications and shadow IT applications while also providing DLP and protection against malware. It also has auto-scaling and over 300 points of presence on AWS, which reduces latency and increases throughput, and an Active Directory sync agent, which speeds up user onboarding.
• Cisco Cloudlock- Cisco Cloudlock is a cloud-based cloud access security broker (CASB) that helps in the secure transition to the cloud. It safeguards cloud users, data, and applications. Cloudlock's simple, open, and automated tackle uses APIs to manage threats in your cloud app environment. Cloudlock makes it easier to defend against data breaches while complying with regulations.
• Oracle CASB Cloud Service- Oracle CASB Cloud Service provides automated security monitoring for your entire cloud footprint. It simplifies and stops configuration drift, detects unusual activity with user behavior analytics, and protects against threats that involve multiple cloud services.

Segmentation

By Deployment Type

• On-Premise
• Cloud-Based

By Enterprise Size

• Small
• Medium
• Large

By End-User

• BFSI
• IT & Telecommunication
• Government
• Healthcare
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Others