Cloud Security Market Size, Share, Growth Analysis, By Type, By Service Model(SaaS, IaaS, PaaS ), By End-User, By Offering, By Region - Industry Forecast 2024-2031

Cloud Security Market size was valued at USD 33.5 billion in 2022 and is poised to grow from USD 39.5 billion in 2023 to USD 147.45 billion by 2031, growing at a CAGR of 17.9% in the forecast period (2024-2031).

The cloud security market is propelled by several key factors, including the increasing complexity of cybercrime, the emergence of sophisticated cyber intelligence campaigns, and the proliferation of new cyberattacks. Additionally, the growing adoption of cloud-based solutions and the rise of Bring Your Own Device (BYOD) and Choose Your Own Device (CYOD) trends contribute to market growth. Moreover, government initiatives aimed at supporting smart infrastructure projects, securing online payment applications, social media platforms, and operating systems present lucrative opportunities for cloud security vendors. The rising significance of cloud computing across various sectors is expected to further drive market expansion. With online breaches and technological attacks on the rise, ensuring security has become a paramount concern, prompting companies to take preemptive measures against cyber risks. According to a comprehensive analysis by Skyquest, a significant number of large enterprises have already integrated cloud-based security solutions, with approximately 83% of organizations utilizing cloud-based services, a figure projected to increase given the 45% incidence of cloud-based breaches. Furthermore, only 12% of global IT sectors are well-informed about the General Data Protection Regulation (GDPR), which has implications for cloud services. Security remains the primary concern for 66% of IT professionals when transitioning to the cloud computing platform.

Top-down and bottom-up approaches were used to estimate and validate the size of the Cloud Security Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Cloud Security Market Segmental Analysis

The cloud security market is segmented based on the type, service model, offering, end-user, and region. By type, the market is segmented into legal issues, compliance, governance, virtualization, data security, interface, and network security. By service model, the market is segmented into SaaS (Software as a Service), IaaS (Infrastructure as a Service), PaaS (Platform as a Service). By offering, the market is segmented into solutions, and services. By end-user, the market is segmented into aerospace & defence, government, BFSI, healthcare, IT, telecommunication, manufacturing, retail, energy & utilities, media & entertainment, and others. By region the market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.

Drivers of the Cyber Security Market

The increasing adoption of robots in the logistics sector is a key driver of growth in the Cloud Security Market. According to the International Federation of Robotics (IFR), the market for professional service robots grew by 12% in 2020 and surged by 37% in 2021, with over 121,000 units sold. In 2021, sales of warehousing and logistics robots reached $22.4 billion, with annual robot unit shipments expected to reach 620,000 units. The rise of intelligent, autonomous, and mobile robots tailored for supply chain and warehouse operations highlights continuous technological advancements in the industry. These innovations enable logistics organizations to optimize performance, control expenses, and address staff shortages. The increasing trend of e-commerce further encourages logistics companies to adopt technological solutions to meet online consumer demand. By integrating robotics technology, logistics can avoid bottlenecks in complex supply chains, enhance the flow of goods, and expedite order fulfilment processes.

Restraints in the Cyber Security Market

The increasing cyber threats, necessitates cutting-edge IT/network security solutions. Traditional defences weaken against advanced network, cloud, application, and endpoint attacks. Moreover, developing state-of-the-art security requires substantial investment, limiting adoption, especially among SMEs. Additionally, growing R&D expenditures, data breaches, privacy issues, and unauthorized access complicate the security landscape in this market.

Market Trends of the Cyber Security Market

Cryptocurrency-Based Cloud Attacks: Crypto-jacking incidents in cloud environments are fueled by the volatility of cryptocurrency values coupled with sophisticated decision-making algorithms. One such example is the CoinStomp malware, which utilizes shell scripts to mine cryptocurrency by exploiting cloud compute instances hosted by security providers. In response, stakeholders in IT security are implementing essential safeguards, as evidenced by a decrease in public cloud storage vulnerabilities, indicating an increased awareness of security risks. These incidents, such as those involving CoinStomp, are expected to spur the adoption of cloud security services, including user and data governance, identity and access management, among others. According to Skyquest's analysis, the landscape of cloud security is evolving rapidly in response to these emerging threats.