PUBLISHER: The Business Research Company | PRODUCT CODE: 1414110
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414110
“Cloud Access Security Broker (CASB) Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cloud access security broker (casb) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cloud access security broker (casb)? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The cloud access security broker (casb) market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A Cloud Access Security Broker (CASB) is a software application that acts as a bridge between an organization's on-premises or remote network and a cloud service provider's infrastructure. It assesses and enhances the security of cloud traffic, playing a crucial role in managing cloud consumption, protecting against threats, and ensuring compliance with regulatory standards and data protection protocols.
The primary solutions offered by cloud access security brokers (CASBs) include control and monitoring of cloud services, risk and compliance management, data security, threat protection, among others. Control and monitoring of cloud services involve overseeing and optimizing productivity across various privately or publicly accessible clouds. This practice allows IT teams to identify the cloud services used by each employee within the organization. CASB services cater to infrastructure as a service, platform as a service, and software as a service, serving both large enterprises and small to medium enterprises (SMEs). CASBs find applications in governance, risk, and compliance, data security, application security, and more, across various industries such as banking, financial services, insurance, government, healthcare, IT and telecom, manufacturing, retail and consumer goods, education, and others.
The cloud access security broker (CASB) market research report is one of a series of new reports from The Business Research Company that provides cloud access security broker (CASB) market statistics, including cloud access security broker (CASB) industry global market size, regional shares, competitors with an cloud access security broker (CASB) market share, detailed cloud access security broker (CASB) market segments, market trends and opportunities, and any further data you may need to thrive in the cloud access security broker (CASB) industry. This cloud access security broker (CASB) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cloud access security broker (casb) market size has grown rapidly in recent years. It will grow from $11.47 billion in 2023 to $13.61 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The expansion witnessed in the historical period can be linked to heightened concerns about cybersecurity, the necessity for regulatory compliance, the transition to remote work settings, the growing intricacy of cloud environments, and the widespread proliferation of mobile devices.
The cloud access security broker (casb) market size is expected to see rapid growth in the next few years. It will grow to $26.95 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. The anticipated growth in the forecast period is tied to the imperative of adhering to data privacy regulations, a heightened focus on preventing insider threats, the enhancement of granular visibility and control, and the automation of compliance and governance. Key trends expected in the forecast period involve the adoption of cloud-native CASB solutions, the implementation of data loss prevention (DLP) measures, cross-platform integration, the reinforcement of API security, and the implementation of a zero-trust architecture, along with the bolstering of collaboration security in cloud-based tools.
The proliferation of cloud-based applications in small and medium-sized organizations is poised to drive the growth of the Cloud Access Security Broker (CASB) market. Cloud-based apps, accessed predominantly over the internet, have become increasingly prevalent in such organizations. This growth expands the CASB market's scope, as these solutions play a crucial role in regulating cloud consumption across devices and applications, fortifying defenses against cyber threats, and ensuring the safety and security of sensitive information. According to a survey report, conducted by O'Reilly Media Inc. in December 2021 among 2,834 global respondents, 90% of organizations were reported to be using cloud-based applications. Additionally, 48% of participants anticipated migrating 50% or more of their apps to the cloud in the upcoming year, with 20% aiming for a complete shift to the cloud.
The rising frequency of cyber-attacks is anticipated to fuel the growth of the Cloud Access Security Broker (CASB) market. Cyber-attacks, characterized by deliberate and malicious attempts to compromise the integrity, confidentiality, or availability of computer systems and digital information, have witnessed a notable surge. In response, organizations are increasingly turning to CASBs to secure their cloud environments, protect sensitive data, and mitigate evolving cyber threats. As reported by AAG IT Services in December 2023, cyberattacks in Australia surged by 81% between July 2021 and June 2022. Notably, attacks on financial websites experienced a more than 200% increase in 2022, according to the latest cybercrime statistics. The heightened occurrence of cyber-attacks serves as a driving force behind the growth of the Cloud Access Security Broker (CASB) market.
Technological innovations stand out as a prominent trend gaining traction in the Cloud Access Security Broker (CASB) market. Key players in the CASB market are dedicated to advancing their technologies, aiming to fortify their positions in the industry. A notable example is Censornet, a UK-based company specializing in cloud access security broker services and advanced threat protection. In May 2022, Censornet launched integrated Identity as a Service (IDaaS) technology into its intelligent cybersecurity platform. This innovation extends services to organizations, offering comprehensive control over user access through integration with existing Web Protection, Cloud Application Security (CASB), Email Security, and Multi-Factor Authentication (MFA) solutions. The combination of IDaaS with Censornet's platform introduces sophisticated rules governing user access to applications.
Major companies in the CASB market are introducing next-generation CASB solutions to enhance profitability and address evolving security challenges in cloud environments. Palo Alto Networks, a prominent US-based cybersecurity company, exemplifies this trend. In November 2021, Palo Alto Networks introduced a Next-Generation CASB designed to assist businesses in securing the increasing usage of Software as a Service (SaaS). This advanced solution provides best-in-class threat detection and prevention against known and unknown threats, real-time protection of sensitive data, and automatic security measures for new applications, enabling organizations to safely adopt SaaS.
In March 2021, Proofpoint, a leading US-based company offering CASB services and software as a service, acquired InteliSecure, Inc. for $62.5 million in cash. This strategic acquisition enhances Proofpoint's capacity to support service delivery through its extensive channel partner ecosystem. It also boosts partners' competitiveness by leveraging expertise gained from collaborating with multiple suppliers. With approximately 150 new personnel added through this expansion, Proofpoint is strengthening its global organization. InteliSecure, Inc. provides a portfolio of information and network security services, including critical asset protection and data loss prevention.
Major companies operating in the cloud access security broker (casb) market report are Protegrity Inc., Skyhigh Security, Microsoft Corporation, Cisco System Inc., Forcepoint LLC, Broadcom Corporation, Imperva Inc., Proofpoint Inc., Lookout Inc., Zscaler Inc., Vaultive Inc., Fortinet Inc., Oracle Corporation, Happiest Minds, VMware Inc., Bitglass Inc., CipherCloud Inc., IBM Managed Cloud Services, McAfee LLC, F5 Networks Inc., Check Point Software Technologies, Verizon Enterprise Solutions, The Hewlett Packard Enterprise Company, CyberArk Software Ltd., Infoblox Inc., LogRhythm Inc., Logitech International S A, Mimecast limited, SentinelOne Inc., Splunk Inc., Sonrai Security, Palo Alto Networks Inc., Qualys Inc., Trend Micro Inc.
North America was the largest region in the cloud access security broker (CASB) market in 2023. The regions covered in the cloud access security broker (casb) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the cloud access security broker (casb) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The cloud access security broker (CASB) market includes revenues earned by entities by offering managed services, support and maintenance, and professional services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.