Cloud Security Market Will Generate New Growth Opportunities
by 2028

The global Cloud
Security Market Size is projected to grow from USD 40.7 billion in 2023
to USD 62.9 billion by 2028 at a CAGR of 9.1% during the forecast period. The
cloud security market experienced substantial growth due to the rising adoption
of multi-cloud environments, the expansion of DevSecOps practices, increased
utilization of AI and ML for cloud security, and the growing trend of BYOD and
CYOD, which led to an increased demand for cloud security solutions.

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By vertical segment, the retail & eCommerce vertical will
grow at the highest CAGR during the forecasted period.

The retail and eCommerce industry is experiencing the highest
CAGR in the cloud security market due to the increased adoption of cloud
technologies for digital transformation. Data protection has become a priority,
with more sensitive customer data and financial transactions being processed in
the cloud. Retailers also face a higher risk of cyberattacks and data breaches,
leading to the demand for advanced cloud security solutions. The COVID-19
pandemic has further accelerated the shift towards online shopping, boosting
the adoption of cloud technologies in this sector. To tap into this growth
opportunity, cloud security providers are customizing their solutions to meet
the specific needs of retail and eCommerce, ensuring seamless integration and
compliance with industry regulations. Thus, the retail and eCommerce segment is
projected to have the highest CAGR during the forecast period.

By Type, Visibility and Risk Assessment holds the largest
market size during the forecast period.

By type, Visibility and Risk Assessment hold the largest
market size in the cloud security market due to their critical role in
enhancing overall cloud security. As cloud environments grow in complexity and
scale, organizations face challenges in effectively identifying and managing
potential security risks. Visibility solutions provide real-time insights into
cloud assets, configurations, and activities, enabling businesses to monitor
and detect any suspicious behavior or vulnerabilities proactively. On the other
hand, risk assessment tools help organizations assess the security posture of
their cloud infrastructure, applications, and data. By conducting thorough risk
assessments, businesses can prioritize security measures, allocate resources
efficiently, and proactively address potential threats. These capabilities are
essential as they empower organizations to stay ahead of evolving cyber threats
and maintain a robust security posture in their cloud deployments. The need for
comprehensive visibility and risk assessment solutions has grown exponentially
as businesses recognize their critical role in safeguarding sensitive data and
maintaining compliance with industry regulations.

By region, the Asia Pacific market is to grow at the highest
CAGR during the forecast period.

The Asia Pacific region demonstrates solid technological
adoption, with a mix of developed and growing economies like China, Japan,
India, Australia and New Zealand, and Singapore. Additionally, the governments
in the region actively promote internet accessibility, driving demand for cloud
security solutions. Also, policy improvements and regulatory enhancements, such
as strengthened privacy regulations in Australia, boost adoption. Moreover,
unique cybersecurity risks and rising data protection awareness accelerate the
demand for cloud security in the region. Furthermore, collaborative initiatives
and the adoption of SASE solutions reinforce the region’s position as the
fastest-growing market for cloud security. Thus, Asia Pacific has the highest
CAGR in the cloud security market.

Market Players:

IBM (US), Broadcom (US), Check Point (Israel and US), Google
(US), AWS (US), Zscaler (US), Akamai Technologies (US), Forcepoint (US),
Fortinet (US), F5 (US), Qualys (US), TrendMicro (Japan), Palo Alto Networks
(US), Proofpoint (US), Tenable (US), Netskope (US), Microsoft (US), Cisco (US),
Imperva (US), Trellix (US), Rapid7 (US), Skyhigh Security (US), FireMon (US),
Sysdig (US), LookOut (US), Fidelis Cybersecurity (US), DataTheorem (US),
OpsCompass (US), Tufin (US), Menlo Security (US), Tigera (US), Orca Security
(US), Ascend Technologies (US), Secberus (US), Ermetic (Israel), Sonrai
Security (US), Wiz (US), Caveonix (US), Banyan cloud (US), and AccuKnox (US)
are the key players and other players in the cloud security market.

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