Cloud Data Security Market Size - By Component (Solution {Hardware, Software}, Service), By Organization Size (Large Enterprise, SMEs), By Offering Type (Fully managed, Co-managed), End-Use & Forecast, 2023 - 2032

Cloud Data Security Market Size

Cloud Data Security Market size was valued at USD 4.2 billion in 2022 and is anticipated to grow at a CAGR of over 15% between 2023 and 2032. The growing demand for cloud-based technology is driving the market as more organizations adopt cloud infrastructure and services. Cloud-based solutions provide numerous benefits such as scalability, cost-effectiveness, and increased productivity.
 

However, they also introduce new security risks such as data breaches and cyber-attacks. This has created a need for specialized security solutions to protect cloud-based data and infrastructure. As a result, the cloud data security market is expected to grow as organizations increasingly recognize the importance of securing cloud environments. The market is likely to continue growing as more companies are launching new solutions and services catering demand occurring from different industries.
 

Cybersecurity concerns are a significant challenge for the cloud data security market as they can hamper industry growth by reducing customer confidence and adoption rates. Organizations are increasingly concerned about the risks of data breaches, ransomware attacks, and other cyber threats in the cloud. These concerns can lead to slower adoption rates and increased skepticism about the effectiveness of cloud data security solutions. In addition, the evolving nature of cyber threats and the need for continuous updates & upgrades to security solutions can increase the cost and complexity of implementing cloud data security measures.
 

Cloud Data Security Market Analysis

In the cloud data security market the IT & telecommunication segment held over 25% revenue share in 2022, due to growing cloud technology deployment in the industry. IT & telecommunication companies deal with large volumes of sensitive data, such as customer information, financial data, and proprietary information, making them prime targets for cyber-attacks. As a result, these companies require robust cloud data security solutions to protect their data and infrastructure. Additionally, the IT & telecommunication industry has been an early adopter of cloud-based technologies, driving demand for cloud data security solutions. As the industry continues to digitize, the need for cloud data security is set to grow in coming years.
 

The cloud data security market from solution component segment was reached USD 2.5 billion revenue in 2022, owing to increasing demand for comprehensive security solutions that can protect data across different cloud environments. As more organizations shift their data and operations to the cloud, they require robust security solutions that can integrate with their existing systems and provide end-to-end data protection. Solution components including identity & access management, data encryption, network security, and threat intelligence are critical for protecting data in the cloud. Cloud data security providers that offer a range of solution components can differentiate themselves in the market and provide organizations with the flexibility to customize their security solutions to meet specific needs.
 

The cloud data security market from SMEs segment will expand at 15% CAGR during forecast period. The rising complexity associated with the procurement of cloud data security solutions is driving the SMEs segment as it presents various opportunities to SMEs. Many SMEs lack the internal resources and expertise to manage their security effectively, making it challenging for them to navigate the complex procurement process. Cloud data security providers that can simplify the procurement process and provide cost-effective solutions tailored to the needs of SMEs can gain a competitive advantage in this growing market.
 

North America cloud data security market dominated around 35% revenue share in 2022. High deployment of 5G in North America is driving the market due to the increased need for secure data management. 5G technology offers high-speed internet and improved connectivity, leading to an exponential increase in data generated & transmitted across networks. This increase in data volume has raised concerns about data privacy and security, driving the demand for cloud data security solutions.
 

North American companies are investing heavily in cloud data security solutions to secure their networks and sensitive data from cyber threats, leading to significant market growth. Moreover, the region is home to some of the world's leading cloud data security solution providers, driving innovation and competition in the market. As 5G deployment continues to increase in the region, the demand for cloud data security solutions is expected to grow, thus driving market revenue in North America.
 

Cloud Data Security Market Share

Major companies operating in the cloud data security market include:

• Amazon Web Service Inc
• Check Point Software Technologies Ltd.
• Cisco Systems, Inc.
• Commvault, Fortinet Inc.
• IBM Corporation
• Imperva
• Microsoft Corporation
• Orca Security
• Palo Alto Networks, Inc
• Polar Security
• Radware
• Rubrik
• Sophos
• VMWare

These companies are focused on enhancing cloud data security efficiency across several industries.
 

In February 2023, Orca Security introduced new Data Security Posture Management (DSPM) capabilities to its Orca Cloud Security Platform. The new offering builds on Orca's existing cloud security approach, providing extensive data discovery and management features. These enhanced capabilities enable organizations to effectively recognize, prioritize, and address sensitive data at risk.
 

The cloud data security market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

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Market, By Service

• Solution
  • Hardware
  • Software
• Service

Market, By Organization Size

• Large enterprise
• SMEs

Market, By Frequency Band

• Fully managed
• Co-managed

Market, By End-Use

• IT & telecommunication
• BFSI
• Healthcare
• Retail
• Manufacturing
• Government & public enterprises
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
• Latin America
  • Brazil
  • Mexico
• MEA
  • South Africa
  • Saudi Arabia
  • UAE