Multi-Cloud Security Market Size & Share 2023 to 2032
Market Size by Offering (Solution, Service), by Security Type (Data and Storage Security, IAM, Disaster Recovery, Governance, Compliance), by Organization Size, End Use & Global Forecast.
Report ID: GMI5436
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Published Date: February 2023
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Report Format: PDF
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Authors: Preeti Wadhwani, Aishvarya Ambekar
Multi-Cloud Security Market Size
Multi-Cloud Security Market size surpassed USD 5 billion in 2022 and is anticipated to witness 15% CAGR from 2023 to 2032.
Multi-Cloud Security Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Robust demand for multi-cloud security from OTT services like Amazon Prime, Netflix, and HBO is expected to drive the industry growth. During the COVID-19 pandemic, OTT platforms observed a significant rise in number of subscription rates. As per a report, global streaming company Netflix recorded a 30% increase in engagement or watch time and a 25% rise in revenues in India. OTT streaming companies are seeking to improve the security of their platforms as they offer unique and distinctive content to the public. The expansion of the OTT streaming platforms will influence the market development.
The increasing number of cyber-attacks and cybersecurity issues is influencing the adoption of multi-cloud security solutions. It becomes increasingly difficult in multi-cloud environments for user access control management. Furthermore, using multi-cloud security that is managed by a third party increases the security cost. High expenditure over configuring security systems in order to access and secure more than one cloud customer would hamper the multi-cloud security market outlook.
Multi-Cloud Security Market Analysis
The solution offering segment captured 66% of the industry share in 2022. New partnerships for the development of cloud security solutions have driven the market demand. For instance, in June 2022, Distology announced its alliance with three specialized multi-cloud cybersecurity suppliers. Aimed to ensure these technologies can adapt to the cybersecurity requirement of organizations, the new multi-cloud security solutions portfolio would help to protect a progressive digital infrastructure across a multi-cloud landscape.
The multi-cloud security market from the disaster recovery segment is predicted to observe nearly 15% growth between 2023 and 2032. The espousal of multi-cloud security for disaster recovery is a common approach by many companies to ensure that data safety is maintained. These solutions or services help enterprises to quickly recover critical systems after a disaster and provide remote access to their systems in a secure virtual environment. Disaster recovery plans allow access to data and keep the data safe in cases of cyberattacks. In November 2022, AWS expanded the Elastic Disaster Recovery services by adding failback functionality for all the applications running on its cloud.
The industry size from the SME sector is estimated to amass USD 9 billion by 2032. SME have started using cloud solutions to improve efficiency, innovation, and growth. According to the Flexera 2022 State of the Cloud report, nearly 89% of organizations have started following a multi-cloud strategy worldwide. With a multi-cloud storage facility, organizations manage their data as per usability and accessibility. Moreover, they can control their expenditure on data storage and management, saving overall expenses.
Multi-cloud security market revenue from the IT & telecom industry held 25% share in 2022, owing to the rise in cloud-based data storage applications. There is a promising demand for multi-cloud security systems due to the expanding affordability of cloud-based data storage applications and the steady use of cloud-based telecom services to efficiently manage IT operations. Expansion in IT and telecom infrastructure should open new avenues for multi-cloud security solutions and services.
North America multi-cloud security market crossed USD 2 billion revenue in 2022, led by increasing innovation and software upgrades in networking and security. The presence of major multi-cloud security solutions and service providers such as Microsoft and AWS is fueling growth in the region. These companies are continuously gaining a competitive edge in the business landscape.
Multi-Cloud Security Market Share
Major players involved in the multi-cloud security sector include
Companies are inking new partnerships with related firms over cloud security solutions.
Moreover, in February 2023, Snowflake announced its partnership with Wiz to store, report, analyze, investigate, and consolidate Wiz-generated cloud security data and events into a security data lake for customers that are looking for a unified security data model.
Impact of COVID-19 Pandemic
The COVID-19 pandemic impacted several industries worldwide due to the lockdown restrictions and other government directives. However, the pandemic has encouraged companies to adopt multi-cloud solutions due to the remote working and Bring-your-own-device (BYOD) working concepts. Data storage and management is made easier with cloud facilities. The demand for these solutions is likely to increase for tackling multi-cloud security issues and safeguarding data from possible cyberattacks. With rapid digitalization and advancements in the IT and Telecom sector.
This market research report on multi-cloud security includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032 for the following segments:
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Market, By Offering
Market, By Security Type
Market, By Organization Size
Market, By End-use
The above information has been provided for the following regions and countries:
North America
Europe
Asia Pacific
Latin America
MEA