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Multi-Cloud Security Market Analysis
- Report ID: GMI5436
- Published Date: Feb 2023
- Report Format: PDF
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 SMEs sector is estimated to amass USD 9 billion by 2032. SMEs 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.
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Multi-Cloud Security Market Scope
