Multi-Cloud Security Market size is predicted to cross USD 25 billion by 2032, according to a new research report by Global Market Insights Inc.
Ongoing developments in smart factories and homes will boost the utilization of multi-cloud security solutions. Cloud storage solutions are used by smart homes and factories to store important client data. Cybersecurity issues like data breaches often lead to the loss of privacy and business-related information. To ensure the safety of the data users, companies are concentrating on the development of multi-cloud security solutions.
Take for instance, Multi-cloud Security Auditor (MCSA), a tool from Amazon, that allows security evaluation of the cloud environment and infrastructure. MCSA automatically presents a clear image of the attack surface by highlighting problematic spots and gathering data for manual assessment. Such developments in the security vertical are driving the market growth.
Strong demand for multi-cloud governance solutions to mitigate security risks
Based on security type, the multi-cloud security market from governance segment is projected to record more than 15% CAGR between 2023 and 2032. Multi-cloud governance solutions help businesses to set up rules and procedure that enables monitoring and securing applications and workloads in multiple clouds. It adds new dimensions to the features like visibility, scanning, observability, and reporting.
Awareness regarding the benefits of multi-cloud governance solutions will fuel the development of new solutions by industry players. In February 2023, multi-cloud governance provider, CoreStack announced CR360™ – the single system that gives organizations a complete view of their cloud infrastructure.
Growing demand for data analytics across large enterprises
As per the report, the large enterprises segment accounted for 60% revenue share of the multi-cloud security market in 2022. Many large enterprises are utilizing multi-cloud systems because of the flexibility and security it offers. Data recovery is another major aspect influencing the adoption of multi-cloud facilities. Growing demand for data analytics in large enterprises is estimated to drive the use of multi-clouds in large enterprises to store different kinds of data in different clouds.
Browse key industry insights spread across 230 pages with 295 market data tables and 34 figures & charts from the report, “Multi-Cloud Security Market Size By Offering (Solution, Service), By Security Type (Data and Storage Security, Identity and Access Management (IAM), Disaster Recovery, Governance, Compliance), By Organization Size (Large Enterprises, SMEs), By End-Use (IT &Telecommunication, BFSI, Healthcare, Retail, Manufacturing, Government & Public Enterprises), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Emerging use of multi-cloud facilities in the BFSI sector
Multi-cloud security market from BFSI sector is anticipated to reach USD 6 billion by 2032. In India, many financial organizations are rapidly using hybrid cloud, public cloud, and multi-cloud strategies to satisfy the demands of competition, compliance, and modernization. According to the State of Application Strategy Report, as of September 2022, 69% of financial services organizations in the Asia Pacific region were using multi-cloud strategies.
As many banks and financial organizations started using cloud solutions for their data, authorities have started urging them to switch to multi-cloud options. The higher use of multi-cloud facilities in the BFSI sector will promote the industry growth.
Investments in healthcare infrastructure across Europe
Europe multi-cloud security market is expected to hold a share of over 25% by 2032, driven by an increase in the use of AI and IoT-based applications in healthcare. Governments are making new investments to support improvements in healthcare infrastructure, system security, and AI deployments. Advancements in logistics and transport sector would open new avenues for the deployment of multi-cloud security. In June 2022, EU grants were issued to 135 transport infrastructure projects under the Connecting Europe Facility (CEF) across all EU member states along the Trans-European Transport Network.
Promising developments by key multi-cloud security solution providers
Key participants operating in the multi-cloud security market include IBM Corporation, Amazon Web Services (Amazon), Microsoft Corporation, Google Cloud, VMware and Fujitsu Ltd. New developments by these companies for the improvement in their product portfolio will influence the industry expansion.
In August 2022, VMware announced new developments throughout its advancing networking and security portfolio to assist customers in enhancing the cloud operating model. Some of these developments include Project Trinidad, which expands and improves VMware's API security and analytics, and Project Northstar, which focuses on multi-cloud networking, security, and end-to-end visibility.