Global Multi-cloud Security Market Size, Share & Industry Trends Analysis Report By Offering, By Application, By Cloud Model, By Organization Size (Large Enterprises and Small & Medium Enterprises), By Vertical, By Regional Outlook and Forecast, 2022 - 2

Global Multi-cloud Security Market Size, Share & Industry Trends Analysis Report By Offering, By Application, By Cloud Model, By Organization Size (Large Enterprises and Small & Medium Enterprises), By Vertical, By Regional Outlook and Forecast, 2022 - 2028

The Global Multi-cloud Security Market size is expected to reach $12.6 billion by 2028, rising at a market growth of 17.4% CAGR during the forecast period.

A system known as multi-cloud security aids in defending the company's assets, such as confidential customer applications and data, against cyberattacks across all of the cloud environments. Additionally, utilizing cloud services from various cloud service providers is referred to as multi-cloud. The company can manage various projects across various cloud environments from various cloud service providers using multi-cloud. The adaptability and affordability of multi-cloud are its major advantages.

In addition, when managing the movement of assets and data between various systems and the cloud, multi-cloud provide greater freedom. Cyberattacks have become a frequent and seriously dangerous threat to the majority of businesses, as they bring brand harm and loss of income. In addition, security lapses and data leaks are also detrimental to the ongoing operations of the company. The exposure hazards associated with any unsecured cloud environment are faced by more sectors as they adopt multi-cloud architectures.

Unprotected cloud settings frequently experience increased noncompliance, data loss, unwanted access, and a lack of transparency across many cloud environments. In addition, a lone cyberattack can have a detrimental impact on the company, creating a distrustful client base, expensive repairs, and revenue loss. To assist in preventing these negative effects, any multi-cloud plan should have a multi-cloud security solution. In addition, multi-cloud security implementation can provide numerous advantages.

Multi-cloud security provides greater dependability by keeping the company's assets safe, ensuring that the data is secure and that the vital apps continue to run smoothly. In addition, only authorized users can access programs in a more protected cloud, reducing the risk of sensitive data leaks. Additionally, with a more protected cloud environment, the company can receive notifications about important security updates as well as round-the-clock tracking of exposure risks and cyberattacks.

COVID-19 Impact Analysis

Organizations worked with firms like AWS, Microsoft, and Zscaler in addition to installing specialized solutions to assist their staff in working remotely to increase agility while serving clients and ensuring proper data protection in the aftermath of the pandemic's uncertainty. Because of the COVID-19 outbreak, banks and other financial organizations were increasingly shifting their data to the cloud. However, particularly for smaller institutions attempting to stay up with the swiftly evolving standards, there were security and resilience advantages that can be challenging and expensive to reproduce on-premises. Therefore, the COVID-19 pandemic had a positive impact on the multi-cloud security market.

Market Growth Factors

Increasing government assistance for multi-cloud security

The functioning of the multi-cloud security sector is governed by several laws. Worldwide, businesses and governments are choosing to implement multi-cloud infrastructures. For example, a Multi-Cloud Security Public Working Group (MCSPWG) is being established by the National Institute of Standards and Technology to study the best procedures for securing intricate cloud solutions, including several service providers and clouds. The MCSPWG project will concentrate on identifying the difficulties in building secure multi-cloud networks and offering recommendations and best practices for overcoming such difficulties.

Adoption of remote working and BYOD models

Work-from-home (WFH) and BYOD policies are being adopted by businesses more frequently. Employers who use cloud-based technology and the BYOD concept allow employees to work from home while still connected to the workplace network. Enterprises are gradually transitioning to a multi-cloud deployment approach due to the rising popularity of various cloud solutions and BYOD rules. Remote employment promotes public health and helps businesses avoid productivity loss. Many businesses have widely implemented work-from-home policies for their employees due to the economic and health crises caused by the COVID-19 outbreak and the necessary physical distance precautions.

Market Restraining Factors

Limited technical competence in multi-cloud security solution deployment

The essential technical abilities and knowledge are needed to implement multi-cloud security solutions. Additionally, a talent pool with high experience is needed due to the growing number of cloud-native businesses and startups. The increased use of cloud computing worldwide has increased the need for workers with expertise in complex technologies. However, hiring personnel with the necessary skill set is difficult as the firms recover from the economically hindering lockdowns of COVID-19. Consequently, it is anticipated that the growing use of the cloud will increase the demand for personnel to manage security solutions, a lack of which hinders the growth of the multi-cloud security market.

Offering Outlook

Based on offering, the multi-cloud security market is bifurcated into solutions and services. The solutions segment garnered the highest revenue share in the multi-cloud security market in 2021. Enterprise data management, risk, compliance, governance, enterprise performance management, and analytics solutions are all expanding as part of the cloud environment adoption strategy. The adoption of corporate performance management solutions is also projected to be fueled by improved user experience and simplified administrations across multiple domains.

Vertical Outlook

On the basis of vertical, the multi-cloud security market is divided into BFSI, healthcare, telecommunications, IT & ITeS, retail & eCommerce, media & entertainment, manufacturing, and others. The BFSI segment acquired the largest revenue share in the multi-cloud security market in 2021. Regardless of their size or mix of businesses, most financial institutions are starting to use cloud & multi-cloud technology solutions. Finance and insurance organizations must adhere to the strictest security standards specified by monetary regulatory bodies due to the extensive deployment of cloud computing platforms.

Organization Size Outlook

Based on organization size, the multi-cloud security market is segmented into SMEs and Large enterprises. The small and medium sized enterprises (SMEs) segment acquired a substantial revenue share in the multi-cloud security market in 2021. SMEs are increasingly using cybersecurity products to safeguard themselves due to the rising prevalence of fraud. SMEs are more vulnerable to cyberattacks since their servers are easier to access than those of larger networks. SMEs are expected to devote more money to multi-cloud security products in the coming years due to the rise in cyber-induced assaults and the expansion of mandatory rules during the pandemic.

Cloud Model Outlook

On the basis of cloud model, the multi-cloud security market is fragmented into Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). The Infrastructure as a Service (IaaS) segment recorded the highest revenue share in the multi-cloud security market in 2021. IaaS is a part of the platform's layers for cloud computing. Customers can contract out their IT infrastructures, including servers, networking, computing, virtual machines, storage, and other resources. Consumers employ a pay-per-use business model to access various resources on the Internet.

Application Outlook

Based on application, the multi-cloud security market is categorised into network security, application security, and endpoint & IoT device security. The application security segment procured a significant revenue share in the multi-cloud security market in 2021. Data and applications in collaborative cloud settings can be safeguarded by businesses using an application security system, which is a system of policies, procedures, and controls. To retain visibility of all cloud-based assets, safeguard cloud-based applications against cyberattacks, and restrict access to only authorized users, application security contains application-level policies, technologies, tools, and regulations.

Regional Outlook

On the basis of region, the multi-cloud security market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region acquired the maximum revenue share in the multi-cloud security market in 2021. In terms of market share, North America is anticipated to dominate the multi-cloud security market globally. In past years, the region has seen an increase in digitalization. Organizations are moving their systems from on-premises environments to cloud infrastructure at an increasing rate. As a result, multi-cloud security solutions are used more frequently due to the region's growing digitalization.

The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the forerunner in the Multi-cloud Security Market. Companies such as Amazon Web Services, Inc., IBM Corporation, and Check Point Software Technologies Ltd. are some of the key innovators in Multi-cloud Security Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, VMware, Inc., Rackspace Technology, Inc., Check Point Software Technologies Ltd., Amazon Web Services, Inc. (Amazon.com, Inc.), IBM Corporation, BMC Software, Inc. (KKR & Co., Inc.), Proofpoint, Inc., Aqua Security Software Ltd., and Imperva, Inc.

Recent Strategies Deployed in Multi-cloud Security Market

Partnerships, Collaborations and Agreements:

Aug-2022: VMware extended its partnership with NetApp, a US-based provider of enterprise data management. Together the companies aim to support clients in reducing complexity, risk of migrating to the cloud, and cost.

Apr-2022: Rackspace partnered with Cohesity, a US-based developer of a web-scale platform. The partnership involves providing multi-cloud backup and restores services to Rackspace customers present across the globe. Further, the combination of Cohesity’s data protective barrier and VMware Cloud Director (vCD) enables SecOps, and ITOps teams to work together and tackle cyber threats.

Feb-2022: Rackspace Technology extended its partnership with Cloudflare, a US-based software company. The partnership involves integrating Cloudflare Zero trust with Rackspace Elastic Engineering, thereby enabling Rackspace to deliver supreme, top-notch cyber security services to its customers.

Jul-2020: Check Point came into partnership with Aryaka, a US-based developer of application acceleration and network optimization platforms. The partnership involves cashing on Aryaka’s Cloud-First managed SD-WAN solution and Check Point CloudGuard Connect and CloudGuard Edge to provide SD-WAN-as-a-Service and integrated security.

Acquisitions and Mergers:

Feb-2022: Check Point took over Spectral, an Israel-based developer of cloud security tools. The addition of Spectral expands Check Point's cloud solution. Further, the combination of Spectral's supreme-class security tools and Check Point's cloud security capabilities would enable organizations to shift left security with tools that are more secure and credible.

Feb-2022: IBM completed the acquisition of Neudesic, a US-based provider of cloud computing services and application development. This acquisition expands IBM's hybrid multi-cloud services offerings. Further, the addition of Neudesic's deep expertise in data engineering, data analytics, and azure cloud advances IBM's clients' transformation journey to hybrid cloud.

Jan-2022: Proofpoint completed the acquisition of Dathena, a Singapore-based data protection platform. The addition of Dathena reinforces Proofpoint's cloud-based people-centric solutions. Moreover, the addition of Dathena's multi-patented, next-gen AI engine furnishes Proofpoint's customers with unmatched data protection.

Dec-2021: Check Point completed the acquisition of Dome9, an Israel-based provider of a SaaS-based infrastructure security platform. The addition of Dome9 complements Checkpoint’s CloudGuard.

Nov-2021: IBM acquired SXiQ, an Australia-based provider of integrated information technology services. This acquisition accelerates IBM’s AI and hybrid cloud strategy. Moreover, the addition of SXiQ improves IBM's consulting abilities in New Zealand and Australia.

Jul-2021: Microsoft took over CloudKnox Security, a US-based developer of a cloud security platform. The addition of CloudKnox reflects Microsoft's devotion to integrating and broadening the most powerful defenses for their clients, and further benefits Microsoft Azure Active Directory users by providing them with automated remediation for multi-cloud and hybrid permissions, granular visibility, and continuous monitoring.

Product Launches and Expansions:

Aug-2022: VMware expanded its networking and security portfolio by introducing innovations to it. The innovations include expanding the network detection and visibility to the Carbon Black Cloud endpoint protection platform, project Trinidad, project watch, and project Northstar.

Aug-2022: VMware introduced VMware Aria, a multi-cloud management portfolio. The new solutions are intended to manage cost, configuration, delivery of infrastructure, and cloud-native applications. The end-to-end solutions features, 3 extended capabilities for multi-cloud management and cloud-native, VMware Aria Automation, VMware Aria Operations, and VMware Aria Cost.

Apr-2022: Imperva unveiled Imperva Data Security Fabric (DSF). The Imperva DSF combines Imperva Data Security products and technologies and Imperva Sonar. The DSF includes Data Access Control, Data Activity Monitoring, Data Risk Analytics, etc.

Feb-2022: Microsoft introduced security solutions intended for multi-cloud environments. The new solution involves introducing Microsoft Defender for Cloud's capabilities to Google Cloud Platform (GCP).

Aug-2021: Rackspace launched Rackspace Elastic Engineering for Security. The Rackspace Elastic Engineering provides users with access to a dedicated partner who has deep knowledge and expertise in managing the entire security lifecycle. The new solution includes Security Architecture & Engineering, Compliance Management & Support, and Advanced Monitoring & Resolution for Security, Dedicated & Personalized Pods, etc.

Feb-2020: Proofpoint introduced end-to-end solutions intended for BEC (business email compromise) and EAC (email account compromise) attacks. The new solution integrates Proofpoint’s advanced threat protection, email authentication, security awareness training, secure email gateway, and cloud account protection.

Geographical Expansions:

Oct-2022: Rackspace Technology expanded its geographical footprint by setting up a new Cloud Innovation Center (CIC) in Hyderabad, and Delhi NCR, India. The new center would act as a professional services resource center. Further, the innovation center enables Rackspace to take creative approaches to deliver the utmost client satisfaction and business excellence.

Scope of the Study

Market Segments covered in the Report:

By Offering

• Solution
• Services

By Application

• Network Security
• Application Security
• Endpoint & IoT Security

By Cloud Model

• Infrastructure as a Service
• Platform as a Service
• Software as a Service

By Organization Size

• Large Enterprises
• Small & Medium Enterprises

By Vertical

• BFSI
• IT & ITeS
• Healthcare
• Telecommunications
• Retail & Ecommerce
• Media & Entertainment
• Manufacturing
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• Microsoft Corporation
• VMware, Inc.
• Rackspace Technology, Inc.
• Check Point Software Technologies Ltd.
• Amazon Web Services, Inc. (Amazon.com, Inc.)
• IBM Corporation
• BMC Software, Inc. (KKR & Co., Inc.)
• Proofpoint, Inc.
• Aqua Security Software Ltd.
• Imperva, Inc.

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