Cloud Access Security Brokers (CASB) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Cloud Access Security Brokers (CASB) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Cloud Access Security Brokers Market is expected to witness a CAGR of 12.4% during the forcaste period of 2022-2027. The cloud access security broker (also referred to as a CASB ) is now an essential piece of any organization’s cybersecurity infrastructure. Businesses using cloud applications for productivity, collaboration, and storage are challenged by the unique security requirements of operating in the cloud. Using a CASB solves many of these challenges by providing unmatched security, visibility, and control over access to and behavior within popular cloud application.

Key Highlights

• Secured Cloud Access is the first and most important defense to protecting data stored in cloud applications. The development of API-based CASB technology now allows CASB vendors to build more broad governing controls. Detecting account takeovers, monitoring how data is shared and used, and controlling shadow cloud IT are all benefits that using a CASB provides to IT teams.
• CASB solves issue of unauthorized access of authorised accounts. This happens in a number of ways in cloud computing. It could have been due to weak password and authentication controls, a phishing attack, or through a malicious Authorized application.
• CASB Security helps to protect data stored in cloud applications, such as Google G Suite, Microsoft Office 365, Dropbox, Slack, etc. This is because data stored and accessed in the cloud does not live within users perimeter nor is it always accessed from inside users perimeter. Three business challenges that a CASB solves in terms of data security include data loss prevention, providing data access controls, and auditing risky (and unauthorized) behavior.
• The covid-19 pushed the governments to shut the office spaces, enabling the work from the home procedure for employees. This helped in the growth of demand for cloud access security brokers that help companies keep their data safe and decrease the chances of risks and fraud.

Key Market TrendsTelecommunication and IT Industry to Show Significant Growth

• 2020 was a major shock to many IT managers as all those other developments that had been going on before the pandemic struck such as employees using their own devices (BYOD) and, particularly, utilizing cloud computing (Software as a Service – SaaS) and Infrastructure as a Service (IaaS) revealed a large hole in their security.
• The Flexera cloud report found in 2020 that 57% of small and mid-sized businesses in their survey had increased their use of cloud because of the pandemic. So, we might conclude that has made the issue of Shadow IT even worse.
• With these issues on top of mind, IT security teams tapped into cloud-specific security solutions to monitor cloud infrastructure. Using a CASB will immediately reveal the Shadow IT that exists within an organization. Once the IT team knows what apps are being used , they are better positioned to assess what risk these apps are to the organization.
• With a CASB, it becomes possible to review the compliance capabilities of each of the many cloud apps in use. CASB can then be used to restrict access to non-compliant apps. This not only helps to ensure that an organization stays compliant with regulations but also reduces the risk of data leakage.

North America to Hold the Highest Market Share

• North america is one of the most lucrative markets as of now, owing to the growing adoption of cloud computing among small, medium and large enterprises and the growing technological innovation such as 5G which has further increases the demand of cloud computing which has been out of scope till date.
• The enactment of the Clarifying Lawful Overseas Use of Data (CLOUD) Act in the U.S. strongly suggest that encryption and key management are becoming critical capabilities of adoption as encryption and tokenization applied outside a SaaS application can affect its functionality as well as that of integrated third party services.
• The advent of stricter privacy laws in many industries and regions may also be impacting operations. Regional regulations like theGDRP , theCalifornia Consumer Privacy Act (CCPA). as well as industry regulations like those imposed by PCI DSS, SOX, HIPAA, HITECH, FINRA, and FFIEC are creating an array of compliance requirements whose complexity pushes many organizations toward the most conservative global position: ensuring that the sensitive data of the businesses and its customers is always protected, wherever it goes, and to the strongest degree possible.

Competitive Landscape

The Cloud Access Security Brokers market is moderately competitive and consists of major players. In terms of market share, few of the major players currently dominate the market. However, with extensive adoption of new technologies has pushed businesses to upgrade their security policies thus increasing the demand of the market. Many of the companies are increasing their market presence by securing new contracts and by tapping new markets.

• February 2022 - SASE provider Cato Networks has expanded the security side of its SASE platform by adding Cato CASB. Cloud Access Security Brokers (CASB) control access to cloud applications by managing security-policy enforcement requirements. It would furthe enable to manage single sign-on, authentication and authorization, device profiling, encryption and audit and logging. CASBs can also support DLP and antimalware capabilities.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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