Cloud Data Security Market Forecasts to 2030 – Global Analysis By Component (Service and Solution), Offering Type (Co-Managed and Fully Managed),Organization Size, End User, and By Geography

Cloud Data Security Market Forecasts to 2030 – Global Analysis By Component (Service and Solution), Offering Type (Co-Managed and Fully Managed),Organization Size, End User, and By Geography

According to Stratistics MRC, the Global Cloud Data Security Market is accounted for $5.30 billion in 2023 and is expected to reach $16.68 billion by 2030 growing at a CAGR of 17.8% during the forecast period. Cloud data security is a technology used for protecting data and other digital information assets from security threats, and human errors. It uses technology to safeguard user data while retaining accessibility in a cloud-based environment. There are many positive aspects to cloud computing, including the ability to access data from any device with an internet connection, which minimizes the possibility of data loss in certain situations and enhances scalability. Cloud data security can offer a number of solutions and features to help automate and standardize backups, freeing your teams from monitoring manual backups and troubleshooting problems.

Market Dynamics

Driver

Online payment app security

Factors that drive the market are rise in the payment systems and cloud security programs and they need to conform to the Payment Card Industry Data Security Standard (PCI DSS) in order to be compliant. Moreover, numerous financial services firms are becoming more and more dependent on cloud-based payment security solutions. Increased flexibility, security, scalability, and data integration are advantages of cloud-based security technology. Cloud security firms are rapidly providing security cloud subscription services (PCs) for Mac, Android, Windows, or Apple iOS mobile devices to safeguard desktop computers as BYOD, CYOD, and work-from-home rules gain popularity.

Restraint

Mistrust and a lack of cooperation between companies and cloud security service providers

Since they do not have complete trust in cloud service providers (CSPs), businesses of all sizes are reluctant to move their operations to the cloud. Because a cloud service provider's infrastructure includes the most sensitive organizational data, it is extremely vulnerable to frequent and sophisticated cyber attacks, which may discourage companies from entrusting these service providers with their sensitive data. Additionally, cloud security service providers' use of public information security practices could help organizations acquire more clients. Similar instances of doubt about cloud computing as a data repository are limiting demand for cloud security, which is having a negative impact on the market's growth for cloud data security.

Opportunity

Rising enterprise use of cloud services

Growing reliance on the cloud for storage and other applications is being driven by growth in the use of cloud services across multiple sectors. The main factors driving the adoption of cloud security solutions are the rising number of internet users and the rising utilization of cloud services. However, its significance will become apparent as online commerce develops. Businesses that migrated to the cloud quickly grew as a result of the quick shift to remote workers. Organizations may develop more quickly and improve their speed to market, agility, and responsiveness by using the cloud to help them endure lockout conditions and inaccurate IT infrastructure.

Threat

Complex environment

Numerous cloud providers, on-premises servers, SaaS applications, virtual machines, containers, and instances are all features of the modern IT environment. Organizations encounter all kinds of sensitive data as it travels across these assets, and it is also being used to map data flow concerns. The leading players in the cloud data security market experience fresh and distinct problems as a result of the environment's complicated elements. Data security protection teams must concentrate on finding all specified assets and preserving secure setups as a result of the additional abstraction layers that the IT environment introduces. This is anticipated to hamper the growth of the cloud data security market.

Covid-19 Impact

The COVID-19 outbreak has changed how companies operate. As more employees use collaboration and conferencing technologies while working from home, it is taxing back-end support systems and increasing traffic on networks that connect users to these services. Cloud providers frequently encounter difficulties with their business continuity plans. They must respond to challenging questions like whether their public cloud architecture is sufficiently resilient and scalable to withstand increasing demand. They must continuously verify that both the network infrastructure and the auxiliary system are adequate to support continuous access to public cloud services. To do this, however, cloud providers must be aware of the hazards possibilities, and events that might occur as a result of the pandemic. They must demonstrate that they are prepared to handle unexpected spikes in demand.

The service segment is expected to be the largest during the forecast period

The service segment is estimated to have a lucrative growth. The market for cloud data security services includes a wide range of expert services that help businesses develop, manage, and improve their cloud data security protocols. System integrators, managed security service providers, and security manufacturers frequently offer these services. These services entail the implementation and integration of cloud security solutions into the cloud environment of an enterprise. Additionally, security professionals set up and customize security such as data loss prevention tools, access controls, encryption, and identity and access management. They provide easy interaction with current workflows and systems, enabling businesses to enact strong security measures.

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is anticipated to witness the fastest CAGR growth during the forecast period, due to they handle huge volumes of sensitive patient data. Healthcare-specific cloud data security solutions and services were created to solve the unique problems and legal requirements that healthcare payers, providers, and other stakeholders face. Additionally, healthcare businesses are required to abide by legal frameworks such as the Health Insurance Portability and Accountability Act in the United States or the General Data Protection Regulation in the European Union. Cloud data security solutions can help healthcare organizations meet various compliance requirements, including data protection, privacy, breach reporting, and patient consent management.

Region with largest share

North America is projected to hold the largest market share during the forecast period due to increasing requirements for secure data management. High-speed internet and improved connections offered by 5G technology will lead to an exponential rise in the amount of data generated and transmitted across networks. The demand for cloud data security solutions has increased as a consequence of worries about data privacy and security that have been generated by the growth in data volume. To secure their networks and sensitive data from cyber threats, North American companies are heavily investing in cloud data security solutions, which are fueling the market's strong rise. Additionally, the region is home to some of the top vendors of cloud data security services in the globe, promoting competition and innovation.

Region with highest CAGR

Asia-Pacific is projected to have the highest CAGR over the forecast period. Rising digitalization across various industries of the APAC region, including China, Japan, and India, is pushing the demand for these security solutions to secure data in the cloud. The booming IT & telecommunication industry in India has encouraged firms to shift to cloud-based technologies, resulting in the need for effective security solutions to protect their data and infrastructure.

Key players in the market

Some of the key players profiled in the Cloud Data Security Market include Amazon Web Service Inc., Check Point Software Technologies Ltd., Commvault, Fortinet Inc, Cisco Systems, Inc., Imperva, Orca Security, Microsoft Corporation, IBM Corporation, Palo Alto Networks, Inc., Rubrik, Radware, Polar Security, VMWare and Sophos.

Key Developments

In August, 2023 IBM is expanding its collaboration with Microsoft to help joint clients accelerate the deployment of generative AI - and deliver a new offering that will provide clients with the expertise and technology they need to innovate their business processes and scale generative AI effectively.

In March, 2023 Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company and NVIDIA announced a multi-part collaboration focused on building out the world's most scalable, on-demand artificial intelligence (AI) infrastructure optimized for training increasingly complex large language models (LLMs) and developing generative AI applications.

In March, 2023 AWS announced the general availability of Amazon Linux, a third-generation distribution with a high-security standard, predictable lifecycle, and deterministic updates.

Components Covered
• Service
• Solution

Offering Types Covered
• Co-Managed
• Fully Managed

Organization Sizes Covered
• Large Enterprises
• Small & Medium Size Enterprises(SMEs)

End Users Covered
• Banking, Financial Services, and Insurance
• IT & Telecom
• Retail
• Healthcare
• Government & Public Enterprises
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements