Cloud Access Security Broker Market Research, 2031
The global cloud access security broker market was valued at $6.8 billion in 2021, and is projected to reach $37.2 billion by 2031, growing at a CAGR of 18.8% from 2022 to 2031.
The rise in demand for work-from-home and remote working policies during the period of the COVID-19 pandemic aided in propelling the demand for cloud and security solutions, hence empowering the growth of the cloud access security broker industry. However, higher installation costs and maintenance challenges of cloud access security broker platforms can hamper the cloud access security broker market forecast. On the contrary, the integration of advanced technologies such as machine learning and data analytics with cloud access security broker solutions suites is expected to offer remunerative opportunities for the expansion of the cloud access security broker industry during the forecast period.
A cloud access security broker (CASB) is an on-premises or cloud-based application that sits between a cloud service consumer and a cloud service provider. It serves as a tool for enforcing an organization’s security policies through risk identification and regulation compliance whenever its cloud-residing data is accessed.
The cloud access security broker market is segmented on the basis of component, enterprise size, application area, industry vertical, and region. On the basis of components, the industry is divided into solutions and services. Based on enterprise size, the market is bifurcated into large enterprises and SMEs. Depending on the application area, the market is classified into governance, risk, and compliance, data security, application security, and others. The industry verticals covered in the study include IT and telecom, BFSI, healthcare, government and public sector, retail, and others, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report focuses on growth prospects, restraints, and analysis of the global cloud access security broker market trend. The study provides Porter’s five forces analysis to understand the impact of various factors, such as the bargaining power of suppliers, the competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and the bargaining power of buyers on the global cloud access security broker market share.
Large enterprises considered here are those having revenue above $200 million and have an employee size of more than 1,000 employees. These enterprises are exploring innovative ways to transform their processes effectively. Significant investments to implement cloud services helps them stay competitive in their business sectors.
With effective risk and compliance solutions, business enterprises and organizations can ensure that their cloud applications are following industry and regulatory guidelines in various regions, without having to actively dedicate their time to researching the local policies of every region and cloud platform they are operating from. Moreover, cloud risk and compliance management solutions are further divided into policy management, compliance management, audit management, incident management, risk management, and other solutions.
Depending on the industry vertical, the IT and telecom segment dominated the cloud access security broker market share in 2021, and is expected to continue this trend during the forecast period owing to the growing cloud participation of IT and telecom sector companies, incentivizing major businesses of the sector to invest in effective cloud access security broker solutions for their organization. However, the healthcare segment is expected to witness the highest growth in the upcoming years, owing to the rising security standards and government regulatory policies being implemented in the sector.
Region-wise, the cloud access security broker market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its high concentration of cloud and security vendors such as Microsoft Corporation, Cisco Systems, Inc., and Broadcom Inc., which is expected to drive the market for cloud access security broker technology within the region during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rapid economic and technological developments in the region, which is expected to fuel the growth of cloud access security broker industry in the region in the coming few years.
The key players profiled in the cloud access security broker market analysis are Broadcom Inc., Cisco Systems, Inc., iboss Cybersecurity, Lookout, Microsoft Corporation, Netskope, Palo Alto Networks Inc, Proofpoint Inc, Skyhigh Networks, and Zscaler, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Top Impacting Factors -
Growing cloud and digitization trends
In the past few decades, the world has been witnessing rapid trends of digitization and the overall digital revolution. With billions of people adopting digital services from millions of vendors, businesses need a refined management tool to optimize their digital offerings, supporting the growth of tools such as cloud access security broker (CASB). A cloud access security broker is an on-premises or cloud-based security policy enforcement point placed between cloud service consumers and cloud service providers. Organizations are increasingly turning towards helping address some of the major cloud service risks, enforce security policies, and comply with regulations as companies need visibility and control across both managed and unmanaged cloud services.
In addition, many key players introduced services to ensure data protection with the cloud. For instance. In November 2020, Atos launched a new cloud access security broker service using McAfee Sky-high Security cloud to safeguard enterprise applications and data in the cloud. It gives organizations the ability to ensure data protection, compliance policy enforcement, and threat protection, whilst empowering employees to collaborate and communicate in a modern workplace. Such factors are supporting the growth of the CASB market.
Growing demand for remote working and automation trends
With the growing trends of remote working, organizations are utilizing tools such as CASB solutions. A cloud access security broker solution can establish a policy enforcement point between users and cloud-based applications also monitors user behavior and enforces security policies governing cloud access in an organization. For example, with a cloud access security broker in place, if an employee wants to use a Software-as-a-Service application remotely, he or she would need to go through the cloud access security broker solution to gain access and the user policy for that specific session.
The cloud access security broker would proceed to monitor the user’s behavior and prevent actions that go against policy, such as downloading data to a personal device. Other aspects of cloud access security brokers include single sign-on (SSO), Multi-Factor Authentication (MFA), Identity Access Management (IAM) integration to create customized user/group profiles, encryption, logging, malware protection, and more. Such characteristics of cloud access security broker applications are enabling their growth in modern remote corporate working environments, fueling the growth of the CASB market.
COVID-19 Impact Analysis
The cloud access security broker market has witnessed stable growth during the COVID-19 pandemic, owing to the growing demand for cloud services and rising remote working trends during the period. This helped in the growth of demand for cloud access security broker solutions that help companies keep their data safe and decrease the chances of risks and fraud. The COVID-19 and work-from-home trends followed by small and large-scale companies helped these enterprises in monitoring their data, securing it into auto-optimized safe storage. As more and more enterprises were moving their sensitive data to the cloud, the demand to secure that data also increased. Such factors propelled the growth of the global cloud access security broker solutions market during the period.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global cloud access security broker market forecast along with current & future trends to explain the imminent investment pockets and Cloud Access Security Broker Market Size.
- Information about key drivers, restraints, & opportunities and their impact analysis on global Cloud Access Security Broker Market Trends is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry along with CASB Market Share abalysis.
- A quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential and Cloud Access Security Broker Market Growth.
Cloud Access Security Broker Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 37.1 billion |
 Growth Rate | CAGR of 18.8% |
 Forecast period | 2021 - 2031 |
 Report Pages | 205 |
 By Component |
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 By Enterprise Size |
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 By Application Areas |
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 By Industry Vertical |
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 By Region |
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 Key Market Players | Skyhigh Networks, Zscaler, Inc., Cisco Systems, Inc., Lookout, iboss Cybersecurity, Netskope, Microsoft Corporation, Proofpoint Inc, Broadcom Inc., Palo Alto Networks Inc |
Analyst Review
Demand for cloud access security brokers has been on a rise for the past few years and the market is expected to continue this trend in the coming years as well, owing to the growth of cloud applications in modern enterprises and the increase in digital dependence on modern businesses, increasing the need for cloud access security broker solutions. In addition, the rise in internet penetration in many regions of the world is promising new opportunities for the growth of the cloud access security broker markets.
Key providers of the cloud access security broker market such as Microsoft Corporation, Cisco Systems, Inc., and Broadcom Inc. account for a significant share of the market. With larger requirements for cloud access security brokers, various companies are establishing partnerships to increase their network security capabilities. For instance, in April 2021, Broadcom Inc. announced a strategic partnership with Google Cloud. to accelerate innovation and strengthen cloud services integration within the core software franchises of Broadcom. Under this partnership, Broadcom will deliver its suite of security and enterprise operations software on Google Cloud, enabling businesses to deploy Broadcom solutions in security, DevOps, and more on Google Cloud’s trusted, global infrastructure.
In addition, with the surge in demand for cloud access security broker, various companies have expanded their current product portfolio with increasing diversification among customers. For instance, in November 2021, Palo Alto Networks announced the launch of their next-generation cloud access security broker (CASB). Palo Alto Networks Next-Generation CASB helps organizations enable the safe adoption of SaaS by automatically securing new applications, accurately protecting sensitive data in real time, and stopping known and unknown threats with best-in-class threat detection and prevention.
Moreover, market players have expanded their business operations and customers by increasing their business reach. For instance, in June 2022, Proofpoint announced the integration of cloud access security broker (CASB) solution with Okta, an identity provider, to help customers detect and remediate suspicious logins for more than 7,000 cloud applications.
The cloud access security broker market size was valued at $6.77 billion in 2021.
The global cloud access security broker market is dominated by key players such as Broadcom Inc., Cisco Systems, Inc., iboss Cybersecurity, Lookout, Microsoft Corporation, Netskope, Palo Alto Networks Inc, Proofpoint Inc, Skyhigh Networks, and Zscaler, Inc.
North America is the largest regional market for Cloud Access Security Broker
Data Security is the leading application of Cloud Access Security Broker Market
The adoption of cloud based infrastructure is seen as the upcoming trends of Cloud Access Security Broker Market in the world
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