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2023

Cloud Data Security Market

Cloud Data Security Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component Type, by Enterprise Size, by Deployment Mode, by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2023-2032

IC : Software and Services

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Author's: Amogh Thulgharia | Onkar Sumant
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Cloud Data Security Market Statistics, 2032

The global cloud data security market size was valued at $5.2 billion in 2022, and is projected to reach $27.4 billion by 2032, growing at a CAGR of 18.3% from 2023 to 2032.

The key factors that drive the growth of the cloud data security market include rise in cyber data-thefts, increase in demand for data security and data isolation, and surge in adoption of cloud computing services. Furthermore, restraints such as the lack of technical expertise and high cost of deployment are limiting the growth of  market. Moreover, opportunities like securing social media, OS and online apps are driving the growth of the cloud data security market.

Cloud Data Security Market

Cloud data security refers to the practices, technologies, and policies put in place to protect data stored in cloud computing environments. Cloud computing allows users to store, access, and manage data over the internet instead of on local servers or personal computers. Cloud data security encompasses various measures to safeguard data in the cloud, including encryption, access control, identity and authentication management, data masking and anonymization, regular security audits and monitoring, data backup and disaster recovery, and others. Businesses use cloud data security to protect sensitive corporate data, including financial records, customer information, and intellectual property, from unauthorized access, data breaches, and cyber-attacks.

In addition, healthcare organizations use cloud data security to safeguard patient records, medical histories, and other healthcare-related information. Compliance with regulations such as Health Insurance Portability and Accountability Act (HIPAA) is crucial in this sector. Furthermore, banks, insurance companies, and other financial institutions use cloud data security to protect customer financial data, transaction records, and other sensitive information. Compliance with regulations like Payment Card Industry Data Security Standard (PCI DSS) is vital for securing payment card data.

The report focuses on growth prospects, restraints, and trends of the cloud data security market analysis. The study provides Porter's five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the cloud data security market.

Segment Review

The cloud data security market is segmented on the basis of component type, enterprise size, deployment mode, industry vertical and region. In terms of component type, the market is bifurcated into solution and service. By enterprise size, the market is bifurcated into large enterprise and small and medium sized enterprise. Based on deployment mode, it is divided into public cloud, private cloud and hybrid cloud. Based on industry vertical, the market is divided into BFSI, IT and telecom, healthcare, retail and e-commerce, government and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Cloud Data Security Market by Deployment Mode

Based on deployment mode the public cloud segment dominated the cloud data security market. This is attributed to the increasing volume of data generation and digital transformation. However, the private cloud segment is expected to attain growth during the forecast period with a CAGR of 20.6% from 2022 to 2032 as the segment offer advantages like flexibility to customize cloud to accommodate current and changing business needs.

Cloud Data Security Market by Region

Based on region North America is dominating the market. This is attributed to the presence of large amount of cloud development companies in the region. However, Asia-Pacific region is expected to grow during the forecast period at a CAGR of 22.1% from 2022 to 2032. This is attributed increasing number of IT companies investing in the region. In addition, the growing software development start-ups in in the region.

The report analyzes the profiles of key players operating in the cloud data security market such as Entit Software LLC, Imperva Inc., Fortinet Inc., Intel Security Group, IBM Corporation, Axis Technology LLC, Gemalto NV, Mcafee LLC, Oracle Corporation, and Informatica Ltd. These players have adopted various strategies to attain their respective holds on the cloud data security market share and strengthen their position in the market.

Top Impacting Factors

Growing Cyber-data Thefts

Rise in data generation and increasing data breaches are driving the growth of cloud data security market. Attackers exploit misconfigurations, inadequate access, stolen credentials and other vulnerabilities in the cloud environment.  Misconfiguration is one of the most vulnerable areas in the cloud environment. It may result in account permissions, inadequate logging, and other security loopholes that leave companies vulnerable to insider attacks, cloud breaches, and adversaries that use vulnerabilities to obtain data access.

Furthermore, Application Programming Interface (APIs) are frequently used by businesses to link services and move data, either internally or to partners, suppliers, clients, and other parties. Changes to permission levels or data policies may increase the danger of unwanted access to more data than the host intended since APIs make some types of data into endpoints. Moreover, businesses that use multi-cloud environments sometimes rely on the cloud providers default access controls, which can be problematic in hybrid or multi-cloud setups. With their insider knowledge, privileged access, and ability to cover their tracks, insider threats can cause a considerable deal of damage. Therefore, all these factors are likely to drive cloud data security industry during the forecast period.

Increasing Demand for Data Security and Data Isolation

Growing data breaches are resulting in the increasing requirement for data protection solutions. With the escalating frequency and sophistication of cyber-attacks, businesses are prioritizing data security. Cloud data security solutions provide advanced encryption, authentication, and access control mechanisms, safeguarding data from unauthorized access and cyber threats. Furthermore, various industries, such as finance, healthcare, and government, have strict regulations regarding data privacy and security. Cloud data security solutions offer compliance features that help businesses adhere to these regulations, avoiding legal consequences and fines.

Moreover, as data breaches continue to make headlines, consumers and businesses alike are becoming more concerned about data privacy. Cloud security solutions offer encryption both in transit and at rest, ensuring that even if a breach occurs, the stolen data remains unreadable and unusable. Therefore, all these factors are likely expected to escalate the growth of cloud data security industry during the forecast period. 

Surge in Adoption of Cloud Computing Services

Growing adoption of cloud computing services is driving the growth of market. Cloud computing allows businesses to store vast amounts of data in the cloud. As businesses expand and generate more data, they require scalable solutions to manage and secure their data. Cloud data security services offer scalable solutions that can adapt to the growing needs of businesses. Furthermore, cloud service providers operate on a shared responsibility model where they are responsible for the security of the cloud infrastructure, and customers are responsible for securing their data in the cloud. This division of responsibility prompts businesses to invest in cloud data security solutions to protect their sensitive information. Therefore, all these factors are likely to propel the cloud data security market growth during the forecast period.

Market Landscape and Trends 

Established technology companies, startups, and cybersecurity firms are the primary players in the cloud data security market. Companies like Microsoft, Amazon Web Services (AWS), Google, IBM, and Oracle offer comprehensive cloud security solutions. Additionally, specialized cybersecurity firms such as Palo Alto Networks, Symantec, and McAfee focus on providing advanced cloud data security products and services.

Furthermore, cloud data security solutions are available across various service models, including Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). Each service model has its unique security challenges, and providers offer tailored solutions to address these concerns. Moreover, as businesses increasingly adopt multi-cloud strategies, securing data across different cloud platforms and ensuring consistent security policies are major trends. Solutions that provide centralized management and security orchestration across multi-cloud environments are in demand.

Key Industry Development

Recent Product Launches in the Market

In October 2020, Mcafee llp launched MVISION Cloud Native Application Protection Platform (CNAPP), the industry's truly integrated architecture to secure the cloud native application ecosystem. MVISION CNAPP provides dependable governance, compliance, threat prevention, and data security for cloud-native applications, including workloads based on OS and containers.

In November 2023, Fortinet Inc. launched FortiCNP, a new built in cloud offering that, provides frictionless cloud security operations, correlates security discoveries from throughout the cloud footprint of a business. Teams may prioritize the remediation and mitigation of risks that have the greatest potential impact on cloud workload security by using FortiCNP's unique Resource Risk Insights (RRI)TM technology, which generates actionable, context-rich insights without impeding business operations.

Recent Acquisition in Market

In August 2022, Informatica ltd. partnered with Snowflake, a data cloud company and launched new enterprise data integrator as native application in Snowflake Marketplace. Customers will be able to use the power of the Intelligent Data Management Cloud (IDMC) Platform to integrate a wide range of enterprise application data in the Snowflake Data Cloud.

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cloud data security market forecast from 2022 to 2032 to identify the prevailing market opportunities.

  • Market research is offered along with information related to key drivers, restraints, and opportunities of cloud data security market outlook.

  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.

  • In-depth analysis of the cloud data security market segmentation assists in determining the prevailing cloud data security market opportunity.

  • Major countries in each region are mapped according to their revenue contribution to the global market.

  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

  • The report includes an analysis of the regional as well as global cloud data security market trends, key players, market segments, application areas, and market growth strategies.

 

Cloud Data Security Market Report Highlights

Aspects Details
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Market Size By 2032

USD 27.4 billion

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Growth Rate

CAGR of 18.3%

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Forecast period

2022 - 2032

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Report Pages

490

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By Enterprise Size
  • Large Enterprise
  • Small and Medium Sized Enterprise
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By Deployment Mode
  • Public Cloud
  • Private Cloud
  • Hybrid Cloud
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By Industry Vertical
  • BFSI
  • IT and Telecom
  • Healthcare
  • Retail and E-Commerce
  • Government
  • Others
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By Component Type
  • Solution
  • Service
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By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

ENTIT SOFTWARE LLC, McAfee, LLC, Gemalto NV, AXIS TECHNOLOGY LLC, Oracle Corporation, Informatica Ltd., Intel Corporation, Fortinet Inc., IBM Corporation, Imperva Inc.

Analyst Review

Analyst Review: Global Cloud Data Security in ICT Market 

As per the insights of the top level CXOs, the adoption of cloud data security had a profound impact on the ICT sector revolutionizing various aspects of the industry. Cloud data security helps in protecting cloud environment by using encrypting and tokenizing techniques to secure data. In addition, the technology helps in implementing robust access controls and identity management systems to regulate user permissions, authenticate users, and control data access within the cloud atmosphere.  Furthermore, the cloud data security market is growing at a high rate and various different companies are transitioning into cloud computing to solidify their operations and database. 

The CXOs further added that market players are adopting strategies like product launch for enhancing their services in the market and improving customer satisfaction. For instance, in March 2021, IBM Corporation launched new enhanced services to assist organizations, to manage cloud security strategy, policies and controls across hybrid cloud environments. With the use of IBM knowledge and cloud-native, third-party, and IBM technology, the services enable enterprises to establish a consistent security strategy throughout their cloud ecosystems. Furthermore, in May 2023, IBM Corporation acquired polar security to monitor and secure cloud software as a service (SaaS) application data and address growing data problem. Moreover, in October 2020, Mcafee llp launched MVISION Cloud Native Application Protection Platform (CNAPP), the industry’s truly integrated architecture to secure the cloud native application ecosystem. MVISION CNAPP provides dependable governance, compliance, threat prevention, and data security for cloud-native applications, including workloads based on OS and containers. Therefore, such strategies are expected to boost the growth of the cloud data security market in the upcoming years. 

The key players profiled in the cloud data security in ICT market analysis are IBM Corporation, Imperva Inc., Oracle Corporation, Axis Technology LLC, Informatica Ltd., Entit Software LLC., Intel Corporation, Fortinet Inc., Gemalto NV, and Mcafee LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the cloud data security industry.    

 

Author Name(s) : Amogh Thulgharia | Onkar Sumant
Frequently Asked Questions?

Businesses are increasingly adopting multi-cloud strategies, securing data across different cloud platforms and ensuring consistent security policies are the upcoming trends of Cloud Data Security Market in the world.

Solution is the leading application of Cloud Data Security Market.

North America is the largest regional market for Cloud Data Security.

$5,189.62 million is the estimated industry size of Cloud Data Security.

Fortinet Inc., Intel Corporation IBM Corporation, , Mcafee LLC, and Oracle Corporation are the top companies to hold the market share in Cloud Data Security.

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Cloud Data Security Market

Global Opportunity Analysis and Industry Forecast, 2023-2032