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Cloud Data Security Software Market - By Service Type(Cloud Identity &Access Management, Data Loss Prevention, Cloud Email & Web Security, Cloud Database Security, Cloud Network Security, Cloud Intrusion Detection& Prevention and Cloud Encryption); By Application (Healthcare, BFSI, IT & Telecom, Government Agencies and Retail); By Deployment (Private, Public and Hybrid); By End-use Industry(Large Scale Enterprise and Small & Medium Enterprise);and Region - Analysis of Market Size, Shares & Trends for 2016-2019 and Forecasts to 2030
Global cloud data security software market is anticipated to exceed USD 23,643 million by 2030 from USD 16,050 million in 2020 at a CAGR of 14.74% throughout the forecast period i.e. 2020-2030.
Nowadays data created and the rising intricacy of technologies have led organizations to rely on cloud services. Cloud security refers to a wide range of programs, technologies, and services used to safeguard applications, data, and related cloud infrastructure. Cloud security software offers security for cloud-based services or cloud computing architectures. It can either be a separate solution or a collection of products. Cloud security software centers on the security of key parameters such as compliance, governance, data safety, architecture, identity, and access. The increase in the cases of cloud-related cyber-attacks and the rising dependence on cloud-based services are driving cloud data security to the market.
Global cloud data security software market is expected to project a CAGR of 14.74% during the forecast period, 2020-2030
Global cloud data security software market is anticipated to exceed USD 23,643 million by 2030 from USD 16,050 million in 2020 at a CAGR of 14.74% throughout the forecast period i.e. 2020-2030. The market is anticipated to grow on the back of increasing the adoption of Bring Your Device (BYOD) and the Internet of Things (IoT) trend.
The increase in the adoption of cloud-based security solutions, increasing demand for cloud computing & increasing government initiatives, and the emergence of smart cities are further driving the market. However, stringent government rules & policies, the risk of losing information, an absence of trust in cloud service providers may confine the cloud security market’s growth
Global Cloud Data Security Software Market Opportunity Analysis
The Cloud IntrusionDetection & Prevention segment to grow with the fastest CAGR of xx% during 2020-2030
Global cloud data security software market is segmented by Service Type into Cloud Identity & Access Management, Data Loss Prevention, Cloud Email & Web Security, Cloud Database Security, Cloud Network Security, Cloud Intrusion Detection & Prevention, and Cloud Encryption. Among these, the cloud intrusion detection & prevention segment is estimated to hold the largest market share of xx% in 2019 owing to the rising cases of cyber-attacks.
By ServiceType (in %), Global Cloud Data Security Software Market, 2019
Global cloud data security software market is segmented by Application into Healthcare, BFSI, IT & Telecom, Government Agencies, and Retail. Among these, the IT & telecom segment is witnessed to hold the largest market share of xx% in the year 2019. Organizations install various cloud-based applications to their endpoints, causing high profile attacks on applications. Organizations are continually deploying cloud-based application security solutions to secure web and on-site applications. Consequently, the segment is expected to increase at the highest CAGR during the forecast period.
By Application (in %), Global Cloud Data Security Software Market, 2019
Driver: Increasing Adoption of BYOD and IoT Trend
The Bring Your Device (BYOD) concept was first used in 2009 and has since then undergone significant changes in the business world. With the increase in personal devices (mobile devices, tablets, and laptops), there has been a massive impact on the personal and professional lives of individuals. The benefits of adopting BYOD technology within organizations involve the facility to respond more quickly to organizational needs, increase employee yield, and saving costs for the company.
Opportunity: Rise in the Adoption of Advanced Cloud Security Solutions in Healthcare Industries
Advanced cloud security solutions deliver significant possibilities in the healthcare industry. Cloud processing systems have a range of vertical health advantages, such as immense storage ability for documents, patient history, files, and photographs in a digital environment, allowing access to medical facts and figures at secluded locations. Adopting cloud infrastructure in the healthcare sector has been reduced due to security issues, such as HIPAA (used to encrypt patient-related data). The goal of the healthcare industry is to ensure the security of Protected Health Information (PHI). To overcome these issues, cloud protection vendors are creating specialized cloud security solutions that have the potential to comply with such compliances, providing information security companies with an immense advantage for vertical healthcare.
Restraint: Risk of Information Loss
Cloud computing is increasingly gaining popularity in large as well as small enterprises. Nevertheless, with rising popularity, there is also growing awareness about data loss of sensitive information. Information security and privacy concerns about how and where data is stocked to dissuade uptake certain industries, like financial services, academia & research, and federal government departments, as these industries generate a huge amount of data that needs to be stored in the context of high security and privacy. Organizations should consider the transmission of their data traffic, and the key data should be in an encoded format to avoid any loss of data.
The cloud processing model is transforming the nature of the IT world speedily. Cloud computing provides a range of cloud computing business types, such as Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), and Infrastructure-as-a-Service (IaaS). The IaaS cloud storage business model adopts multiple visualization techniques and offers on-demand network resources to end-users, resulting in an improvement in the size of the cloud system. The conventional information protection approach is not worthy of coping with this hybrid world since cloud processing itself is complicated and diverse. Thanks to the growing complexity of the cloud network, it is increasingly possible to identify zero-day (unknown) attacks. Integrating cloud security solutions in modern systems is a challenging part of cloud security vendors.
North America to surge at the highest CAGR of xx% during 2020-2030
Region-wise, the market for cloud data security software across the globe is segmented into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among these, North America is witnessed to constitute xx% of the total market share in the year 2019 owing to the increased shift of cloud services from remote cloud solutions to platforms that incorporate onsite, public and private cloud applications.
By Region (in %), Global Cloud Data Security Software Market, 2019
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