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The cloud security market in the retail sector is estimated to grow at a CAGR of 13.57% between 2022 and 2027. The market size is forecast to increase by USD 4,582.14 million. The growth of the market depends on several factors, including e-commerce growth, rising data privacy regulations, and the cybersecurity threat landscape. The global cloud security market size in the retail sector can be conceptualized as a collective marketplace for a broad array of cybersecurity products, solutions, and technologies designed and implemented to safeguard the digital resources, information, and processes of retail organizations operating in the cloud computing environment. This market includes a variety of security solutions and approaches that assist retail organizations in safeguarding their cloud-hosted applications, systems, and data from cyber threats, unauthorized access, data exposures, and other potential security threats.
This cloud security market in the retail sector report extensively covers market segmentation by solution (cloud IAM, cloud e-mail security, cloud IDS/IPS, and cloud DLP), end-user (large enterprises and SMEs), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the cloud security market report includes historic market data from 2017 to 2021.
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E-commerce growth is notably driving market growth. The rapid growth of e-commerce and the need for robust cloud security solutions for protecting sensitive customer information and transaction data, as well as intellectual property, from cyber threats, are the major driving factors of the market growth.
Moreover, retailers depend largely on cloud infrastructure and applications to run their online stores, manage customer data, and process payments. Such factors will support the growth of the market positively during the forecast period.
Increased adoption of cloud-based point of sale (POS) systems is an emerging trend shaping the market growth. The global cloud security market is experiencing an increase in cloud-based POS (Point of Sale) systems adoption, especially in retail. This projects a substantial transition from on-premises traditional POS systems to more flexible and flexible cloud-based solutions. Retailers are attracted to cloud-based point-of-sale (POS) systems for a variety of reasons. Also, cloud-based Point-of-Purchase (POS) systems allow remote management, allowing retailers to control their operations remotely via an internet connection, therefore improving operational effectiveness.
Moreover, point-of-sale (POS) solutions generally incorporate a combination of security protocols, including encryption, strict access control protocols, and sophisticated authentication mechanisms. Furthermore, retailers may utilize threat identification and response (TIDR) tools to detect and reduce real-time cyber threats. Such factors will augment the growth of the market during the forecast period.
Data privacy and compliance are significant challenges hindering the market growth. Data privacy and compliance are two of the most critical issues in the global cloud security market within the retail sector. Retailers manage a large amount of sensitive customer data, ranging from payment information to personal information. The regulations set strict norms for the handling, storage, and safeguarding of customer data. Retailers must contend with a wide variety of regional and global compliance frameworks as a global retailer.
However, to strike a balance between safeguarding valuable customer data and navigating a complex regulatory environment while preserving operational continuity and customer confidence in a data-driven retail environment, the Global Cloud Security Market in the Retail Sector presents a unique set of challenges that require data privacy and compliance. Such factors will limit the growth of the market growth during the forecast period.
The market share growth by the cloud IAM segment will be significant during the forecast period. in the retail sector, cloud IAM is a significant segment within the wider Global Cloud Security market. As a result of adopting cloud-based solutions to improve security, automate processes, and provide a smooth customer journey, this dynamic industry has gone through incredible transformations.
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The cloud IAM was the largest and was valued at USD 1,044.88 million in 2017. Cloud Identity and Access Management solutions deliver robust authentication methods, like multi-factor authentication, to stop unauthorized access. For instance, a retailer might use MFA to make sure only authorized staff can access sensitive sales info or customer info. Cloud IAM makes it easier for retailers to keep track of user identities is one of its biggest benefits. Cloud IAM can quickly create, change, or delete user accounts, making it more manageable to onboard and offboard new employees. Such factors will augment the growth of the global cloud security market in the retail sector during the forecast period.
Large enterprises are one of the most significant market segments in the global cloud security market, particularly in the retail sector. To protect their digital resources and customer data, large retail companies, with their large-scale operations and large customer databases, increasingly depend on cloud security. Further, cloud security solutions offer the ability to detect and respond to potential threats in real time. Another important factor that drives large retail organizations to adopt cloud security. On-premise security infrastructure for large-scale is cost-effective, operations can be costly and require a lot of resources. Cloud security solutions, on the other hand, don't need a large upfront investment in hardware and maintenance. Because of its availability and accessibility, organizations can subscribe to cloud security services and optimize their spending and allocation of resources. All these factors will exert a positive impact on the growth of the market in focus during the forecast period.
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North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In the Global Cloud Security Market in the Retail Sector, the North American Retail Sector is the leading market segment. Such dominance is owing to various factors that have combined to make the region a leader in the industry. Due to its strong technological infrastructure and well-developed cybersecurity ecosystem, the region is a prime location for cloud security solutions. Additionally, in recent years, North America has witnessed an upsurge in cyber threats and attacks against the retail industry.
However, the high-profile data breaches undergone by prominent retailers have caused retailers to become more aware of cloud security and to invest in it. Retailers prioritize strong cloud security measures because they are aware that a single security breach can lead to significant financial losses and damage to their reputation. Such factors will lead to significant growth in the market during the forecast period.
The Cloud Security Market in the Retail Sector report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cloud Security Market in the Retail Sector Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AccuKnox Inc. - The company offers cloud security in the retail sector such as AccuKnox, a cloud security platform that helps protect data and applications from a variety of threats.
Akamai Technologies Inc. - The company offers cloud security in the retail sector sector such as Akamai Kona Site Defender, a cloud-based web application firewall that helps protect websites and applications from attacks.
Alphabet Inc. - The company offers cloud security in the retail sector such as BeyondCorp, a zero-trust security platform that helps protect data and applications in the cloud.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The cloud security market in the retail sector report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Cloud Security Market in the Retail Sector Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.57% |
Market growth 2023-2027 |
USD 4,582.14 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
13.32 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 31% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AccuKnox Inc., Akamai Technologies Inc., Alphabet Inc., Amazon.com Inc., Ascend Technologies LLC, Banyan Data Services, Caveonix Inc., Check Point Software Technologies Ltd., CrowdStrike Holdings Inc., Data Theorem Inc., Dell Technologies Inc., Ermetic Ltd., F5 Inc., Fidelis Cybersecurity Inc., FireMon LLC, Forcepoint LLC, Fortinet Inc., Fortra LLC, Lookout Inc., and Cisco Systems Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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