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The Cloud Security Solutions Market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing the growth of 8.11% and a CAGR of 15.16% with a market size of USD 8.63 billion during the period of 2021 to 2026.
This cloud security solutions market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the cloud security solutions market segmentation by end-user (BFSI, healthcare, retail, government, and others), component (cloud IAM, cloud e-mail security, cloud DLP, cloud IDS/IPS, and cloud SIEM), and geography (North America, Europe, APAC, the Middle East and Africa, and South America). The cloud security solutions market report also offers information on several market vendors, including Akamai Technologies Inc., Broadcom Inc., Cisco Systems Inc., CrowdStrike Holdings Inc., Dell Inc., Fortinet Inc., HelpSystems LLC, Intel Corp., International Business Machines Corp., Lookout Inc., Microsoft Corp., Musarubra US LLC, NTT DATA Corp., Palo Alto Networks Inc., Qualys Inc., Thoma Bravo LP, Trend Micro Inc., WatchGuard Technologies Inc., Zscaler Inc., and Thales Group among others.
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Based on our research output, there has been a neutral impact on the market growth during and post-COVID-19 era. The regulatory requirements encouraging the use of security solutions globally are notably driving the cloud security solutions market growth, although factors such as lack of awareness about cloud security solutions among end-users may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the cloud security solutions market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Cloud Security Solutions Market Driver
Organizations seeking to leverage the benefits of both private and public clouds are increasingly adopting the hybrid cloud model, which allows them to benefit from the security of the private cloud as well as the cost savings of the public cloud. A hybrid cloud provides cost and flexibility benefits, as well as increased control over critical data and applications. Most businesses prefer to use multiple cloud services to handle their various business operations, which leads to an increase in security threats. Maintaining corporate data in the hands of cloud service providers raises serious security concerns. As a result, governments around the world are enacting legislation to improve data security through the use of cloud security solutions. Enterprises are required to follow the regulations and best practices for data security. In the event of non-compliance, these businesses may face penalties, which may harm their brand image. As a result, one of the major drivers for this market is stringent regulatory standards.
Key Cloud Security Solutions Market Trend
The growth of the mobile workforce is a key trend driving the global cloud security solutions market growth. Some of the factors driving the size of the mobile workforce are the rapidly growing acceptance of the BYOD policy among organizations and the emergence of new mobile technologies such as near-field communication, wearables, and biometric readers. Developing regions have been seeing a transformation in the working culture of organizations, with more companies maintaining a mobile workforce to stay competitive and meet the requirements of employees. Consequently, the demand for flexible and easily accessible IT solutions and services is increasing. Cloud solutions are used to meet these demands. In addition, changes in work locations, time zone barriers, and the need to access official and confidential data via the devices of employees are also leading to the demand for cloud security services. To address these changes, IT service providers are providing tailor-made cloud security services for smartphones and tablets. This trend is expected to strengthen in the future, thus fueling the growth of the global cloud security solutions market.
Key Cloud Security Solutions Market Challenge
The lack of awareness about cloud security solutions among end-users is the major challenge impeding the global cloud security solutions market growth. Though there has been an increase in the adoption of cloud computing in recent years, awareness of the potential risks associated with cloud computing is still low among end-users. Many of them still use traditional security solutions. These organizations lack an understanding of the importance and effective utilization of security solutions. However, the market vendors and a few large organizations are providing education and training for such solutions to employees, suppliers, and distributors for better business prospects. Many end-users, particularly in developing regions, are still dependent on traditional security solutions to protect their networks. Many of these enterprises are skeptical about investing heavily in IT security. In addition, many end-users from non-traditional industries are not aware of the security risks posed by cloud adoption. Thus, the lack of awareness about cloud security solutions is expected to pose a challenge to the growth of the cloud security solutions market during the forecast period.
This cloud security solutions market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the cloud security solutions market as part of the global systems software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cloud security solutions market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the cloud security solutions market encompasses successful business strategies deployed by key vendors. The cloud security solutions market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The cloud security solutions market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our In-house experts produce extensive information on the value chain and parent market of the cloud security solutions market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.
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46% of the market’s growth will originate from North America during the forecast period. The US is the key market for cloud security solutions market in North America. Market growth in this region will be faster than the growth of the market in other regions.
The significant increase in the adoption of cloud services by enterprises across industries in regional countries will facilitate the cloud security solutions market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 positively impacted the growth of the market. This was because cloud security solutions enabled organizations to protect data on the cloud, which can be easily accessible by its customers. Also, the work-from-home policy was adopted due to the outbreak of COVID-19 to mitigate its spread. This created the need for organizations to partner with vendors of cloud security solutions to avail of their cloud migration services. Hence, the cloud security solutions market in the region grew in 2020, which is expected to continue to be the same during the forecast period.
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The cloud security solutions market share growth by the BFSI segment will be significant during the forecast period. The BSFI sector has been the constant target of web-based cyber-attacks over the past 3-5 years. Hackers attempt to crash computer systems, steal clients' money, and harm capital markets. Targeted attacks such as cloud attacks and web application attacks in the BFSI sector have become more sophisticated.
This report provides an accurate prediction of the contribution of all the segments to the growth of the cloud security solutions market size and actionable market insights on the post-COVID-19 impact on each segment.
UAE Cloud Security- The market in the UAE to grow at a CAGR of 35.16 percent over the period 2014-2019.
Cloud Security Solutions Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.16% |
Market growth 2022-2026 |
$8.63 billion |
Market structure |
Fragmented |
YoY growth (%) |
8.11 |
Regional analysis |
North America, Europe, APAC, the Middle East and Africa, and South America |
Performing market contribution |
North America at 46% |
Key consumer countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Akamai Technologies Inc., Broadcom Inc., Cisco Systems Inc., CrowdStrike Holdings Inc., Dell Inc., Fortinet Inc., HelpSystems LLC, Intel Corp., International Business Machines Corp., Lookout Inc., Microsoft Corp., Musarubra US LLC, NTT DATA Corp., Palo Alto Networks Inc., Qualys Inc., Thoma Bravo LP, Trend Micro Inc., WatchGuard Technologies Inc., Zscaler Inc., and Thales Group |
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, and 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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Component
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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