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The cloud security market in the retail sector size is forecast to increase by USD 4.58 billion, at a CAGR of 13.57% between 2022 and 2027. The growth of the market depends on several factors, including e-commerce growth, rising data privacy regulations, and the cybersecurity threat landscape. The 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 safety solutions and approaches that assist retail organizations in safeguarding their cloud-hosted applications, systems, and information from cyber threats, unauthorized access, information exposures, and other potential safety threats.
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The market 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 market report includes historical market data from 2017 to 2021.
In the rapidly evolving retail industry, Cloud Security has become a critical concern due to the increasing adoption of DevSecOps practices, AI, and IoT devices. The Cloud computing landscape, including Mobile computing, has expanded the attack surface for Cybercriminals, leading to an uptick in Data breaches and Disruptions. Retail Organizations are at risk from Cyber-attacks on IoT devices, Smart home appliances, Industrial sensors, and other connected devices. IoT security is a major challenge, requiring Authentication, Secure communication, Real-time monitoring, and robust Access controls. IoT device makers and Cloud providers must adhere to Safety standards and Best practices to protect Data in transit and Data at rest. Encryption and Encryption keys are essential for securing Communication channels and Databases. Regulators are increasingly focusing on Cloud Security, mandating strict Access controls, Threat detection, and Compliance with Security standards in the Services segment. Managed services offer a cost-effective solution for Retailers, providing expert Security services and ensuring continuous Monitoring and Response to potential Threats.
E-commerce growth is notably driving market growth. In the retail sector, the market is experiencing significant growth due to the increasing adoption of cloud computing in running online stores, managing customer data, and processing payments. DevSecOps practices and AI are essential components in enhancing cloud security in the retail landscape. The proliferation of mobile computing, IoT devices, and smart home appliances introduces new vulnerabilities, making robust solutions crucial. Cybercriminals pose a constant threat, leading to information breaches and disruptions. IoT security, authentication, secure communication, real-time monitoring, and encryption are essential for mitigating risks.
Moreover, IoT device makers, regulators, and organizations must adhere to security standards and best practices. The services segment, including managed services, threat detection, professional services, consulting, and compliance management, plays a vital role in ensuring secure cloud infrastructure. Cloud providers, databases, access controls, and encryption keys are essential components of the ecosystem. Communication channels, cloud servers, and applications must be protected, with information in transit and data at rest encrypted for optimal protection. 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 market in retail is experiencing growth due to the increasing adoption of cloud-based Point of Sale (POS) systems. Retail organizations are drawn to these solutions for their scalability and remote management capabilities. Cloud-based POS systems offer advanced security features such as encryption, access control protocols, and authentication mechanisms. In the broader cloud computing landscape, DevSecOps practices, AI, and mobile computing are transforming the retail sector. However, this transition brings new challenges, including cybercriminals targeting information breaches and disruptions.
Further, IoT devices, smart home appliances, industrial sensors, and cloud servers are increasingly vulnerable to cyber-attacks. IoT security, secure communication, real-time monitoring, and compliance management are essential best practices. IoT device makers, regulators, and security standards play a crucial role in ensuring data in transit and at rest remains encrypted. Communication channels, cloud providers, databases, and access controls are critical components of the services segment, which includes managed services, threat detection, professional services, and consulting. IT infrastructure and the internet are essential for sensitive data and applications, making robust safety measures a priority. Such factors will augment the growth of the market during the forecast period.
Data privacy and compliance are significant challenges hindering market growth. In the retail sector's market, organizations face significant challenges in ensuring data privacy and compliance. With the increasing use of cloud computing, mobile computing, IoT devices, and smart home appliances, retailers manage vast amounts of sensitive customer data, including payment and personal information. Cybercriminals pose a constant threat, leading to data breaches and disruptions. The cloud computing landscape is complex, with various regional and global compliance frameworks, such as GDPR and CCPA, setting stringent standards for handling, storing, and safeguarding data. DevSecOps practices, AI, and encryption are essential in securing information in transit and at rest. Cloud providers offer various services, including managed services, consulting, and compliance management, to help retailers navigate this complex environment.
However, best practices include secure communication, real-time monitoring, access controls, and encryption keys. Threat detection and professional services are also crucial in maintaining IT infrastructure security. The services segment includes cloud providers, databases, and communication channels. IoT device makers and regulators emphasize IoT security, authentication, and secure communication. Compliance management, encryption, and access controls are essential in adhering to protection standards. Cyber-attacks and cyber-security threats continue to evolve, making it essential for retailers to stay informed and implement the latest protection best practices. Such factors will limit the growth of the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, 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 market growth and forecasting strategies.
Customer Landscape
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 market. As a result of adopting cloud-based solutions to improve protection, 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 1.04 billion 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 market during the forecast period.
Large enterprises are one of the most significant market segments in the global market, particularly in the retail sector. To protect their digital resources and customer information, large retail companies, with their large-scale operations and large customer databases, increasingly depend on cloud security. Further, 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 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. The market is significantly driven by North America, where the advanced technological infrastructure and robust cybersecurity ecosystem make it an ideal location. The region's mature IT infrastructure, widespread cloud adoption, and numerous retail giants necessitate high-quality security measures. In the cloud environment, cyber threats persistently evolve, necessitating managed security services, cloud data protection, and infrastructure protection. The industry prioritizes rules and regulations, risk posture assessment, business visibility, and traffic handling. Threats of substitutes include on-premises solutions and the zero trust model. Data loss prevention, cloud database protection, network protection, and cloud encryption are essential components.
In addition, the healthcare sector, ICT sector, and digitalization drive the need for DevSecOps and digital transformation. Cloud technology, artificial intelligence, and machine learning technologies enhance data security and risk mitigation. Workloads, hybrid cloud systems, and multi-cloud systems require comprehensive solutions for data protection, information recovery, data sovereignty, information privacy, and risk mitigation. Internet users increasingly rely on cloud storage services, emphasizing the importance of data protection and data recovery. Such factors will lead to significant growth in the market during the forecast period.
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 market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
In the retail market, Cloud Security has emerged as a crucial aspect for businesses aiming to protect their digital assets. Devices, practices, and applications are key areas of focus in cloud security for retailers. Artificial Intelligence (AI) and Intelligence (INTELLEGENCE) play significant roles in cloud security, particularly in detecting and responding to cyber threats. Cloud computing allows retailers to store and process large amounts of data, making it essential to secure this data from cybercriminals. Secure communication protocols, encryption, and access control are crucial components of cloud security. Cybersecurity regulations such as HIPAA, PCI-DSS, and GDPR also impact cloud security practices in the retail sector. Regular safety updates, secure APIs, and secure containers are other essential cloud security considerations for retailers. Additionally, serverless architectures and containerization technologies like Kubernetes require specific protection measures. Regulatory compliance, data privacy, and network security are the primary concerns for retailers in the market.
Market 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 4.58 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 growth analysis, Market Forecasting, 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 market 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 market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Solution
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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