PRESS RELEASE
Published April 20, 2023
“Amazon Web Services (US), Microsoft (US), Checkpoint (US), Google (US), Palo Alto Networks (US), McAfee (US), IBM (US), Zscaler (US), Cisco (US), Fortinet (US), Sophos (UK), Foreseeti (Sweden), Broadcom (US), Trend Micro (Japan), Tenable (US), Forcepoint (US), Netskope (US), Imperva (US), Proofpoint (US), Cloudflare (US), Aqua Security (Israel), and FireEye (US).”
Cloud Security Market by Security Type, Application (Visibility and Risk Assessment, User and Data Governance), Service Model, Organization Size, Vertical (BFSI, IT and ITeS, Retail) and Region (2022 – 2026)
The global cloud security market size in the post-COVID-19 scenario is projected to grow from USD 34.5 billion in 2020 to USD 68.5 billion by 2025, at a CAGR of 14.7% during the forecast period. The major factors driving the market include the increasing number of security breaches and cyberattacks, and stringent government policies towards adoption of security measures to protect the cloud environment.
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By organization size, the large enterprise segment to lead the market in 2021
Large enterprises are organizations that have more than 1,000 employees. These organizations invest heavily in advanced technologies for increasing overall productivity and efficiency. Large enterprises are widely opting cloud security solutions and are expected to invest significantly in advanced cloud security solutions to provide optimum security to their enterprises’ intense competitive environment. Large enterprises have adopted cloud security solutions, as they use a large number of cloud and Internet of Things (IoT)-based applications that are highly susceptible to cyberattacks. Moreover, as they face threats from targeted attacks to disrupt their Information Technology (IT) services, these organizations adopt cloud security solutions to provide effective security.
North America is expected to hold the largest market size during the forecast period.
North America has sustainable and well-established economies, which empower it to invest significantly in Research and Development (R&D) activities, thereby contributing to the development of new technologies in the cloud security market. The presence of majority of key players in the cloud security market is expected to be the major factor driving the growth of the market in this region. Key players, such as Microsoft, Cisco, McAfee, Palo Alto Networks, FireEye, and Fortinet, along with several start-ups in the region offer cloud security solutions and services.
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The vendors covered in the cloud security market report include Microsoft (US), Cisco (US), Trend Micro (Japan), McAfee (US), Qualys (US), Amazon Web Services (US), Broadcom (US), Checkpoint (US), IBM (US), Foreseeti (Sweden), Sophos (UK), Forcepoint (US), Palo Alto Networks (US), Bitglass (US), Imperva (US), CipherCloud (US), Proofpoint (US), Zscaler (US), FireEye (US), CloudPassage (US), Fortinet (US), Avanan (US), Illumio (US), vArmour (US), Aqua Security (Israel), Cloudflare (US), SiteLock (US), and Tenable (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the cloud security market.
Cisco (US), an American multinational company, founded in 1984 and is headquartered in California, US. It is a American multinational company that develops and sells software, networking hardware, telecom equipment, and high technology services and products. The company’s technological solutions are Cisco Networking, Cisco Security, Cisco IoT, and Cisco Data Center. Cisco’s security solutions portfolio includes data security, Wireless Access Network (WAN) security, endpoint security, Multi-Factor Authentication (MFA), and cloud security. It offers a plethora of products and services in networking, Internet of Things (IoT), mobility and wireless, security, collaboration, data center, and the cloud. Its extensive product offerings include Next-Generation Network (NGN) routing, service provider video, switching, wireless, and data center security. Cisco is among the top network security companies due to its constant investment in Research and Development (R&D), which enables innovations in the form of high-quality products and services. The company’s service offerings include advisory, implementation, training, managed, and technical services. Cisco Systems has established its dominance in the global cloud security market by creating personal distribution channels, employing an aggressive sales force, and strategically collaborating with different channel partners. It caters to diverse business houses, such as large enterprises, commercial businesses, service providers, and consumers. The company has strategic alliances with Apple, A10 Networks, Alien Vault, Amazon Web Services (AWS), Centrify, Fortinet, Google, and IBM Security. It has a significant presence in North America, Latin America, APAC, Europe, and the Middle East. The benefits offered by Cisco cloud security product portfolio email security, SaaS applications security, public cloud infrastructure visibility, real-time cloud monitoring, multi-cloud network protection, and multi-cloud workload protection. Cisco also provides free trialls of its cloud security applications including Cisco Umbrella, Cisco Email Security, AppDynamics, and Stealthwatch Cloud.
Microsoft was founded in 1975 and is headquartered in Washington, US. It is a public company listed and traded on NASDAQ under the ticker symbol MSFT. The company’s global employee count was 144,000, as of 2019. It designs and develops various cloud-based software solutions and hardware products. It also provides professional as well as managed services associated with these offerings, apart from the support and consulting services for its cloud and security solutions, to customers. The company offers a strong security as a service solution portfolio, which includes Azure AD Identity Protection, Azure AD Privileged Identity Management, Cloud App Security, Advanced Threat Protection, and Advanced Threat Analytics. Its cloud app security includes endpoint detection and response, Identity and Access Management (IAM), Data Loss Prevention (DLP), unified endpoint management, and cloud security posture management. Microsoft focuses on a mix of organic and inorganic growth strategies to strengthen its market position in the cloud security market. It plans to make huge investments in cloud security solutions to foster innovation and support its services in future. It has a strong partner network, which supports innovative concepts and helps maintain its competitive position. The Azure Security Center offers benefits such as multi-layered security, DDoS protection, dedicated security center, information protection, and secure application gateway to protect the cloud environmenrt.
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