Cloud Security Software Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Cloud-Based Services

The cloud security software market is estimated to be valued at US$ 43.90 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights.

The growth of the cloud security software market is driven by increasing adoption of cloud-based services across various industries and need to protect sensitive data and applications from cyber threats. Rapid digitalization and rise of advanced technologies such as IoT and big data analytics have increased the dependency on cloud-based systems. However, migration of workloads to public cloud also increases the risk of cyberattacks. This is prompting enterprises to invest more on cloud security software to ensure safety of critical data. Additionally, stringent data protection regulations are forcing companies to strengthen their cloud security posture.

Key Market Trends:

Growing instances of phishing and ransomware attacks targeting organizations are prompting them to invest more in email security solutions.Cloud email security software use advanced techniques such as malware filtering, anti-spam and antivirus checking to detect and block malicious emails.They also offer features such as email encryption, DLP and email authentication. The rising demand for protecting organizational communication channels from cyber threats is propelling the email security software segment.

Cloud Database Security Solutions– As more businesses use cloud-based databases to handle sensitive consumer and transactional data, the requirement of security solutions for databases has increased significantly. Cloud database security software monitor database logins, analyze suspicious database activities and block access from unknown locations. They also provide capabilities like encryption, access control and auditing. The growing adoption of cloud databases among enterprises is fueling demand for database security solutions. More coverage can be found in the sample copy.

Cloud Access Security Brokers Opportunity

The rise in adoption of cloud-based applications and services has led to an increased need for cloud access security brokers among organizations. Cloud access security brokers help enterprises govern, control and secure user access to various cloud services and ensure compliance. They provide a centralized approach to device, application and data security across multiple cloud platforms. The growing complexity of cloud environments and the need to streamline security policies is expected to drive the demand for cloud access security brokers in the coming years.

With more and more business critical applications and workloads moving to the cloud, the need to secure web applications hosted on cloud platforms is surging. Cloud web application firewalls are specifically designed to protect web applications hosted on cloud against vulnerabilities, threats, attacks and provide centralized monitoring and control. The rise in sophisticated cyber threats targeting web applications and increasing cloud adoption are fueling demand for cloud web application firewalls globally. Their ability filter and monitor web traffic in real-time and prevent attacks makes them an integral part of cloud security strategy.

Key Market Takeaways

Cloud Security Software Market is anticipated to witness a CAGR of 5.7% during the forecast period 2024-2031, owing to the rising need to secure business applications and workloads amid growing cloud adoption by enterprises.

On the basis of By Type, By Offering Insights segment is expected to hold a dominant position, owing to the rise in demand for bundled and integrated cloud security solutions among organizations.

By Service Model Insights segment is likely to grow at a higher CAGR during the forecast period due to increasing demand for managed security services from cloud service providers and MSPs.

North America is dominating the Cloud Security Software Market owing to stringent data privacy regulations and early cloud technology adoption in countries like US and Canada.

Competitor Insights:

• Microsoft

• Broadcom

• Palo Alto Networks

• McAfee

• Cisco

• Trend Micro

• Fortinet

• Panda Security

• CipherCloud

• Zscaler

• Symantec

• IBM

• Juniper Networks

Recent Developments in Cloud Security Software Market

In June 2023, Amazon Web Services (AWS) announced the general availability of AWS Fault Injection Simulator, a fully managed service that helps cloud customers test the reliability of their distributed applications on AWS. The new service simulates common types of hardware and software faults that could occur when applications are deployed in the cloud at scale. It allows users to conduct automated fault injection tests without disrupting live application traffic. AWS Fault Injection Simulator helps customers identify points of failure in their cloud environments and validate whether their applications can withstand errors and failures without impacting availability, performance or data integrity.

To sustain their growth, cloud security vendors continued advancing their product capabilities in the second quarter of 2023. Zscaler enhanced its zero trust network access (ZTNA) solution with new automation, workload and SASE (secure access service edge) features. It also launched Zscaler Posture Control to assess and remediate device vulnerabilities. Netflix