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cloud-data-security-market-1699631961
Rising data breaches & stringent regulations fuel growth in Cloud Data Security Market, prioritizing robust protection measures.
PORTLAND, ORIGON, UNITED STATES, December 11, 2023 /EINPresswire / -- Based on enterprise size, the large enterprise segment held the largest market share in 2022 accounting for two-thirds of share of the global cloud data security market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the availability of finance to buy cloud infrastructure to support their operations and the need for cloud protection as large amount of valuable company data is present in the cloud. However, the small and medium sized enterprise is expected grow during the forecast period at a CAGR of 20.3% from 2022 to 2032. This is attributed to the gradual increase in transition of small and medium sized companies to cloud environment to take advantage of cloud technology.
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The key factors that are driving the growth of cloud data security market include surge in cyber-data thefts, increase in demand for data security and data isolation and surge in adoption of cloud computing services. However, lack of cooperation and distrust in businesses and cloud security providers is hampering the growth of the cloud data security market. Moreover, securing social media, OS and online apps is providing an opportunity for market growth.
Based on component type, the solution segment held the largest market share in 2022 accounting for more than two-thirds of share of the global cloud data security market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increase in amount of innovative cloud solutions developed every year by different software and cloud development companies and start-ups all over the world. In addition the transition of businesses to cloud environment is driving the segment growth. However the service segment is expected to grow during the forecast period with a CAGR of 20.2% from 2022 to 2032. This is attributed to the surge in adoption of cloud technologies for digital transformation.
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Based on deployment mode, the public cloud segment held the largest market share in 2022 accounting for half of share of the global cloud data security market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increase in volume of data generation and digital transformation. However, the private cloud segment is expected to witness growth during the forecast period with a CAGR of 20.6% from 2022 to 2032 as private cloud offers advantages like flexibility to customize cloud to accommodate current and changing business needs.
Based on industry vertical, the BFSI segment held the largest market share in 2022 accounting for more than one-third of share of the global cloud data security market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the large amount of transactions that take place in the BFSI sector and the large amount of personal information BFSI users stored in the BFSI database that is exposed to scrutiny unless protected carefully and safely. However, the healthcare segment is expected to grow during the forecast period at a CAGR of 22.8% from 2022 to 2032. This is attributed to the fact that the healthcare providers can easily scale up or down their resources, ensuring they have the computing power and storage capacity they need for their specific needs by using cloud-based solutions.
Based on region North America held the largest market share in 2022 accounting for nearly two-fifths of share of the global cloud data security market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the presence of large amount of cloud development companies in the region. However, Asia-Pacific region is expected to grow during the forecast period at a CAGR of 22.1%. This is attributed to the increase in number of IT companies investing in the region.
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Key Market Players:
► IBM Corporation
► ENTIT SOFTWARE
► McAfee
► Informatica
► Fortinet
► AXIS TECHNOLOGY
► Imperva
► Oracle
► Intel Corporation
► Gemalto NV
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Similar Report:
1. China Cloud Data Security Market
2. Japan Cloud Data Security Market
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