According to the new research report published by Premium Market Insights, titled "Cloud Security Market is expected to grow from US$ 48.57 billion in 2022 to US$ 116.25 billion by 2028. It is estimated to grow at a CAGR of 15.7% during 2022-2028.
The cloud security market growth is attributed to the surging cloud computing implementation toward data monitoring solutions, increasing digital transactions, and growing government regulations to improve cyber security across several industry verticals. As the telecom networks are distributed and diverse and are surrounded by on-premises data centers across the world, public and private cloud deployments are connected to the enterprise-wide-area network (WAN), which is accelerating the demand for the cloud security in the industry. In May 2020, Microsoft invested US$ 1.5 billion in cloud computing services across Italy. The country aims to create a storage system for sensitive data using cloud technology. Thales Italy, which developed comprehensive cloud security solutions, joined the CSA Group to help Italian organizations adopt fast and safe cloud services.
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The ongoing developments in cloud security technology are strengthening the cloud security market growth. In September 2021, Trend Micro Inc. launched its first Cloud One regional data center in India to uphold data sovereignty and safeguard data privacy. The new data center also enables enterprises to adopt a SaaS-based security framework securely and aims at protecting servers, resources, and applications in the cloud.
The cloud security market is segmented on the basis of service model, deployment model, enterprise size, solution type, and industry vertical. Based on service model, the cloud security market is segmented into software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS). By deployment model, the market is segmented into public cloud, private cloud, and hybrid cloud. In terms of enterprise size, the cloud security market is bifurcated into large enterprises and small & medium-sized enterprises. Based on solution type, the cloud security market is segmented into email & web security, cloud identity & access management, data loss prevention, intrusion detection system/intrusion prevention system, security information & event management, and others. Based on industry verticals, the cloud security market is segmented into banking, financial services, and insurance (BFSI); IT & telecom; energy & utilities; government & public sectors; healthcare; manufacturing; and others.
The cloud security market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South America. In 2022, North America led the cloud security market with a substantial revenue share, followed by Europe. Further, Asia Pacific is expected to register the highest CAGR in the market from 2022 to 2028.
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