Cloud Security Market Will Surpass USD 147.45 Billion by 2031; Rise of Cloud Computing to Aid Growth| SkyQuest Technology

WESTFORD, Mass., July 5, 2024 /PRNewswire/ -- According to SkyQuest, the global Cloud Security Market size was valued at USD 33.5 billion in 2022 and is poised to grow from USD 39.5 billion in 2023 to USD 147.45 billion by 2031, growing at a CAGR of 17.9% in the forecast period (2024-2031).

Increase in complexity of cyberattacks and data breaches has bolstered the demand for novel cloud security solutions around the world. The rising use of cloud technologies and platforms on a global level is also boosting the cloud security market growth. The high use of cloud computing and edge computing services by multiple organizations also creates a high demand for better cloud security infrastructure. The global cloud security market is segmented into type, service model, offering, end user, and region.

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Cloud Security Market Overview:

Segments covered in Cloud Security Market are as follows:

• Type
  • Legal Issues, Compliance, Governance, Virtualization, Data Security, Interface, Network Security
• Service Model
  • SaaS (Software as a Service), IaaS (Infrastructure as a Service), PaaS (Platform as a Service)
• End-User
  • Aerospace & Defence, Government, BFSI, Healthcare, IT, Telecommunication, Manufacturing, Retail, Energy & Utilities, Media & Entertainment, Others
• Offering
  • Solutions, Services

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Compliance to Remain a Key Cloud Security Concern for All Companies through 2031

Compliance has always been a key part of any security solution and the same is also true for cloud security as well. Regulatory bodies and governments have been implementing stricter laws and mandates to ensure the safety of data on cloud platforms. Ensuring compliance with these norms is essential for any cloud service provider, which is why a security solution that understands and manages compliance is always in demand. Ensuring cross-border compliance could help cloud security companies get more bang for their buck in the future. 

Legal issues and data privacy concerns are also estimated to drive up the demand for novel cloud security solutions. Complex legal and regulatory frameworks are also contributing to the high adoption of cloud security with legal security features as well. Data and network security are also important aspects that cloud security providers need to emphasize going forward.

Cloud security Solutions to Remain Essential Securing a Cloud Environment

Cloud security solutions powered by artificial intelligence and other advanced technologies are being developed around the world. Deployment of different solutions for enterprise and individual cloud applications will also create new opportunities for cloud security market players over the coming years. Data loss prevention and disaster recovery are some key features of cloud security solutions that most companies are trying to improve. Meanwhile, the rapid adoption of cloud security is also creating a high demand for cloud security services as well. Cloud security providers are continually focusing on improving their services by offering round-the-clock support and predictive threat management services.

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High Use of Cloud Platforms and Technologies in the IT Industry Creates an Opportune Setting for Cloud Security Vendors

The information technology (IT) industry has always led the adoption of novel technologies and the cloud is one of them. The rising use of cloud platforms and migration of traditional technologies in cloud environments are boosting the demand for cloud security in the IT industry. The BFSI industry will also offer new moneymaking scope for cloud security providers as it moves towards digitization and the incidence of digital frauds increases. Telecommunication end users are also expected to bolster the demand for novel cloud security solutions as they utilize cloud technology to become digital service providers. Adoption of automation and smart manufacturing practices in the manufacturing space will also promote the use of cloud platform, which in turn, is expected to boost cloud security demand as well.

Cloud security companies have a lot of potential to expand their business in many industry verticals. New companies can focus on providing services to build a strong market presence and then move on to making cloud security solutions to compete with the leading market players.

Related Report:

Cyber Security Market

Network Security Market

Endpoint Security Market

Managed Security Services Market

Application Security Market

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SOURCE SkyQuest Technology