Cloud Data Security Market to Reach $27.4 Billion by 2032 at 18.3% CAGR: Allied Market Research

Rise in cyber-data thefts, increase in demand for data security and data isolation and surge in adoption of cloud computing services drive the growth of the global cloud data security market.

NEW CASTLE, Del., Dec. 6, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Cloud Data Security Market by Component Type (Solution and Service), Enterprise Size (Large Enterprise and Small and Medium Sized Enterprise), Deployment Mode (Public Cloud, Private Cloud, and Hybrid Cloud), and Industry Vertical (BFSI, IT and Telecom, Healthcare, Retail and E-Commerce, Government and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032″. According to the report, the global cloud data security industry generated $5.2 billion in 2022, and is anticipated to generate $27.4 billion by 2032, witnessing a CAGR of 18.3% from 2022 to 2032.

Prime determinants of growth

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.

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The solution segment to maintain its lead position during the forecast period

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.

The large enterprise segment to maintain its lead position during the forecast period

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.

The public cloud segment to maintain its leadership status throughout the forecast period

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.

The BFSI segment to maintain its leadership status throughout the forecast period

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.

North America to maintain its dominance by 2032

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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Leading Market Players: –

Entit Software LLC,Imperva Inc.Fortinet Inc.Intel CorporationIBM CorporationAxis Technology LLCGemalto NVMcafee LLCOracle CorporationInformatica Ltd.

The report provides a detailed analysis of these key players of the global cloud data security market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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