PUBLISHER: Allied Market Research | PRODUCT CODE: 1414869
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414869
According to a new report published by Allied Market Research, titled, "Cloud Data Security Market," The cloud data security market was valued at $5.2 billion in 2022, and is estimated to reach $27.4 billion by 2032, growing at a CAGR of 18.3% from 2023 to 2032.
The key factors that are driving the growth of cloud data security market are growing cyber-data thefts, Increasing demand for data security and data isolation and surge in adoption of cloud computing services. Further, the escalating frequency and sophistication of cyber threats necessitate robust security measures to safeguard sensitive information stored in the cloud. As organizations increasingly adopt cloud-based services, the demand for enhanced data protection grows in tandem. Compliance with stringent data protection regulations and standards is another significant driver, compelling businesses to invest in cloud data security solutions to avoid legal and financial repercussions. Additionally, the surge in remote work and the proliferation of mobile devices have expanded the attack surface, making comprehensive cloud data security crucial. The growing awareness among enterprises about the potential risks associated with data breaches and the subsequent damage to reputation and customer trust further fuels the adoption of advanced security solutions. Overall, the cloud data security market is driven by the imperative to mitigate risks, ensure regulatory compliance, and maintain the integrity of critical business information in an increasingly digital and interconnected world. However, lack of cooperation and distrust in businesses and cloud security providers is hampering growth of cloud data security market. Moreover, securing social media, OS and online apps is providing an opportunity for market growth.
The cloud data security market is segmented on the basis of component type, enterprise size, deployment mode, industry vertical and region. In terms of component type, the market is bifurcated into solution and service. By enterprise size, the market is bifurcated into large enterprise and small and medium sized enterprise. Based on deployment mode, it is divided into public cloud, private cloud and hybrid cloud. Based on industry vertical, the market is divided into BFSI, IT and telecom, healthcare, retail and e-commerce, government and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the cloud data security market such as Entit Software LLC, Imperva Inc., Fortinet Inc., Intel Security Group, IBM Corporation, Axis Technology LLC, Gemalto NV, Mcafee LLC, Oracle Corporation, and Informatica Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the cloud data security market.
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