Multi-Cloud Security Market - Forecasts from 2024 to 2029

The multi-cloud security market was valued at US$10.936 billion in 2022.

Multi-cloud security is a technique that provides consistent visibility, policy, security, and governance across various cloud environments through a centralized management console. Such cloud security is used in businesses that deploy workloads on various cloud platforms, which include both public clouds and private clouds. Cloud data center establishments and emphasis on adopting advanced security features have emerged as a significant driving force behind the substantial growth of the multi-cloud security market.

Market Drivers

• Increasing data center establishment drives multi-cloud security market growth.

The increased demand for cloud services and network security to manage increased data traffic coupled with the increasing number of cyber-attacks and cybersecurity issues is influencing the development of new data centers of multi-cloud security solutions to secure their cloud environments. Due to the high demand, various data center projects are been unrevealed by the key players in the market. For instance, in September 2022, NTT created a new data center in the Kansai region to offer high-speed, high-capacity communications and vast computing resources. In the future, NTT will use the Data Center as a hub for providing IOWN-based commercial services.

• Rise in cybersecurity technology drives multi-cloud security market growth.

Increasing cyberattacks on multi-cloud deployments have prompted businesses to implement multi-cloud security programs to protect their data across all cloud environments. The growing government support for multi-cloud adoption is propelling market growth. Governments around the world are increasingly promoting the use of multi-cloud security solutions to improve their digital safety systems and protect confidential information. For instance, in October 2023, Accenture Federal Services and Google Public Sector created a cybersecurity center of excellence to assist US federal agencies in rapidly detecting and responding to more advanced cyberattacks.

• The booming digitalization drives the multi-cloud security market expansion.

Digitalization plays a vital role in multi-cloud security market growth as with the growing digitalization of companies and organizations the demand for durable multi-cloud security solutions to safeguard a company's confidential data and applications across multiple cloud-based systems will also propel. Likewise, favorable government initiatives and investments to promote digitization in government agencies are also expected to provide a positive market outlook for multi-cloud security solutions.

North America is anticipated to dominate the market.

North America is projected to account for a major share of the multi-cloud security market owing to the region's robust growth in new data center establishment and numerous government investments in cybersecurity to protect confidential data. Additionally, in the U.S. multiple projects have been launched for cybersecurity, for instance, in March 2023, the Biden-Harris Administration announced the National Cybersecurity Strategy to ensure that all Americans get the full benefits of a safe and secure digital ecosystem. Also, in October 2021, the National Institute of Standards and Technology (NIST) formed a Multi-Cloud Security Public Working Group (MCSPWG) to investigate the latest techniques for securing complex cloud solutions including multiple service providers and multiple clouds.

Market Challenges

• High implementation costs will restrain the multi-cloud security market growth.

The growth of the multi-cloud security market may be restrained due to high-cost implementations which can limit their adoption, mainly for small and medium-sized companies. This is due to the complexity of setting up these solutions, the requirement for specialized hardware and software, and the costs associated with training and development. Businesses have to customize safety measures to the specific requirements and features of each cloud provider. This might include developing or configuring security policies, access controls, and monitoring mechanisms, leading to additional development and implementation costs.

Market Developments

• February 2023- Orca Cloud Security launched new broad data security posture management abilities as part of the Orca Cloud Security Platform. It improves on Orca's existing capabilities by offering enhanced data discovery and management, which allows organizations to detect, organize, and mitigate confidential information at risk across multi-cloud properties.
• February 2022- Microsoft Security introduced new multi-cloud capabilities to help customers improve visibility and control across various cloud service providers, workloads, devices, and digital identities all from a single point of management. These new features and offerings are intended to establish the groundwork for hybrid work and digital transformation.

Company Products

• Entrust Key Control Vault- KeyControl Vault offers single or multiple cloud platforms, providing flexibility, scalability, and full authority over protected workloads in Amazon Web Services, the Google Cloud Platform, and Azure from Microsoft. It works in combination with optional nShield FIPS 140-2 Level 3 HSMs and can be upgraded with Entrust DataControl to provide a multi-cloud encryption solution.
• Wipro Multi-Cloud Security- Wipro's Multi-Cloud Security offers Fortune 1000 clients thorough cloud security, risk management, and governance solutions designed to safeguard multi-cloud business applications. The service offers threat and security posture powered by the Wipro IP CARG (Cloud Application Risk Governance) system, along with advisory, implementation, and managed safety services to assist customers in implementing the appropriate response strategy for potential risk incidents.
• Microsoft Defender for Cloud- Microsoft Cloud Defender a comprehensive cloud-native application protection platform (CNAPP) can safeguard multi-cloud and hybrid environments from development to runtime. It reduces risk through contextual security posture management and helps in the prevention, detection, and rapid response to modern threats.

Segmentation

By Cloud Type

• Private
• Public

By Enterprise Size

• Small
• Medium
• Large

By End-User

• BFSI
• IT & Telecommunication
• Retail & E-commerce
• Medical & Healthcare
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Others