Cloud Data Security Market Expected to Reach $27.4 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cloud Data Security Market," The cloud data security market size 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 technology, guidelines, services, and security measures that guard against loss, unauthorized access, breach, and misuse of any kind of data stored in the cloud are collectively referred to as cloud data security. Providing complete visibility into all data on the network, controlling data access for all users, devices, and software, safeguarding data being used by an application or endpoint through user authentication and access control, ensuring the safe transmission of sensitive, confidential, or proprietary data while it moves across the network through encryption and other email and messaging security measures, and protecting data that is being stored on cloud servers are all components of a strong cloud data security strategy. 

Major market players adopted various strategies to increase the competition and offer enhanced services to their customers in the cloud data security market. For instance, in September 2020, Thales Group launched Cipher Trust Data Security Platform that enables customers to discover, protect and control sensitive data with next-generation data protection. The new platform is built on a modern micro-services architecture, is designed for the cloud, includes data discovery and classification, and fuses together the best capabilities from the Vormetric data security platform and key secure and connector products. Moreover, in October 2020, Mcafee LLP launched MVISION cloud native application protection platform (CNAPP), the industry’s truly integrated architecture to secure the cloud native application ecosystem. MVISION CNAPP provides dependable governance, compliance, threat prevention, and data security for cloud-native applications, including workloads based on operating system (OS) and containers. Therefore, such strategies foster cloud data security market share in the ICT sector. 

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. 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.

Based on industry vertical, the BFSI segment dominated the cloud data security market in the year 2022. This is attributed to the large amount of BFSI data that requires strong protection and safety.  

Based on region, North America dominated the cloud data security market in the year 2022. This is due to the presence of a large number of key players in the region and due to the rapid advancements in technology as compared to other regions.  

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. 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.  

Key Findings of the Study 

• By industry vertical, the BFSI segment led the cloud data security market forecast in terms of revenue in 2022.  

• By component type,  the solution segment led the cloud data security market analysis in terms of revenue in 2022. 

• By enterprise size,  the large enterprise segment led the cloud data security industry in terms of revenue in 2022. 

• By deployment mode, the public cloud led the cloud data security market in terms of revenue in 2022. 

• By region, North America generated the highest revenue in 2022.  

The key players profiled in the cloud data security in ICT market analysis are IBM Corporation, Imperva Inc., Oracle Corporation, Axis Technology LLC, Informatica Ltd., Entit Software LLC., Intel Corporation, Fortinet Inc., Gemalto NV, and Mcafee LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the cloud data security industry.