May 12, 2022
The Global cloud security market size is expected to grow from USD 30 billion in 2021 to USD 100 billion by 2026.
Cloud is an internet-based resource, identity management, data protection, access control which comes under the purview of cloud security. The hosted environment protects integrity and continuity at different levels such as infrastructure, application, platform, and software level.
The market is projected to witness significant growth over the forecast period due to the increasing number of smartphone and internet users. In addition, increasing deployment of hosted environments in SMEs and rising data and information security concerns among enterprises are fueling the market growth.
Technological advancement and developing trends such as the internet of things (IoT), bring your own device (BYOD), and Bring-Your-Own-Application (BYOA) are also creating a need for data security. Currently, the market is in the nascent stage and is estimated to gain traction during the forecast period. The rapid adoption of hosted infrastructure across several industries and a growing number of cyber-attacks are driving the demand for cloud security across several verticals.
Accounting to USD 3 billion spending, the public cloud native platform security reportedly made up around 70 percent of the total spending on all cloud security tools in 2019. Continuing the pace, it is expected to grow further at the fastest rate accounting to USD 8.5 billion spending by 2022.