Cloud Security Global Market Report 2024

Cloud security is a set of policies, procedures, and technologies that work together to protect cloud data. Cloud security protects against data breaching, loss of confidential data, and insecure application programming interfaces (API) and improves the security capabilities and risk assessment of the cloud providers.

The main types of cloud security are application security, database security, endpoint security, network security, and web and email security. Application security has both hardware and software procedures to minimize data threats. The different service models include infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), and software-as-a-service (SaaS) and are deployed through public, private, and hybrid. It is employed in several sectors such as BFSI, healthcare, IT, and telecom, among others.

The cloud security market research report is one of a series of new reports that provides cloud security market statistics, including cloud security industry global market size, regional shares, competitors with a cloud security market share, detailed cloud security market segments, market trends and opportunities, and any further data you may need to thrive in the cloud security industry. This cloud security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cloud security market size has grown rapidly in recent years. It will grow from $15.03 billion in 2023 to $17.48 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to regulatory compliance requirements, focus on identity and access management, bring your own device trend, advanced persistent threats.

The cloud security market size is expected to see rapid growth in the next few years. It will grow to $35.22 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to zero trust security models, container security measures, global privacy concerns, security awareness training. Major trends in the forecast period include multi-cloud security strategies, collaboration with managed security service providers, secure cloud-native networking, identity and access management enhancements, integrated cloud security platforms.

The rising number of cyberattacks is expected to propel the growth of the cloud security market going forward. A cyberattack is a malicious and deliberate effort by an individual or organization to breach the data of another individual or business. Organizations use cyber security for minimizing cyber-attacks, as result, the rise in the number of attacks increases the demand for the cybersecurity market. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based government agency, the number of cybercrime reports received in 2021-2022 was 76,000, an increase of nearly 13% from the 2020-2021 financial year. Therefore, the rising number of cyber-attacks drives the growth of the cloud security market.

Growing digitalization and cloud computing are expected to propel the growth of the cloud security market. Digitalization is the process of converting information or processes into digital form. Cloud computing is the on-demand delivery of computing resources, including servers, storage, databases, networking, software, analytics, and intelligence, over the Internet. Cloud security is used in digitalization and cloud computing to manage and secure volumes of data and streamline complex operations and processes. For instance, in January 2021, according to a 2021 survey report of 600 IT leaders from Software AG, a Germany-based enterprise software company, 97% of global IT directors reported that the companies underwent digital transformation in 2020. Further, IT leaders listed the areas of focus such as Cloud computing (67%), 5G (51%), AI (43%), and Integration (43%) as essential technologies in 2021. Therefore, the rising remote workforce drives the growth of the cloud security market.

Technological Advancements have emerged as a key trend gaining popularity in the cloud security market. Many companies are launching new technological solutions in cloud security to meet customer demand. For instance, in May 2023, Amazon Web Services, a US-based Cloud computing company, introduced a new service, Amazon Security Lake, a cloud security offering that automatically centralizes an organization’s security data from multiple sources into a purpose-built data lake. It helps customers improve their security posture, respond faster to security events, and simplify security data management across hybrid and multi cloud environment.

Major companies operating in the cloud security market are focused on developing innovative technologies, such as integrated identity as a service (IDaaS) technology to strengthen their position in the market. Identity as a Service (IDaaS) is a cloud-based service model that delivers identity and access management (IAM) services to organizations. For instance, in May 2022, Censornet, a UK-based company that offers cloud access security, launched integrated identity as a service (IDaaS) technology into an intelligent cybersecurity platform. This launch extends its services to organizations, offering them comprehensive control over user access through seamless integration with its existing Web Protection, Cloud Application Security (CASB), Email Security, and Multi-Factor Authentication (MFA) solutions. The amalgamation of IDaaS with Censornet's intelligent security platform introduces advanced rules governing permissions, specifying who, when, and from where access to particular applications is granted.

In December 2021, F5 Networks, a US-based cloud security company acquired Threat Stack for an amount of $68 million. With this acquisition, F5 networks intend to extend their portfolio in cloud security solutions and also strengthen their security capabilities. Threat Stack is a US-based cloud security management company.

Major companies operating in the in the cloud security market report are Microsoft Corporation, Cisco Systems Inc., Cloudflare Inc., FireEye Inc., International Business Machines Corporation, McAfee Corp., Palo Alto Networks Inc., Proofpoint Inc., Qualys Inc., Trend Micro Incorporated, Zscaler Inc., Akamai Technologies Inc., Alphabet Inc., Barracuda Networks Inc., CrowdStrike Holdings Inc., CyberArk Software Ltd., Fidelis Cybersecurity Inc., Forcepoint LLC, Lacework Inc., Netskope Inc., Splunk Inc., Symantec Corporation, Tenable Inc., VMware Inc., Broadcom Inc., Sophos Group PLC, Bitglass Inc., Imperva Inc., CloudPassage Inc., Avanan Inc., Illumio Inc., vArmour Inc., Aqua Security Inc., SiteLock LLC, Accenture plc,Amazon Web Services Inc., Check Point Software Technologies Ltd.,

North America was the largest region in the cloud security market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the cloud security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the cloud security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The cloud security market includes revenues earned by entities by providing cloud security services that automate the processes for protecting an organization’s cloud, avoiding unauthorized access, provides identity & access management, data loss prevention, web security, e-mail security, security assessments, intrusion management, encryption, disaster recovery, and network security. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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