Cloud Network Security Software Global Market Report 2024

The cloud network security software market size has grown exponentially in recent years. It will grow from $3.82 billion in 2023 to $4.8 billion in 2024 at a compound annual growth rate (CAGR) of 25.9%. The growth observed in the historical period of cloud network security software can be attributed to several key factors. Firstly, the escalating frequency and severity of data breaches have driven organizations to invest in robust security measures to protect their cloud-based assets and sensitive data. Additionally, regulatory compliance requirements, such as GDPR and HIPAA, have compelled businesses to enhance their cloud security posture to ensure adherence to data protection regulations.

The cloud network security software market size is expected to see exponential growth in the next few years. It will grow to $12.13 billion in 2028 at a compound annual growth rate (CAGR) of 26.1%. The anticipated growth in the forecast period for cloud network security software can be attributed to several key trends and factors. Firstly, the expansion of the Internet of Things (IoT) and the proliferation of connected devices are expected to introduce new security challenges, driving the demand for advanced security solutions to protect IoT ecosystems and networks.

The cloud network security software market is poised for significant growth, driven by the escalating occurrences of cyber threats. These threats stem from various factors, including the increasing sophistication of cybercriminals, the expanding attack surface due to the proliferation of internet-connected devices, and the pursuit of monetary gain. Cloud network security software plays a crucial role in implementing robust defense mechanisms such as encryption, access controls, threat detection, and incident response protocols to safeguard cloud-based infrastructure and data from a myriad of cyber threats. For example, data from January 2023 by Check Point indicates a substantial surge in global cyberattacks in 2022 compared to the previous year. This underscores the growing demand for cloud network security software market.

Leading companies in the cloud network security software market are enhancing their offerings to meet the evolving security needs of cloud-based environments by developing security suites such as log management security suites. These suites provide comprehensive protection for log data in cloud-native environments, encompassing encryption, access controls, auditing, threat detection, and compliance monitoring. For instance, IBM's April 2023 launch of the IBM Security QRadar suite marks a significant advancement, streamlining the security analyst experience throughout the incident lifecycle. This suite offers core threat detection, investigation, and response technologies, with a focus on innovation and efficiency. Delivered as a service on AWS, it includes a cloud-native security observability and log management capability optimized for large-scale data ingestion, sub-second search, and rapid analytics, enabling simplified deployment across cloud environments and seamless integration with public cloud and SaaS log data.

In March 2023, Hewlett-Packard Enterprise Development LP strengthened its edge-to-cloud security offerings by acquiring Axis Security. This strategic acquisition enhances HPE's ability to deliver a unified Secure Access Services Edge (SASE) solution to meet the growing demand for integrated networking and security solutions provided as a service. Axis Security specializes in cloud-native security solutions, particularly focusing on Secure Access Service Edge (SASE) offerings, aligning with HPE's vision of providing comprehensive security solutions tailored to modern cloud-based environments.

Major companies operating in the cloud network security software market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Huawei Technologies Co. Ltd., Intel Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc., Broadcom Inc., VMware Inc., Palo Alto Networks Inc., Juniper Networks Inc., Fortinet Inc., Akamai Technologies Inc., F5 Networks Inc., Splunk Inc., Check Point Software Technologies Ltd., FireEye Inc., Trend Micro Inc., CrowdStrike Holdings Inc., Zscaler Inc., Sangfor Technologies Inc., Cloudflare Inc., Rapid7 Inc., Barracuda Networks Inc., Pulse Secure LLC.

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

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

Cloud network security software encompasses a range of tools and solutions dedicated to safeguarding the network infrastructure and data within cloud environments. These specialized software offerings are designed to tackle the distinct security challenges posed by cloud computing, including threats such as data breaches, unauthorized access, and compliance concerns.

Cloud network security software comprises several key types tailored to protect various aspects of cloud environments. These include application security, which focuses on safeguarding software applications from threats and vulnerabilities throughout their lifecycle, encompassing development, deployment, and maintenance stages. It finds utility across large enterprises and small and medium enterprises alike, spanning diverse applications such as identity and access management (IAM), data loss prevention (DLP), and security information and event management (SIEM) within industries such as healthcare, banking and financial services, retail and consumer services, manufacturing, transportation and logistics, information technology (IT), and telecommunications, among others.

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

The cloud network security software market consists of revenues earned by entities by providing services such as firewall services, intrusion detection and prevention services and virtual private network (VPN) services. The market value includes the value of related goods sold by the service provider or included within the service offering. The cloud network security software market also includes sales of firewalls, intrusion detection and prevention systems (IDPS), virtual private network (VPN) concentrators, and load balancers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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