Multi-Cloud Security Global Market Report 2024

The multi-cloud security market size has grown exponentially in recent years. It will grow from $5.82 billion in 2023 to $7.04 billion in 2024 at a compound annual growth rate (CAGR) of 20.9%. The expansion witnessed during the historical period can be attributed to several factors, including the increasing adoption of cloud services, the escalation of cybersecurity threats, regulatory compliance requirements, the complexity inherent in managing multi-cloud environments, and the growing need for incident response and recovery capabilities.

The multi-cloud security market size is expected to see exponential growth in the next few years. It will grow to $15.23 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing sophistication of cyber threats, the expansion of hybrid and multi-cloud architectures, the emergence of edge computing, and a heightened focus on zero-trust security frameworks. Key trends expected during this period encompass the convergence of security services across multiple cloud environments, a rise in demand for cloud-native security solutions, the increasing adoption of artificial intelligence and machine learning for threat detection and response, and the emergence of unified cloud security platforms.

The increasing concerns surrounding data breaches are anticipated to drive the growth of the multi-cloud security market in the future. Data breach incidents involve unauthorized access, disclosure, or acquisition of sensitive or confidential information. These concerns are escalating due to several factors, including the rising sophistication of cyber-attacks, the proliferation of data, regulatory requirements, potential reputational damage, and financial losses. Multi-cloud security solutions are deployed to mitigate data breach risks by implementing robust security measures across multiple cloud environments, thereby reducing the likelihood of unauthorized access and safeguarding sensitive data from exploitation. For example, in December 2022, the Identity Theft Resource Center reported a significant increase of over 68% in data compromise cases in 2021 compared to 2020, highlighting the growing importance of addressing data breach concerns through enhanced security measures. Consequently, the mounting concerns over data breaches are fueling the expansion of the multi-cloud security market.

Key players in the multi-cloud security market are concentrating on the development of cloud detection and response platforms, such as the Synthesis CDR platform, to enhance their competitiveness. The Synthesis CDR platform is a cybersecurity solution designed to identify and respond to threats within cloud environments effectively. For instance, in January 2023, Skyhawk Security introduced the Synthesis CDR platform to tackle alert fatigue and provide comprehensive cloud detection and response capabilities across multi-cloud environments. By analyzing correlated sequences of runtime events in real-time, the platform aims to enhance cloud security posture and mitigate the overwhelming volume of false positive alerts commonly encountered by cloud security teams. Moreover, the platform adopts a freemium model, offering a basic version free of charge, while additional features such as cloud infrastructure entitlement management (CIEM), identity threat detection and response (ITDR), and advanced cloud security posture management (CSPM) are available for purchase.

In December 2023, Cisco Systems Inc. bolstered its presence in the multi-cloud security and networking sector by acquiring Isovalent for an undisclosed sum. This acquisition underscores Cisco's commitment to leveraging open-source cloud-native technologies to enhance its security cloud vision and provide robust protection for cloud workloads across diverse environments. Isovalent is a cloud-native security and networking company based in the US, specializing in developing open-source software and enterprise solutions for security, networking, and observability requirements in cloud-native infrastructure.

Major companies operating in the multi-cloud security 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., Trend Micro Inc., CrowdStrike Holdings Inc., Zscaler Inc., Sangfor Technologies Inc., Cloudflare Inc., Rapid7 Inc., Barracuda Networks Inc., Fortanix, Pulse Secure LLC.

North America was the largest region in the multi-cloud security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multi-cloud security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the multi-cloud security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Multi-cloud security encompasses the strategies, practices, and technologies implemented to safeguard data, applications, and infrastructure across various cloud computing environments. It aims to tackle the unique challenges and risks inherent in managing and securing assets spread across diverse cloud platforms.

The primary offerings within multi-cloud security consist of solutions and services. Multi-cloud security solutions comprise comprehensive cybersecurity tools and strategies devised to protect data, applications, and infrastructure across multiple cloud environments. These solutions can be deployed across public cloud, private cloud, and hybrid cloud infrastructures, catering to both small and medium enterprises (SMEs) and large enterprises operating in sectors such as banking, financial services, and insurance (BFSI), healthcare, information technology and telecommunications, retail and e-commerce, government agencies, and other end-user industries.

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

The multi-cloud security market includes revenues earned by entities through the sale of licenses, subscriptions or purchase of services including access management services, data encryption services, threat detection services, and cloud security posture management services. 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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