The report "Cloud Security Market by Security Type, Application (Visibility and Risk Assessment, User and Data Governance, Activity and Monitoring and Analytics), Service Model, Organization Size, Vertical, and Region - Global Forecast to 2025", size in the post-COVID-19 scenario is projected to grow from USD 34.5 billion in 2020 to USD 68.5 billion by 2025, at a CAGR of 14.7% during the forecast period. The major growth drivers for the market include the increasing number of security breaches and cyberattacks on cloud infrastructure, and strict regulatory compliances toward adoption of cloud services.
By organization size, the large enterprise segment to lead the market in 2020
Large enterprises are organizations that have more than 1,000 employees. These organizations invest heavily in advanced technologies for increasing overall productivity and efficiency. Large enterprises are widely opting cloud security solutions and are expected to invest significantly in advanced cloud security solutions to provide optimum security to their enterprises’ intense competitive environment.
Large enterprises have adopted cloud security solutions, as they use a large number of cloud and Internet of Things (IoT)-based applications that are highly susceptible to cyberattacks. Moreover, as they face threats from targeted attacks to disrupt their Information Technology (IT) services, these organizations adopt cloud security solutions to provide effective security.
North America is expected to hold the largest market size during the forecast period.
North American has sustainable and well-established economies, which empower it to invest significantly in Research and Development (R&D) activities, thereby contributing to the development of new technologies in the cloud security market. The presence of majority of key players in the cloud security market is expected to be the major factor driving the growth of the market in this region. Key players, such as Microsoft, Cisco, McAfee, Palo Alto Networks, FireEye, and Fortinet, along with several start-ups in the region offer cloud security solutions and services.
The major vendors covered in the cloud security market report include Microsoft (US), Cisco (US), Trend Micro (Japan), McAfee (US), Qualys (US), Amazon Web Services (US), Broadcom (US), Checkpoint (US), IBM (US), Foreseeti (Sweden), Sophos (UK), Forcepoint (US), Palo Alto Networks (US), Bitglass (US), Imperva (US), CipherCloud (US), Proofpoint (US), Zscaler (US), FireEye (US), CloudPassage (US), Fortinet (US), Avanan (US), Illumio (US), vArmour (US), Aqua Security (Israel), Cloudflare (US), SiteLock (US), and Tenable (US).
Source: ASDReports - Market Research
Date: Sep 1, 2020