The flexibility, scalability, and agility of Cloud Computing solutions make them one of the fastest-growing technologies of this decade. However, the proliferation of digital workplace solutions has unfortunately added to data breaches and cyber security incidents as well.
According to the State of Cloud Security Report, by Cyber Security Company Snyk, 80% of the surveyed enterprises had faced a security incident during the year 2021. The silver lining here is, these cyber security incidents also opened a potential greenfield of opportunities for Cloud security providers.
Multiple factors, such as the increasing reliability of Cloud-based data storage, the ever-changing data regulations, and a surge in attacks on cloud infrastructures have fueled the boom in both the Cyber and Cloud Security solutions market.
This was reflected in a recent report by Market Research Accuracy (MRA), predicting the total worth of the Cloud security market to reach a whopping US $123 billion, by the year 2032. This means that its Compound Annual Growth Rate (CAGR) will be 24.4%, which is exceptionally high, even by IT standards.
The MRA report further suggests that the growing trends in Cloud security will unfold fierce market competition, as all the major industry players will try to grab a bigger chunk of the Cloud security solutions market. This will likely result in businesses adopting strategic approaches to retain a competitive edge in their respective industry or niche.
The MRA report forecasts that the following trends will influence the Cloud security market, over the next few years.
- An increase in Mergers and Acquisitions (M&A)
- Expansion in businesses’ IT operations and collaborations
- Higher investments pouting into the Cloud security market
- Innovations in the Cloud Computing sector
- The emergence of more cloud-dependent start-ups
- The higher inclination of businesses towards partnerships
We are already seeing major developments playing out in these areas. Let’s take the example of a Cloud security orchestration company, Opus Security, which has announced that it is hoping to expand its footprint in the Cloud security market, by raising the US $10 million in seed funding. Similarly, a startup developing security tools, Dig Security, also declared raising the US $34 million in seed funding.
The MRA report goes on to classify the geographic segments within the cloud security sector and forecasts that the North American region will predominantly lead this market. Ongoing technology innovations, and the sheer size of the IT market across this region, could be the reasons for this.
Furthermore, infrastructure development and expanding industries in the European markets otherwise make them an attractive region for rapid growth in the Cloud security market.
As for the Asia Pacific region, Cloud security market revenues will boost, majorly due to an increase in cyber security attacks, and the high demand for corporate data security.
The next decade is forecast to bring interesting developments and a significant boom in the Cloud security market. It will be interesting to see how various Cloud security providers would turn cybersecurity challenges into ripe opportunities for securing enterprise IT infrastructures. Any success to this end is certain to usher in huge financial rewards for Cyber and Cloud Security providers as well.
