The global cloud security market size is projected to reach USD 1,545.6 million by the end of 2027. Recent technological advances in tools that allow integration of real-time cloud platforms will have a positive impact on market growth. According to a report published by Fortune Business Insights, titled “Cloud Security Market Size, Share & COVID-19 Impact Analysis, By Application (Identity and Access Management, Email and Web Security, Data Encryption and Prevention, Threat Intelligence, Monitoring and Prevention, and Others), By Security Type (Workload Security, Network Security, Platform Security, Application Security, EndPoint Security, and Others), By Enterprise (Large Enterprises, SMEs), By Deployment (Public, Hybrid, Private), By End-User (IT and Telecom, BFSI, Healthcare and Life Sciences, Manufacturing, Retail, Government, Energy and Utilities, Others), and Regional Forecast, 2020-2027,” the market was worth USD 578.4 million in 2019 and will exhibit a CAGR of 13.2% during the forecast period 2020-2027.
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Surge in Product Demand During the Covid-19 Pandemic will Emerge in Favor of Market Growth
The recent coronavirus outbreak has had a daunting impact on several industries across the world. With most companies suffering economically, the efforts taken to curb the spread of the disease will add to the woes. Having said that, it has been a contrasting case for online vendors. As most companies are looking to operate through online platforms, the demand for cloud tools has gone up significantly in the past few months. The increasing adoption of cloud platforms will subsequently create several growth opportunities for the companies operating in the global cloud security market in the coming years.
North America to Emerge Dominant in the Global Market; Massive R&D Spending has Yielded Several Innovative Software Products
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The high capital expenditures in the regional IT sector have created a huge platform for the companies operating in this region. The increasing investments in R&D of software based products have resulted in an increased adoption of cloud-based platforms. Additionally, the presence of several IT companies, especially in the United States, will also contribute to the growth of the regional market. As of 2019, the market in North America was worth USD 188.3 million and this value is projected to rise at a considerable pace in the coming years.
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List of companies profiled in the report:
- Microsoft Corporation (Washington, United States)
- CISCO SYSTEMS, INC. (California, United States)
- IBM Corporation (New York, United States)
- Palo Alto Networks, Inc. (California, United States)
- Broadcom Inc. (California, United States)
- VMware, Inc. (California, United States)
- QUALYS, INC. (California, United States)
- Trend Micro Incorporated (Tokyo, Japan)
- ZSCALER, INC. (California, United States)
- Check Point Software Technologies (Tel Aviv-Yafo, Israel)
- Proofpoint Inc. (California, United States)
- Cloudflare, Inc. (California, United States)
- Fortinet, Inc. (California, United States)
- Foreseeti (Stockholm, Sweden)
- McAfee, Inc. (California, United States)
- Sophos Ltd. (Abingdon, United Kingdom)
- Panda Security (Bilbao, Spain)
- Bitglass, Inc. (California, United States)
- Imperva (California, United States)
- Aqua Security Software Ltd. (Ramat Gan, Israel)
- Barracuda Networks, Inc. (California, United States)
October 2019– McAfee Inc., announced the launch of McAfee MVISION Insights, a product that will help organizations move towards a proactive action-oriented security approach by identifying threats.
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