Cloud Security Market To Expand At 14.6% CAGR By 2027, Owing To Rising Number Of Cyber-Attacks & Increasing Investment In Cloud Infrastructure Globally | Million Insights - PRNewswire

FELTON, Calif., Nov. 17, 2020 /PRNewswire/ -- The global cloud security market is projected to account for USD 20.9 billion by 2027, according to a new report by Million Insights and is expected to grow with 14.6% CAGR over the forecast period, from 2020 to 2027. Growing investment in cloud infrastructure and an increasing number of cyber-attacks are expected to drive the market growth.

The cloud infrastructure is gaining popularity due to several benefits such as scalability, flexibility, cost-effectiveness, and on-demand services. Additionally, the emergence of hybrid cloud to a tussle between private and public cloud has given several frameworks and platforms to cloud users to choose from. The adoption of cloud has been gaining traction in recent years, thereby security concerns among cloud users have been increased.

The demand for cloud security is expected to increase during the forecast period due to the rising number of cyber-attacks, and data breaches. In addition, industry players are also playing an important role in implementing compliance laws and regulations according to industry-wide standards. Increasing policy implementation and demand for security services are expected to drive the cloud security market growth in the next few years.

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Moreover, diverse threat vectors and versatility of data lead to security-as-a-service offerings. Sharing responsibility between cloud end users and cloud service providers for data security is expected to witness a significant impact on market growth. Further, technologies ..