Description
The cloud security market size is valued at USD 34.5 billion in 2020 and is expected to register a 14.3% CAGR during the forecast period (2021-2027). Cloud security is one of the important aspects taken into consideration by every company that has shifted its business to the cloud. Most organizations are using multiple cloud servers and looking for a unified way to secure them, which will boost the growth of the cloud security market. Many enterprises use CASB software that integrates cloud service users and cloud applications for monitoring activity and enforcing security policies.
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Factors Affecting the Cloud Security Industry Over the Forecast Period
The increasing sophistication of cyber espionage, cybercrimes, and new cyberattacks are the key factors that boost the growth of the cloud security market. Moreover, increasing data leakage and data breaches in enterprises are creating the demand for cloud security and are expected to accelerate the growth of the cloud security market.
Due to trust issues, small and large enterprises are hesitant to move all their data to the cloud. This factor is estimated to impede the growth of the cloud security market. Additionally, the rise in the number of government initiatives to support smart city projects is investing in cloud computing technology, which increases the demand for cloud security and fuel the growth of the global market.
COVID–19 Impact on the Global Cloud Security Market
The impact of the COVID-19 pandemic on the cloud security market was relatively mild compared to other industries. Since all the government and regulatory authorities have mentioned to both public ..
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