The Latin America, Middle East and Africa Cloud Security Market would witness market growth of 17.8% CAGR during the forecast period (2021-2027).
Cloud security is a collection of solutions and policies used to safeguard cloud-based systems, infrastructure and networks. These security procedures are set up to secure data stored in a company's cloud while also complying with security regulations. Since 2019, about 16 billion records comprising important information like home addresses, credit card numbers, and other sensitive data have been exposed to susceptible risks, according to a report issued by the Selfkey Foundation, State of the Breach June 2020.
As a result, the demand for security solutions has exploded in recent years. Since businesses have migrated to remote operations as a result of COVID-19, there has been a considerable increase in data breaches and security threats. The market is likely to remain robust over the projection period, owing to factors such as the growth of smartphones and a large base of Internet users.
The MEA geography has a technology infrastructure that is underdeveloped and unable to supply local companies with reasonable bandwidth. Naturally, this has stifled the rise of bandwidth-intensive technologies like the cloud, and has fostered a company culture that is still heavily reliant on older infrastructure.
While cloud acceptance in the MEA area remains low, new initiatives such as Bahrain's "cloud-first policy," national strategic visions like UAE Vision 2021, New Kuwait Vision 2035 and Saudi Vision 2030, and the acceptance of emerging technologies are beginning to shift the cloud landscape.
The coronavirus outbreak has prompted renewed interest in cloud-based technologies, with remote working and the expansion of online services underscoring the importance of a strong digital infrastructure. In fact, through 2024, the Middle East data centre industry is expected to increase at a growth rate of roughly 7% CAGR, with end-user needs motivating data centre developers like Equinix to support this expansion.
The Brazil market dominated the LAMEA Cloud Security Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1.7 billion by 2027. The Argentina market is estimated to grow at a CAGR of 18.5% during (2021 - 2027). Additionally, The UAE market would expect a CAGR of 17.5% during (2021 - 2027).
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on Vertical, the market is segmented into Telecom & IT, BFSI, Healthcare, Retail & eCommerce, Government & Defense, Utilities, Manufacturing, and Others. Based on Application, the market is segmented into Email & Web Security, Cloud Identity & Access Management, Data Encryption & Prevention, Threat Intelligence, Monitoring & Protection, and Others. Based on Service Model, the market is segmented into Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS). Based on Security Type, the market is segmented into Network Security, Endpoint Security, Perimeter Security, Application Security and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Cloud Security Market is Predict to reach $86 Billion by 2027, at a CAGR of 13.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include McAfee Corp., IBM Corporation, Microsoft Corporation, Google LLC, Amazon Web Services, Inc., Cisco Systems, Inc., Palo Alto Networks, Inc., Check Point Software Technologies Ltd., Sophos Group PLC (Thoma Bravo), and Trend Micro, Inc.
By Organization Size
By Vertical
By Application
By Service Model
By Security Type
By Country
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