According to a new report, published by KBV research, The Global Cloud Data Security Market size is expected to reach $10.5 billion by 2028, rising at a market growth of 15.1% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 16.2% during (2022 - 2028). The growth is attributed to the fact that most firms are utilizing cloud computing in some way. Protecting data and business information, such as customer orders, confidential design blueprints, and financial records is a vital aspect of cloud security. Also, these services aid in preventing data leaks and theft which is essential for retaining consumer confidence and safeguarding the assets contributing to a company's competitive edge.
The Co-Managed segment acquired maximum revenue share in the Global Cloud Data Security Market by Offering Type in 2021 thereby, achieving a market value of $6.9 billion by 2028. The growth is attributed to the design of the co-managed security which is developed to address data, application, network, server, and other security element intrusions. The security measures apply to the cloud, hybrid cloud configurations, computers, smartphones, and other devices. Through the cloud and other external infrastructures, which have more built-in security measures, it is simpler to regulate the entry and departure points of the data.
The SMEs segment has shown the growth rate of 16.7% during (2022 - 2028). The growth is attributed to the increased cyberattacks against small businesses in the recent years. Small and medium-sized firms are anticipated to reduce their cloud expenditures due to a decline in capital expenditure caused by a decline in demand for goods and services and budget inflexibility during the pandemic.
The BFSI segment is leading the Global Cloud Data Security Market by Vertical in 2021 thereby, achieving a market value of $2.8 billion by 2028. This is due to the fact that the cloud service providers take the responsibility for the security of hardware and infrastructure across geographies, availability zones, and the network's edge. They also protect the computer, storage, databases, and networking software. The client or user is responsible for ensuring the security of its customer data, platform, applications, workloads, operating system, and network, etc., which makes it essential to adopt security solutions like cloud data security.
The North America market dominated the Global Cloud Data Security Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.6 billion by 2028. The Europe market is experiencing a CAGR of 14.3% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 16% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/cloud-data-security-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Amazon Web Services, Inc. (Amazon.com, Inc.), Google LLC (Alphabet, Inc.), Cisco Systems, Inc., McAfee Corp., Microsoft Corporation, Palo Alto Networks, Inc., Zscaler, Inc., Fortinet, Inc., Check Point Software Technologies Ltd., and IBM Corporation.
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