The cloud security market is expected to expand from $33.13 billion in 2022 to $106.02 billion in 2029, according to a new report by Fortune Business Insights.
A compound annual growth rate (CAGR) of 18.1% is anticipated for the forecast period, owing to soaring demand for managed container services, extensive storage applications, and crypto-jacking. The increased adoption of cloud computing services for data monitoring is also expected to spur the market's growth.
The cloud security market was valued at $29.26 billion a year ago. Commenting on the pandemic’s role behind the burgeoning growth, Fortune Business Insights stated, “Amid COVID-19, many organizations began shifting massive amounts of the workload from data centers and on-premises towards the cloud. This led to an exponential increase in cloud usage solutions, further leading to a boost in the cloud security market growth.”
The market research firm, however, predicts budget and data privacy restrictions will limit market growth between 2022 and 2029.
Even so, North America is expected to maintain its leading position in the cloud security market during the forecast period as a direct outcome of government initiatives that encourage investments in security solutions, among others.
Furthermore, increased collaborations among the prominent players, including Microsoft, Cisco, and IBM, combined with the rise of phishing and cyber attacks will augment the market's growth in the North American region.
In terms of global contribution, the Asia Pacific will account for a sizeable share as a result of collaborative efforts between government agencies and private entities in emerging economies such as China, India, Japan, South Korea, and Southeast Asia. Sprouting investments in cloud security will also add to the market’s growth in the APAC region.
