Cloud Access Security Brokers Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMICT1920 | Last Updated On: Jun 28 2022 | Available Formats

> Global Cloud Access Security Brokers Market Expected to reach a high CAGR of 18% By 2029 | DataM Intelligence.

Global Cloud Access Security Brokers Market is segmented By Service Model (SaaS, IaaS, PaaS), By Solution (Control and monitoring cloud services,Risk and compliance management, Data security, Threat protection), By Vertical (BFSI, Healthcare & Life sciences, Telecommunications and ITES, Consumer Goods and Retail, Government and Public sector, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

Global "Cloud Access Security Brokers market" is expected to grow at a CAGR of over 18% during the forecast period (2022-2029).

The rising adoption of cloud-based applications and cloud migration are a couple of the key factors that are driving the global cloud access security brokers market.

Cloud access security brokers (CASBs) are on-premises or cloud-hosted software that sit between cloud service consumers and cloud service providers to enforce security, compliance, and governance policies for cloud applications. CASBs help organizations extend the security controls of their on-premises infrastructure to the cloud. The cloud access security brokers are the solutions that are cloud-based and on-premises based solutions used to combine and implement enterprise security policies such as single sign-on service, authentication, credential mapping, encryption, tokenization, malware detection, device profiling, and others.

The report covers all the major trends and drivers playing a vital role in the growth of the Cloud Access Security Brokers market. The global Cloud Access Security Brokers market has been segmented based on region, deployment, services, and vertical.

Market Dynamics

The global Cloud Access Security Brokers market growth is primarily driven by rise in the adoption of hybrid cloud solutions. As the cloud computing market continues to grow, enterprises are exploring different cloud models in search of the right balance of functionality, flexibility and investment protection. In addition, rising concern among enterprises for the security of cloud-based applications is also driving the market. Many organizations are moving towards the adoption of cloud technology, due to which they are in a need of strong network security, data security, and threat management solutions that can be easily managed, identify threats, customized, and provide security without control of any physically-oriented elements such as hardware. Another driving factor for cloud access security brokers is the increasing demand for real-time security.

Storage of key information and data pertaining to companies, governments, and organizations needs to be backed with a strong net of security. Since cloud services offer enhanced security of storage, the demand within the global market for cloud access security services has been rising at a robust rate. Furthermore, the popularity of cloud software for storing huge amounts of data has also resulted in an increase in demand for cloud access security services.

However, limited awareness of CASB solutions for the cloud-based environments might hinder the market growth over the forecast period.

Market Segment Analysis

By service model, the global Cloud Access Security Brokers market is segmented into Infrastructure as A Service (IaaS), Platform as A Service (PaaS), Software as A Service (SaaS). In 2018, the SaaS segment accounted for the largest market share in the global market. Software as a service (SaaS) is a software distribution model in which a third-party provider hosts applications and makes them available to customers over the Internet. However, the SaaS applications might contain malicious activities that may cause significant data loss. The cloud access security brokers solutions help in minimizing the loss of data through control and regular monitoring of the cloud-based applications and cloud services.

By solutions, the global cloud access security brokers market is segmented into control and monitoring cloud services, risk and compliance management, data security, and threat protection. In 2018, data security dominated the global market and is expected to maintain its dominance over the forecast period. The data security segment is contributing significantly to the market due to the growth of complex applications and increasing workloads. Currently, enterprises need to follow regulatory compliance to monitor and control their data irrespective of the location. The data security solution segment is the core segment that prevents any kind of data leakage while moving from one place to another.

Regional Analysis

By geography, the global Cloud Access Security Brokers Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).

In 2018, North America accounted for the largest market share. However, APAC is expected to witness a higher CAGR than other regions during the forecast period. North America is a matured market in terms of cloud adoption, due to various factors, such as standards, regulations, advanced IT infrastructure, the presence of a large number of enterprises, and the availability of proficient technical expertise. Therefore, North America is expected to grow at a steady and maintain its dominant position in global market over the period.

APAC Cloud Access Security Brokers market is expected to grow exponentially over the forecast period due to an increased demand for cloud computing among small and medium-sized enterprises (SMEs). Countries like Singapore, which have seen ICT infrastructure as a key enabler in boosting the overall competitiveness in the region, based on creating new industries and new businesses, thereby encouraging economic growth. The city-state boasts a prime position among its neighbors’ when it comes to cloud computing adoption. In India, At present, it does not have a mature ecosystem that supports cloud SaaS/IaaS/PaaS services.

Competitive Analysis

Global Cloud Access Security Brokers Market is fragmented with the presence of global and regional players in the market. Major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability.

Some major players in the market are Bitglass, CipherCloud, Cisco, Forcepoint (Raytheon), McAfee, Microsoft Corporation, Netskope, Palo Alto Networks, Proofpoint, Symantec, and among others. These players have adopted various strategies, such as new product/service developments, mergers and acquisitions, collaborations, and partnerships, to expand their presence in the global Cloud Access Security Brokers market.

For instance, In 2016, Symantec completed the acquisition of Blue Coat, Inc., a leading provider of web security for enterprises and governments worldwide. The acquisition of Blue Coat complements Symantec’s innovative product portfolio and creates the industry’s largest pure-play cyber security company.

 

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