DUBLIN, Feb. 27, 2023 /PRNewswire/ -- The "Global Multi-cloud Security Market by Offering (Solution and Services), Cloud Model (IaaS, PaaS, and SaaS), Application (Network, Endpoint), Verticals (BFSI, Healthcare, IT and ITeS, Retail and eCommerce), Organization Size Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global multi-cloud security market is projected to grow from an estimated USD 4.4 billion in 2022 to USD 10.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.7% from 2022 to 2027.
Some of the factors driving the market growth include implementation of stringent regulatory standards, and the requirement by organizations for a unified multi-cloud security solution. However, limited skilled expertise for deployment of multi-cloud security solutions is expected to hinder the market growth.
SMEs segment to grow at highest CAGR during the forecast period
According to the Organization for Economic Co-operation and Development (OECD), SMEs employ fewer than a given number of employees. This number varies across countries. The most frequent upper limit designating an SME is 250 employees in the European Union. However, some countries set the limit at 200 employees, while the US considers SMEs to include firms with fewer than 500 employees. SMEs are moving towards adopting multi-cloud security solutions and services. SMEs often possess limited budgets and a limited number of employees. Using more than one cloud vendor provides optimum security and disaster backup recovery. Data and workload can be maintained in different cloud platforms to maintain compliance with data security regulations. A major concern for SMEs is the cost of cloud services, and pricing is a major challenge.
Although, with the adoption of multi-cloud security solutions, SMEs can choose vendors with the best pricing based on requirements. The provisions of businesses are susceptible to change and need to be scalable. Using multi-cloud solutions allows companies to switch vendors and services as per requirements, thus giving SMEs the leverage to boost productivity and functionality. The multi-cloud deployment helps avoid vendor lock-in, evaluates the terms and conditions of each vendor cloud service, and supports profit gain. Moreover, cybercrimes are growing in sophistication, adding risk to the IT networks of enterprises.
According to a report by CyberPeace Foundation, Cybersecurity for SMEs and startups, 43% of cyberattacks target small businesses. Multi-cloud security solutions help enhance the security infrastructure of SMEs, thereby driving the growth of this segment.
IaaS segment to hold the largest market size during forecast period
IaaS is a form of cloud computing where equipment is provided and managed by an external provider. The equipment and instruments in the cloud environment can include a variety, from virtual servers to network connections and load balancers. The virtualization of the hardware allows businesses to scale their IT solutions easily. Virtualization of hardware also additionally helps growing companies or those working on temporary projects with the ability to scale their businesses. IaaS delivers computing infrastructure as on-demand services. The user purchases servers or network equipment in this model and rents resources through a fully outsourced and on-demand service model. It enables scalability, and the resources are distributed as a service. Popular infrastructure services include Amazon's Elastic Compute, the Google Compute Engine, and Microsoft Azure. IaaS has become a target for cyberattacks attempting to hijack IaaS resources to launch denial-of-service attacks, run botnets, or mine cryptocurrencies. Attackers who successfully infiltrate an organizations' infrastructure resources, can leverage those accounts to access other parts of the enterprise architecture. The adoption of multi-cloud security solutions and services help create a secure environment.
Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific is experiencing increasing digitalization in the recent years. According to the Asia Pacific Economic Cooperation, SMEs are the engines of growth in the Asia Pacific region. They contribute significantly to the economic growth. These firms are increasingly adopting multi cloud infrastructure for deploying their organizations' resources. The new age startups and unicorns across the region are focusing more on managing applications and product delivery. This factor has led to organizations moving towards serverless computing and cloud infrastructure.
According to the multi-cloud maturity index report, commissioned by VMware, 98% of respondents from India and Singapore reported that multi cloud had a positive impact on revenue growth, while 79% of those from Japan, mentioned the same. Several initiatives are being taken up by the governments and organizations in the region, related to cloud-based solutions. The region is also witnessing increasing cyberattacks. According to IBM global analysis, Asia is the most targeted region by cyberattacks, representing 26% of the attacks analyzed in 2021. Factors including increasing digitalization and growing cyberattacks are the major factors fueling the adoption of multi-cloud security solutions and services.
Research Coverage
The report segments the multi-cloud security market and forecasts its size, by offering (solutions, services), cloud model (IaaS, PaaS, and SaaS), application (network security, application security, and endpoint and IoT security), verticals (BFSI, healthcare, IT &ITeS, retail and eCommerce, and others), organization size (large enterprises, SMEs), and region (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America).
Market Dynamics
Drivers
- Rising Need for Unified Multi-Cloud Security Solutions due to Increasing Cyberattacks
- Growing Government Support for Multi-Cloud Security Solutions
Restraints
- Shortage of Skills Necessary to Deploy Multi-Cloud Security Solutions
- Opportunities
- Adoption of BYOD and Remote Working Models
Challenges
- Complexities Associated with Multi-Cloud Security Solutions and Services
- Disaster Recovery Planning
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Multi-Cloud Security Market, by Offering
7 Multi-Cloud Security Market, by Cloud Model
8 Multi-Cloud Security Market, by Organization Size
9 Multi-Cloud Security Market, by Application
10 Multi-Cloud Security Market, by Verticals
11 Multi-Cloud Security Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Adjacent Markets
15 Appendix
Companies Mentioned
- Accuknox
- Amazon Web Services
- Aqua Security
- Ascend Technologies
- Atos
- Aviatrix
- Bmc Software
- Caveonix
- Check Point
- Cloud4C
- Cloudflare
- Distology
- Entrust
- Ermetic
- F5
- Fidelis Cybersecurity
- Fortanix
- Fujitsu
- Google Cloud
- Ibm
- Illumio
- Imperva
- Lacework
- Micro Focus
- Microsoft
- Orca Security
- Proofpoint
- Rackspace
- Saviynt
- Sonicwall
- Tufin
- Valtix
- Vmware
For more information about this report visit https://www.researchandmarkets.com/r/46nrjx-multi?w=5
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
