Cloud Application Security Market Analysis

Cloud Application Security Market Overview

Cloud Application Security Market Size was valued at USD 6.7 billion in 2022. The cloud application security market industry is projected to grow from USD 7.72 Billion in 2023 to USD 18.04 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.20% during the forecast period (2023 - 2030). Government support for innovative infrastructure projects worldwide and increasing digitalization has increased cybercrime, cyber-attacks, and cyber espionage campaigns, the key cloud application security market drivers enhancing market growth.

Figure 1: Cloud Application Security Market Size, 2022-2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Industry News of Cloud Application Security Market 

• March 2023- Cisco, a provider of cybersecurity and cloud solutions, intends to buy Valtix, a Silicon Valley firm in the early stages of the cloud network security market. Cisco's objectives in the multi-cloud network security sector and the benefit of having technologies to track traffic through corporate apps play a role in the acquisition. The platform from Valtix offers capabilities for application defense, security deployment, and automated cloud application discovery. The chief product officer at Cisco Security, Raj Chopra stated that, one thing unites all of this across these various clouds: the network. It is the only location where you have visibility, telemetry, & policy enforcement necessary for consolidated, consistent security since it is the only location that sees all traffic flowing between apps and from applications to users. Valtix will be included into Cisco's Security Business Group after the deal is expected to finalize in the third quarter of this year.

Cloud Application Security Market Trends

The increasing sophistication of cybercrime, cyber espionage campaigns, and new cyberattacks is driving the market growth

Market CAGR for cloud application security is driven by the rising cyberattacks within organizations. Cyberattacks are more likely to target data stored in cloud servers than in organization servers. McAfee said cloud-based cyberattacks on businesses increased by 630% between January and April 2020. This rise is attributed to cloud collaboration tools and services like Microsoft Teams, Cisco WebEx, and Zoom. With SMEs' increasing use of web-based and cloud-based tools and applications, these organizations have become prime targets for threats. Consequently, enterprises of all sizes have become dependent on cloud security to protect their networks from sophisticated cyberattacks. The threat landscape for cyberattacks is constantly evolving, making cloud security paramount.

A major factor contributing to the cloud application security market growth is the rapid technological innovation and the rising trend of using artificial intelligence in cloud application software to improve security. Using the cloud, cloud application security provides a suite of application security tools. It provides rich visibility, control over data travel, and sophisticated analytics across all internal and third-party cloud services for identifying and combating cyber threats. Cloud application security supports various deployment modes, such as reverse proxy, log collection, and API connectors.

It is becoming increasingly common for financial institutions to require cloud-based security systems for payments since these systems offer greater flexibility, security, data integration, and scalability. Approximately 49 million Instagram users' sensitive personal data was exposed in 2019 when Instagram's user data was breached. In this case, an unprotected AWS server connected to the internet caused the leak. Such incidents warn social media platforms to invest in robust cloud security services.

For instance, In October 2019, McAfee launched McAfee MVISION Insights to help companies respond quickly to cyberattacks. To accomplish this, actionable insights are provided, and threats are pinpointed. Besides allowing the companies to track the attack, this also allows them to identify it. Thus, driving the cloud application security market revenue.

Cloud Application Security Market Segment Insights

Cloud Application Security Component Insights

The Cloud Application Security Market segmentation, based on components, includes solutions and services. The solution segment dominated the cloud application security market, accounting for 35% of market revenue. This segment is growing due to the growing adoption of corporate BYOD policies and the growing penetration of mobile devices. Moreover, the WFH trend indicates that companies are moving toward cloud solutions with greater safety and protection against cyber-attacks.

Cloud Application Security Organization Size Insights

The Cloud Application Security Market segmentation, based on organization size, includes large enterprises and medium-sized enterprises. The medium-sized enterprises category generated the most income (67.4%). Data breaches on enterprise cloud applications and increasing sophistication of cyber-attacks are expected to drive the medium-sized enterprises segment's growth at a higher CAGR during the forecast period. However, large enterprises were expected to account for a greater cloud application security market share in the forecast period. Cloud application security solutions were adopted by large enterprises early because they use a large number of cloud-based applications.

Cloud Application Security Industry Vertical Insights

The Cloud Application Security Market data, based on industry verticals, includes government and defense, BFSI, healthcare, I.T. and telecom, retail, and others. The I.T. and telecom segment dominated the market, accounting for 32% of market revenue. A surge in BYOD and work-from-home trends has prompted IT companies to prioritize cloud security services and solutions. While public cloud deployments are very important for businesses with low privacy concerns, hybrid cloud deployments are becoming more popular in IT due to their scalability and flexibility. As a result, IT organizations have become increasingly dependent on hybrid cloud security solutions to balance the workloads of both public and private clouds. Enterprises are adopting cloud security solutions in response to increasing instances of cloud-based cyberattacks and cloud-native threats.

Figure 2: Cloud Application Security Market, by Industry Vertical, 2022 & 2030 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cloud Application Security Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American cloud application security market will dominate the cloud application security market. In response to an increase in cloud security infrastructure, demand for security services has increased, consequently leading to growth in the market. Due to its highly regulated laws and stringent regulations, the US offers multiple opportunities for providers of cloud security solutions to serve various industries' customers.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: CLOUD APPLICATION SECURITY MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asia Pacific cloud application security market accounts for the second-largest market share due to the fast-growing internet service and rising adoption of BYOD within enterprises. Further, China’s cloud application security market held the largest market share, and the Indian cloud application security market was the fastest-growing market in the Asia-Pacific region

The Europe cloud application security Market is expected to grow at the fastest CAGR from 2023 to 2030. Due to recent data breaches and the growing danger of cybercrime and targeted attacks, the industry exerts substantial efforts in setting regulations and compliance guidelines and the growing demand for industry-wide standards. Moreover, the German cloud application security market held the largest market share, and the UK cloud application security market was the fastest-growing market in the European region.

For instance, Prisma Networks acquired PureSec to improve its serverless security offerings. PureSec supports various vendors, such as Amazon web services, Azure functions, etc.

Cloud Application Security Key Market Players & Competitive Insights

Leading market players are investing heavily in R&D to expand their product lines, which will help the cloud application security market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The cloud application security industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global cloud application security industry to benefit clients and increase the market sector. In recent years, the cloud application security industry has offered some of the most significant advantages to I.T. and telecoms. Major players in the cloud application security market, including Microsoft Corporation (U.S), Censor Net Ltd. (U.K), Juniper Networks, Inc. (the U.S), Cisco Systems Inc. (U.S), McAfee, Inc. (the U.S), security Fortinet, Inc. (the U.S), Zscaler (U.S), Symantec Corporation (U.S), Trend Micro Inc. (Japan), Bitglass Inc. (U.S.), IBM Corporation (U.S), Oracle Corporation (U.S), Skyhigh Networks (U.S), Palo Alto Networks, Inc. (the U.S), Cipher Cloud (U.S), Proof point Inc. (U.S) and Netskope Inc. (U.S).

Microsoft Corporation specializes in software development. A number of applications are available, as well as extra cloud storage and advanced security solutions. Customers around the world use Microsoft products. In February 2021, With the announcement of a global strategic partnership, Amadeus and Microsoft aim to innovate and explore new products and solutions to make travel more efficient. With this partnership, Microsoft's trusted, secure cloud platforms and industry-leading collaboration and enterprise technologies will be combined with Amadeus' proven expertise and innovation in the travel industry.

McAfee, Inc. provides computer security software. In addition to the data center and cloud defense, McAfee offers threat intelligence networks, cybersecurity services, data and endpoint protection, risk management, compliance, and security information management services. McAfee works with educational institutions, corporations, governments, and consumers in more than 150 countries. In October 2019, A new McAfee product called McAfee MVISION Insights was launched to help companies respond quickly to cyberattacks. The goal is to provide actionable insights while pinpointing threats. As a result, companies can track attacks as well.

Key Companies in the Cloud Application Security market include

• Microsoft Corporation (U.S)


• Censor Net Ltd. (U.K)


• Juniper Networks, Inc. (the U.S)


• Cisco Systems Inc. (U.S), McAfee Inc. (the U.S)


• security Fortinet, Inc. (the U.S)


• Zscaler (U.S)


• Symantec Corporation (U.S)


• Trend Micro Inc. (Japan)


• Bitglass Inc. (U.S.)


• IBM Corporation (U.S)


• Oracle Corporation (U.S)


• Skyhigh Networks (U.S)


• Palo Alto Networks, Inc. (the U.S)


• Cipher Cloud (U.S)


• Proof point Inc. (U.S)


• Netskope Inc. (U.S).

Cloud Application Security Industry Developments

October 2020 CISCO and Google have partnered to integrate their WANs with Google's global cloud network to deliver WAN application integration in combination with Google's workloads.

October 2019 Trend Micro acquired Cloud Conformity in October 2019 to improve its cloud services. Through cloud security posture management, the company ensures compliance with industry standards.

June 2021 The Check Point CloudGuard Workload Protection solution was launched in June 2021 as a part of the Check Point unified Cloud Native Security Platform. This solution delivers application-first workload protection with Check Point CloudGuard Workload Protection.

Cloud Application Security Market Segmentation

Cloud Application Security Component Outlook

• Solutions


• Services

Cloud Application Security Organization Size Outlook

• Large enterprises


• Medium-sized enterprises

Cloud Application Security Industry Vertical Outlook

• Government and defense


• BFSI


• Healthcare


• T. and telecom


• Retail


• Others

Cloud Application Security Regional Outlook

• 
  

  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  

  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  

  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  

  Rest of the World

  
  
  
  
  • 
    

    Middle East

    
    
  
  
  • 
    

    Africa

    
    
  
  
  • 
    

    Latin America