Multi-Cloud Security Market Size Worth $21.7 Billion By 2030: IndustryARC

Multi-Cloud Security Market size is predicted to reach $21.7 billion by 2030, growing at a CAGR of 21.5% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Increasing adoption of cloud services, high dependence on the remote work model, the need for a comprehensive security approach across multiple cloud platforms, and the complexity of managing multiple cloud environments are propelling the Multi-Cloud Security Market growth, finds IndustryARC in its recent report, titled “Multi-Cloud Security Market Size, Share & Trends Analysis Report By Deployment Mode (Public Cloud, Private Cloud & Hybrid), By Offerings (Services & Solutions), By Cloud Model [Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS) & Software-as-a-Service (SaaS)], By Organization Size [Large Enterprises & Small and Medium Enterprises (SMEs)], By Industry Vertical (Banking, Financial Services and Insurance, Government, Manufacturing, IT and Telecommunication, Healthcare, Retail and Ecommerce, Energy and Utilization & Others), By Region and Segment Forecasts, 2023–2030”

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Asia Pacific to Register Highest Growth:

The Multi-Cloud Security industry in the Asia Pacific region is expanding due to the rapid adoption of cloud technology, increasing cyber threats, and growing awareness of the benefits of multi-cloud. These factors have increased the demand for multi-cloud security solutions that safeguard cloud-based assets and assist businesses in complying with data protection standards. Additionally, Asia Pacific is the home of several emerging economies, such as China and India, which are investing heavily in cloud infrastructure and digital technologies, creating new opportunities for multi-cloud security vendors.

For instance, in February 2022, Check Point, a leading provider of cyber security solutions globally, acquired Spectral, an Israeli startup. With this acquisition, Check Point CloudGuard will provide the industry’s most comprehensive security platform from code to cloud.

Multi-Cloud Security Market 2023-2030: Scope of the Report

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Multi-Cloud Security Market Report – Key Takeaways:

• Growing Adoption of Cloud Computing

The increasing adoption of cloud computing technologies and the need for businesses to secure their data and applications in a multi-cloud environment drives the multi-cloud security market. As more companies move their applications and data to the cloud, they face the challenge of ensuring the security of their cloud-based infrastructure and protecting their sensitive data from cyber threats such as data breaches, ransomware attacks, and other forms of cybercrime.

Multi-cloud security solutions provide a unified approach to securing data and applications across multiple cloud platforms, allowing businesses to ensure consistent security policies and procedures are applied across all cloud environments, whether public or private. This provides businesses with a comprehensive security strategy that covers all aspects of their cloud infrastructure, including data encryption, access control, threat detection, and compliance management.

• SaaS Segment to Register the Fastest Growth/Dominance of IaaS Segment

According to market analysis, IaaS (Infrastructure as a Service) accounts for a significant portion of the multi-cloud security market, with a market share of 42.1% in 2022. This highlights the dominance of IaaS in the market and demonstrates the widespread adoption of IaaS platforms like AWS, Azure, and GCP among businesses. As businesses migrate their operations to the cloud, they require robust security solutions to protect their assets and data. IaaS providers offer a wide range of security features and capabilities, making them a popular choice for businesses looking to secure their cloud-based assets.

• North America is Leading the Market

North America region held a major market share of 44% in 2022. High rate of cloud adoption, advanced IT infrastructure, and a robust regulatory environment are some of the primary factors driving the Multi-Cloud Security market in this region. Furthermore, North America is a hub of technological advancements, with a highly developed IT infrastructure and many tech-savvy organizations. This has led to the development and adoption of advanced security solutions, including multi-cloud security solutions. Additionally, North America has many cloud providers, including Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform (GCP) and Cloudflare. This has led to a highly competitive market for multi-cloud security solutions, driving innovation and the development of advanced security solutions.

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Key Opportunity Analysis:

Adoption of Remote Work and BYOD (Bring Your Own Devices) Concepts

The adoption of remote work and bring your own device (BYOD) policies has led to a rise in the demand for cloud-based services. Since employees access company data and applications from a variety of places and devices, multi-cloud security solutions have become an absolute necessity, resulting in the expansion of this industry.

In addition, the need for social distancing and the closure of physical offices during COVID-19 compelled many firms to adopt remote work arrangements to ensure business continuity. This sudden shift accelerated the adoption of cloud-based services to facilitate remote work. A study by Standford of over 16,000 workers over nine months found that working from home has increased productivity by 13%.

Integration with AI & ML

Improving security effectiveness and automating security operations through increasing the application of artificial intelligence (AI) and machine learning (ML) technology. AI/ML can be used to evaluate enormous quantities of data from many sources in order to identify and respond to threats more quickly and accurately than traditional security methods. In addition, AI/ML can offer predictive and proactive threat identification, enabling firms to take preventative measures prior to an attack.

DataRobot introduced the AI Cloud platform in September 2021. The independent AI and machine learning vendor said the cloud platform enables organizations to run its software on any combination of public clouds and data centres with the governance and security to protect their businesses.

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The Report also Covers the Following Areas:

• Multi-Cloud Security Market Size and Forecast
• Multi-Cloud Security Market Trends
• Multi-Cloud Security Market Analysis by Product Type

Multi-Cloud Security Market 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2023-2030
• Value Chain analysis of key stake holders
• Detailed analysis of market drivers and opportunities during the forecast period
• Multi-Cloud Security Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Multi-Cloud Security Market

Covid and Ukrainian Crisis Impact:

The COVID-19 pandemic has significantly changed how organizations operate, with remote work becoming the norm. This has increased the demand for cloud computing and raised critical security issues, creating a corresponding need for cloud security solutions. Moreover, multi-cloud networking helped end users improve their flexibility while servicing clients and ensuring adequate data security in the wake of the uncertainties brought up by the pandemic.

The Ukraine-Russia conflict has created geopolitical instability and heightened cyber threats, leading to challenges for the multi-cloud security market. There has been a shift in cloud infrastructure away from affected areas, which has increased the demand for multi-cloud solutions. Russia is running out of cloud data storage as many tech companies such as Google, Meta, Apple, and many others are winding down operations in Russia, primarily due to sanctions enforced by Europe and the United States.

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List of Key Market Players in Multi-Cloud Security Market:

The Global Multi-Cloud Security Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• Microsoft Corporation
• VMware, Inc.
• Rackspace Technology, Inc.
• Check Point
• F5, Inc.
• Kaspersky
• Fujitsu
• Entrust Corporation
• Nutanix Beam
• Cloudflare, Inc.
• IBM Corporation
• Cloud4C
• Proofpoint Inc.
• Lacework
• BMC software Inc.

Related Reports:

Cyber Security Market – Cyber security market is projected to grow at a CAGR of 8.5% from 2023 to 2030. The increasing use of technology such as artificial intelligence, IoT, machine learning and so on are significantly drives the cybersecurity market.

Crowdsourced Market – The Crowdsourced security market is projected to grow at a CAGR of 8.8% during the forecast period from 2023 to 2030. The crowdsourced security market is majorly driven by the increasing number of cyber-attacks and threats from hackers, digital transformation, web application, mobile application and cyber security compliance, privacy and data protection, and so on.

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