Organizations nowadays are heavily reliant on cloud computing and cloud services, according to Fairfield Market Research. This has, in a sense, increased demand for private, public, and hybrid cloud ecosystems to include cloud data security services. The steepening growth curve of the worldwide market for cloud data security is seen in the latest study from Fairfield Market Research. This may be explained by the ongoing increase in cyberthreat vulnerabilities, data breaches, and information loss.
The worldwide market for cloud data security, which was worth US$2.5 Billion in 2019, is anticipated to reach US$13.2 Billion by the end of 2029. According to Fairfield Market Research, the market is anticipated to expand at a staggering CAGR of 15.9% during the forecast period.
The need for cloud data security has been further fuelled by the requirement to safeguard corporate data, virtualized IT, services, cloud infrastructure, and applications. DELL, Cisco Systems, IBM, Sailpoint Technologies, Oracle, Microsoft Corporation, HITACHI, CA Technologies, Okta, Micro Focus, and Centrify Corp. are a few of the most illustrious companies driving development in the worldwide cloud data security industry.
Sound Adoption of Cloud-based Technologies Creates Tailwinds for Market Expansion
A significant portion of organizational burden is now kept in the cloud as a result of the continuous shift to the cloud. Because businesses depend on cloud service providers, they are now in a position to keep the data very safe and secure. As a result, many cloud service providers are investing a substantial amount of money to improve and advance cloud security measures.
Additionally, the practice of working from home has created certain hazards due to vulnerability to cyber attacks. Additionally, SMEs are turning to managed services for efficient cloud service management. The need for cloud data security services has grown dramatically in this setting, which has in turn stimulated development throughout the worldwide industry.
Government Programs that Promote Market Growth
Governments all around the globe are creating strict rules and laws in response to the rising cybersecurity threats, according to Fairfield Market Research. There are significant investments being made in cloud-based delivery methods in order to stay up with the digitally sophisticated world. Public-private partnerships are being established to create resilient infrastructure, such as smart megacity businesses and intelligent transportation networks. Results of this technique are scalable, affordable, and reliable.
Organizations that contain sensitive and secret data, including those in the energy, technology, financial services, and dispatch sectors, need a complex organizational structure. As a result, the market for global cloud data security has seen new income streams emerge due to the increased demand for cloud solutions.
North America Will Contribute Significantly to Revenue
With its widespread use of cloud data security, North America is influencing the worldwide market for cloud data security during the course of the projected period. Businesses from a variety of sectors are aggressively using cloud-based services, which is increasing the need for cloud data protection. Businesses may now join forces to develop and increase their market share thanks to fierce competition, stated Fairfield Market Research.
The market for cloud data storage in North America is expanding broadly as a result of the significant increase in start-ups. Numerous opportunities for generating money are being opened up by the growing client base and the entry of new competitors. Additionally, a focus on research and development as well as significant expenditures in the field are creating a wealth of potential for market growth.
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