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Multi-Cloud Security Market - Forecast(2024 - 2030)
Multi-Cloud Security Market Overview:
Multi-Cloud Security Market size is estimated to reach $21.7 billion by 2030, growing at a CAGR of 21.5% during the forecast period 2023-2030. 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.
Multi-Cloud security solutions provide a centralized approach to managing security, streamlining processes, and reducing the risk of misconfigurations or oversights. Embracing a Multi-Cloud strategy enables businesses to select the most suitable cloud solutions tailored to their specific requirements, resulting in cost savings and avoiding issues related to data, interoperability, and costs that may arise from overreliance on a single cloud provider. IBM reports that misconfigured servers are responsible for 86% of compromised records, highlighting the significance of addressing such challenges. Adopting a unified cloud security platform helps overcome issues related to visibility and control. Furthermore, organizations are increasingly leveraging intelligent security solutions driven by Artificial Intelligence and Machine Learning to protect their data. These advancements and the effective resolution of challenges in the multi-cloud environment are expected to drive the growth of the multi-cloud security market in the forecast period of 2023-2030
Market Snapshot:
Multi-Cloud Security Market - Report Coverage:
The “Multi-Cloud Security Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Multi-Cloud Security Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
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.
Key Takeaways:
Fastest Growth of Asia-Pacific Region
Geographically, in the global Multi-Cloud Security market share, Asia Pacific is analyzed to grow with the highest CAGR of 21.9% during the forecast period 2023-2030. Increasing adoption of cloud computing, the growing number of connected devices, and the rise of digital transformation initiatives drive Multi-Cloud Security Market in the Asia Pacific region. Furthermore, several emerging economies, such as India, are investing heavily in cloud infrastructure and digital technologies, creating new opportunities for multi-cloud security vendors.
Solutions Segment is Leading the Market
According to the Multi-Cloud Security Market forecast, the Solutions sector will have the highest market valuation in 2022, at $3.1 billion. This is due to a variety of factors, including the availability of quantifiable security products that provide a sense of control and ownership, upfront and visible costs that allow for more accurate budgeting, the ability to provide automation and consistency in security enforcement, and a greater demand for solutions that can be integrated into existing infrastructure. These reasons have all contributed to the solution sector's dominance in the multi-cloud security industry.
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.
SaaS Segment to Register the Fastest Growth
In the Multi-Cloud Security Market analysis, the Software-as-a-Service segment is estimated to grow with the highest CAGR of 22.3% during the forecast period. Software as a Service is a cloud computing model in which software applications are hosted by a third-party provider and made available to customers over the internet. Instead of installing and maintaining software on their own computers or servers, users can access the software through a web browser or mobile app, and the provider handles the underlying infrastructure, security, and maintenance.
The multi-cloud security market is expected to grow the fastest in the SaaS segment, which is scalable and flexible, cost-effective, and works well in multi-cloud environments. All of these things have led to a high demand for SaaS cloud security solutions that work well with existing cloud infrastructure. This has caused the multi-cloud security market to grow quickly.
For instance, SaaS vendors, for instance, provide hybrid cloud solutions that combine public and private cloud infrastructure to enable better flexibility and customization. Major tech companies, such as Microsoft, Salesforce, and Oracle, have been acquiring smaller SaaS providers to expand their offerings and consolidate the market.
Adoption of Remote Work and BYOD Trend Fuels Market Growth
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 in to ensure business continuity. This sudden shift accelerated the adoption of cloud-based services to facilitate remote work. Hence, the demand for multi-cloud security solutions has grown substantially.
Lack of Expertise to impeded the market growth
Multi-cloud environments are complex and require specialized knowledge of cloud infrastructure and security protocols to manage and secure effectively. Many organizations lack the necessary expertise and resources to implement and maintain multi-cloud security solutions, making it challenging for them to adopt and benefit from these solutions. The cybersecurity industry is currently facing a significant shortage of skilled professionals, with a projected shortfall of 3.5 million cybersecurity professionals globally in 2021, published in a report by the New York Times.
Disaster Recovery
Disaster recovery in the multi-cloud security market refers to restoring an organization's IT infrastructure and data in a disruptive event such as a natural disaster, cyber-attack, or human error. Disaster recovery is difficult in a multi-cloud environment because of the complexity of managing multiple cloud providers and ensuring the consistency of security and data protection measures across all of them. Each cloud provider may have different tools, techniques, and requirements for backing up and recovering data. Organizations must ensure data is synchronized and consistent across all cloud providers to avoid data loss or corruption. If the recovery point and time objectives aren't met, it could lead to service-level agreement violations in the future. So, a reliable disaster recovery plan must be in place for a multi-cloud environment to run smoothly.
Multi-Cloud Security Market Share (%) By Region, 2022
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Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Multi-Cloud Security Market. The top 10 companies in this industry are listed below:
1. Microsoft Corporation
2. VMware, Inc.
3. Rackspace Technology, Inc.
4. Check Point
5. F5, Inc.
6. Kaspersky
7. Fujitsu
8. Entrust Corporation
9. Nutanix Beam
10. Cloudflare, Inc.
11. IBM Corporation
12. Cloud4C
13. Proofpoint Inc.
14. Lacework
15. BMC software Inc.
Scope of the Report:
1. Multi-Cloud Security Market - Overview
1.1. Definitions and Scope
2. Multi-Cloud Security Market - Executive Summary
3. Multi-Cloud Security Market - Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Multi-Cloud Security Market - Start-up Companies Scenario (Premium)
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Multi-Cloud Security Market – Market Entry Scenario Premium (Premium)
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Multi-Cloud Security Market - Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Multi-Cloud Security Market – Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Multi-Cloud Security Market – By Deployment Mode (Market Size – $Million/$Billion)
8.1. Public Cloud
8.2. Private Cloud
8.3. Hybrid
9. Multi-Cloud Security Market – By Offerings (Market Size – $Million/$Billion)
9.1. Services
9.2. Solutions
10. Multi-Cloud Security Market – By Cloud Model (Market Size – $Million/$Billion)
10.1. Infrastructure-as-a-Service (IaaS)
10.2. Platform-as-a-Service (PaaS)
10.3. Software-as-a-Service (SaaS)
11. Multi-Cloud Security Market – By Organization Size (Market Size – $Million/$Billion)
11.1. Large Enterprises
11.2. Small and Medium Enterprises (SMEs)
12. Multi-Cloud Security Market – By Industry Vertical (Market Size – $Million/$Billion)
12.1. Banking, Financial Services and Insurance
12.2. Government
12.3. Manufacturing
12.4. IT and Telecommunication
12.5. Healthcare
12.6. Retail and Ecommerce
12.7. Energy and Utilization
12.8. Others
13. Multi-Cloud Security Market – By Geography (Market Size – $Million/$Billion)
13.1. North America
13.1.1. The U.S.
13.1.2. Canada
13.1.3. Mexico
13.2. Europe
13.2.1. UK
13.2.2. Germany
13.2.3. France
13.2.4. Italy
13.2.5. Spain
13.2.6. Russia
13.2.7. Rest of Europe
13.3. Asia-Pacific
13.3.1. China
13.3.2. India
13.3.3. Japan
13.3.4. South Korea
13.3.5. Australia & New Zealand
13.3.6. Rest of Asia-Pacific
13.4. South America
13.4.1. Brazil
13.4.2. Argentina
13.4.3. Chile
13.4.4. Colombia
13.4.5. Rest of South America
13.5. Rest of the World
13.5.1. Middle East
13.5.2. Africa
14. Multi-Cloud Security Market – Entropy
15. Multi-Cloud Security Market – Industry/Segment Competition Landscape Premium
15.1. Market Share Analysis
15.1.1. Market Share by Product Type – Key Companies
15.1.2. Market Share by Region – Key Companies
15.1.3. Market Share by Country – Key Companies
15.2. Competition Matrix
15.3. Best Practices for Companies
16. Multi-Cloud Security Market – Key Company List by Country Premium Premium
17. Multi-Cloud Security Market - Company Analysis
17.1. Microsoft Corporation
17.2. VMware, Inc.
17.3. Rackspace Technology, Inc.
17.4. Check Point
17.5. F5, Inc.
17.6. Kaspersky
17.7. Fujitsu
17.8. Entrust Corporation
17.9. Nutanix Beam
17.10. Cloudflare, Inc.
17.11. IBM Corporation
17.12. Cloud4C
17.13. Proofpoint Inc.
17.14. Lacework
17.15. BMC software Inc.
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The Multi-Cloud Security Market is projected to grow at 21.5% CAGR during the forecast period 2023-2030.
Global Multi-Cloud Security Market size is estimated to be $5.5 billion in 2023 and is projected to reach $21.7 billion by 2030.
The leading players in the Multi-Cloud Security Market are Microsoft Corporation, VMware, Inc., Rackspace Technology, Inc., Check Point, F5, Inc., Kaspersky, Fujitsu, Entrust Corporation, Nutanix Beam, Cloudflare Inc. and others.
Adoption of Remote Work and BYOD are some of the major Multi-Cloud Security Market trends in the industry which will create growth opportunities for the market during the forecast period.
Growing adoption of cloud services, increased security threats, complex and distributed environments, and the adoption of hybrid cloud models are the driving factors of the market.