According to Fairfield Market Research, the global cloud data security market is projected to hit US$13.2 Bn towards the end of 2029. Conversely, the market was valued at over US$2.5 Bn in 2019. During the forecasted period of 2022 and 2029, the market is likely to prosper at a stellar pace, maturing at a CAGR of 15.9%. The past decade has been extremely decisive for the cloud data security market with major breakthroughs and ground-breaking innovations, unlocking 5x more revenue generation opportunities.
Moreover, the government has been playing an instrumental role in spearheading growth and technological advancements across the domain, shaping the demand pyramid. The drastic steps and stringent norms laid down by the government have encouraged market players to come up with novel solutions and pursue strategic endeavors. Evidently, the US is set to reap the first mover's advantage of the global cloud data security industry.
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Growing Digitalization, Remote Working Culture Favors Cloud Data Security Market Expansion
Rampant digitalization of business operations has proliferated the adoption of cloud computing technologies. Significantly, organizations are working in private, public, and hybrid cloud environments. Huge volumes of data are being generated, which has, in turn, magnified the susceptibility to cyber threats, data theft, information loss, and data breaches. With increased reliance on the cloud, it is highly imperative to safeguard organizational data, services, cloud infrastructure, virtualized IT, and applications.
Remote working culture has created a vulnerable space for these cloud-deployed systems. To withstand the adversities, several governments are actively engaged in devising strategies apropos to cloud data security with sufficient funds being channelled towards cloud-based computing delivery models. Public-private partnerships (PPP) are becoming more pervasive, aiming to ameliorate smart megacity enterprises, and smart transportation systems. These aspects point toward promising growth to be spurred across the global cloud data security market, throughout the projection timeframe.
North America’s Cloud Data Security Market Paces Ahead with Major Revenue Contribution
The cloud data security market in North America endows tremendous revenue generation potential, placing the region in a leading market position. Societal digitization, plummeting technology costs, and greater acceptance of cloud data security across organizations have nurtured strong ground for market expansion. The presence of major players has intensified the competition in the market with businesses eyeing to attract more customers. To this end, robust and pragmatic approaches are being undertaken by the key players, facilitating strategic alliances and open innovations. This has enabled them to gain a strong feat in the market.
Acknowledging the promising growth perspectives and ballooning consumer base, various new players are beginning to venture into the market. With this, there has been a consistent uptick in investments favouring research and development activities to upgrade and innovate their cloud data security offerings.
Distinguished Market Players
The most prominent players operating in the global cloud data security market include Oracle, Microsoft Corporation, Cisco Systems, Sailpoint Technologies, DELL, HITACHI, CA Technologies, IBM, Okta, Micro Focus, and Centrify Corp.
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