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Allied Market Research
07 Dec, 2022, 08:39 ET
The rise in demand for work-from-home and remote working policies during the period of the COVID-19 pandemic is driving the growth of the global cloud access security broker market.
PORTLAND, Ore., Dec. 7, 2022 /PRNewswire/ --Allied Market Research published a report, titled, "Cloud Access Security Broker Market by Component (Solution, Services), by Enterprise Size (Large Enterprise, SMEs), by Application Areas (Governance, Risk, and Compliance, Data Security, Application Security, Others), by Industry Vertical (IT and Telecom, BFSI, Healthcare, Government and Public Sector, Retail, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global cloud access security broker industry generated $6.8 billion in 2021, and is anticipated to generate $37.2 billion by 2031, witnessing a CAGR of 18.8% from 2022 to 2031.
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Prime determinants of growth
The rise in demand for work-from-home and remote working policies during the period of the COVID-19 pandemic drives the growth of the global cloud access security broker market. However,higher installation costs and maintenance challenges of cloud access security broker platforms restrict the market growth. Moreover, the integration of advanced technologies such as machine learning and data analytics with cloud access security broker solution suites is expected to present new opportunities for the market growth in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a positive impact on the global cloud access security broker market, owing to the dramatically increased digital dependence during the lockdown.
- Implementation of the global lockdown along with social distancing norms led to the adaptation of work-from-home culture across all small and large-scale companies, which fueled the demand for remote access management solutions, thereby boosting the growth of the market.
The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solutionsegment held the highest market share in 2021, accounting for around three-fourths of the global cloud access security broker market, and is estimated to maintain its leadership status throughout the forecast period,owing to the high demand for enterprise security solutions.However, the servicessegment is projected to manifest the highest CAGR of 22.0% from 2022 to 2031, owing to the growing demand for detection security services.
Thelarge enterprisesegment to maintain its leadership status throughout the forecast period
Based on enterprisesize, the large enterprisesegment held the highest market share in 2021, accounting for more than three-fourths of the global cloud access security broker market, and is estimated to maintain its leadership status throughout the forecast period,owing to the large scale security needs of large enterprises.However, the SMEssegment is projected to manifest the highest CAGR of 21.6% from 2022 to 2031,owing to the growing innovations in SMEs.
The governance, risk, and compliance segment to maintain its lead position by 2031
Based on application areas, the data security segment accounted for the largest share in 2021, contributing to more than one third of the global cloud access security broker market. This is owing to the growing remote working trends. However, the governance, risk, and compliance segment is expected to portray the largest CAGR of 20.7% from 2022 to 2031 and is projected to maintain its lead position in terms of revenue by 2031,owing to the growing need for network security solutions.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global cloud access security broker market, and is likely to dominate the market during the forecast period,owing to the growing number of cyber-attacks in the region.However, the Asia-Pacific region is expected to witness the fastest CAGR of 19.3% from 2022 to 2031, owing tothe ongoing digital transformation in the region.
Leading Market Players: -
- Broadcom Inc.
- Cisco Systems, Inc.
- iboss Cybersecurity
- Lookout
- Microsoft Corporation
- Netskope
- Palo Alto Networks, Inc.
- Proofpoint Inc.
- Skyhigh Networks
- Zscaler, Inc.
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