Cloud Network Security Market to exceed $19.3 Bn by 2032, Says Global Market Insights Inc.

Major cloud network security market participants include Cisco Systems , Palo Alto Networks , Fortinet, Check Point Software Software AG Technologies, and Symantec Corporation

Selbyville, Delaware, May 22, 2024 (GLOBE NEWSWIRE) --

The cloud network security market valuation is predicted to cross USD 19.3 billion by 2032, as reported in a research study by Global Market Insights Inc.

According to Forbes, the escalating reliance on digital technologies has led to a surge in cybercrime globally. In 2023, cyberattacks witnessed a significant spike, affecting over 343 million individuals. Data breaches surged by 72% between 2021 and 2023, surpassing previous records. Organizations worldwide are investing in advanced security measures to safeguard their sensitive data and digital assets from malicious threats. In parallel, digital transformation initiatives, remote workforce trends, and increased connectivity through IoT devices have underscored the critical need for comprehensive cloud network security measures. 

Integration of artificial intelligence and automation, along with the adoption of identity and access management solutions within cloud environments, further enhances security posture. Organizations are thus turning to cloud network security solutions equipped with advanced analytics, threat intelligence capabilities, and incident response preparedness features to mitigate risks effectively and ensure business resilience in the face of evolving cyber threats.

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The cloud network security market from intrusion Detection & Prevention Systems (IDPS) segment will grow appreciably through 2032, as these systems play a pivotal role in identifying and mitigating potential threats in real time, thus fortifying the security posture of organizations operating in the cloud environment. The escalating instances of cyber-attacks and data breaches have propelled the demand for IDPS solutions. Moreover, the emergence of zero-day threats, which exploit previously unknown vulnerabilities, underscores the importance of continuous monitoring and threat detection offered by IDPS systems.

The private cloud segment will expand at a decent pace by 2032, as it offers dedicated resources and a customized infrastructure catering to the specific security requirements of organizations dealing with sensitive information. The unparalleled data protection capabilities and scalability offered by private cloud deployments have fueled their adoption across various industries, including finance, healthcare, and government sectors. Moreover, the convergence of private cloud and edge computing technologies drives the adoption of private cloud solutions, particularly in sectors such as manufacturing, telecommunications, and smart cities, where real-time data processing and analytics are paramount.

Asia Pacific cloud network security solutions market will expand steadily through 2032, owing to the rapid digital transformation and increasing adoption of cloud technologies across the region. Countries such as China, India, and Japan are witnessing a surge in demand for cloud-based services, driven by the proliferation of smartphones, rising internet penetration, and evolving business landscapes. Furthermore, stringent data protection regulations and growing awareness regarding cybersecurity have propelled the uptake of cloud network security market in the Asia Pacific region.s

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Major companies in the cloud network security market include Cisco Systems , Palo Alto Networks , Fortinet, Check Point Software Software AG Technologies, and Symantec Corporation, among others. Players are adopting various growth strategies such as continuous innovation in cybersecurity solutions, strategic partnerships and collaborations, mergers and acquisitions to expand their product portfolios and geographic presence, investment in R&D to stay ahead of emerging threats, and focusing on customer-centric approaches to meet evolving security needs.

In December 2022, the Pentagon awarded $9 billion in cloud computing contracts to Alphabet , Amazon Web Services, Microsoft , and Oracle , excluding IBM . These contracts aim to establish a connection between the Defense Department and private sector firms, providing access to global cloud services across various security levels.

Partial chapters of report table of contents (TOC):

Chapter 1   Methodology & Scope
1.1    Market scope & definition
1.2    Base estimates & calculations
1.3    Forecast calculation
1.4    Data sources
1.4.1    Primary
1.4.2    Secondary
1.4.2.1   Paid sources
1.4.2.2   Public sources
Chapter 2   Executive Summary
2.1    Cloud network security market 360⁰ synopsis, 2018 - 2032
2.2    Business trends
2.2.1    Total Addressable Market (TAM), 2024 - 2032
2.3    Regional trends
2.4    Security type trends
2.5    Deployment model trends
2.6    Organization size trends
2.7    End-user trends
Chapter 3   Cloud Network Security Market Insights
3.1    Impact of COVID-19
3.2    Impact of the Russia-Ukraine war
3.3    Industry ecosystem analysis
3.4    Technology & innovation landscape
3.5    Patent analysis
3.6    Key news and initiatives
3.6.1    Partnership/Collaboration
3.6.2    Merger/Acquisition
3.6.3    Investment
3.6.4    Product launch & innovation
3.7    Regulatory landscape
3.8    Impact forces
3.8.1    Growth drivers
3.8.1.1   Growing adoption of cloud computing
3.8.1.2   Rising complexity of cloud networks
3.8.1.3   Integration of Artificial Intelligence (AI) and Machine Learning (ML) into cloud network security solutions
3.8.1.4   Increasing use of cloud-based applications & services
3.8.1.5   Surge in government regulations for network security
3.8.2    Industry pitfalls & challenges
3.8.2.1   High cost of cloud network security solutions
3.8.2.2   Rapid pace of change in the cloud
3.9    Growth potential analysis
3.10    Porter’s analysis
3.11    PESTEL analysis
Chapter 4   Competitive Landscape, 2023
4.1    Introduction
4.2    Company market share, 2023
4.3    Competitive analysis of major market players, 2023
4.3.1    Cisco Systems , Inc.
4.3.2    IBM Corporation
4.3.3    Microsoft
4.3.4    Alphabet LLC
4.3.5    VMware
4.3.6    Palo Alto Networks , Inc.
4.3.7    Juniper Networks , Inc.
4.4    Competitive positioning matrix, 2023
4.5    Strategic outlook matrix, 2023

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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