Cloud Access Security Broker Market Analysis
Business-critical workloads are increasingly moving to the cloud, increasing flexibility and reducing IT costs. However, these changes are increasing security and visibility vulnerabilities that can compromise organizational security. In such a scenario, cloud access security broker solutions help to strike the right balance while maintaining control to protect critical data.
Cloud infrastructure is becoming a boon, especially for small and medium enterprises (SMEs), offering scalable infrastructure and capabilities available as services. Moreover, rapid digital transformation in SMEs and large organizations has led to cloud computing adoption, further requiring CASB solutions. The proliferation of cloud computing drives the market demand predominantly, orchestrating more integration-based networks.
According to Market Research Future (MRFR), the cloud access security broker market size is poised to create a valuation of 18 BN by 2023, registering approximately 20% CAGR during the forecast period (2017-2023). Increasing data breaches and security concerns that continue to plague the business on cloud data insecurity are key driving forces behind the market.
Additionally, the penetration of ubiquitous artificial intelligence technology, security infrastructures, and critical cloud applications boosts the growth of the CASB market. The demand for cloud access security broker solutions to overcome compliance and maintain strong compliance requirements pushes market growth. Furthermore, increasing numbers of cloud applications and analytics create substantial demand for data protection.
Global CASB Market – Segments
The cloud access security broker market forecast is segmented into solution, service, delivery model, organization size, end-user, and regions. The solution segment is sub-segmented into control & monitoring cloud services, risk & compliance management, data security &threat protection, and others. The service segment is sub-segmented into professional service, training, technical support, and others.
The delivery model segment is sub-segmented into SaaS, PaaS, and IaaS. The organization size segment is sub-segmented into small & medium enterprises (SMEs) and large enterprises. The end-user segment is sub-segmented into BFSI, retail, government, healthcare, IT & telecommunication, media & entertainment, education, travel & hospitality, and others.
Global CASB Market – Regional Analysis
North America leads the global cloud access security broker market. The region its vast technological advancements offer a favorable platform for CASB solutions to evolve further. Besides, the early adoption of CASB in large, small & medium-size enterprises and the rising cloud security infrastructures drive the growth of the market. The strong presence of notable market players and well-established technology development centers boost the region’s cloud access security broker market share.
Europe derives the second-largest share in the global cloud access security broker market. The market growth attributes to the increasing demand for security solutions in the growing number of businesses and the growing cloud computing market.
Additionally, the rapid adoption of AI and cloud computing are some of the significant driving forces contributing to the cloud access security broker solution market in the region. Also, the proliferation of artificial intelligence and intelligent connected devices increases the region’s cloud access security broker market size.
The Asia Pacific cloud access security broker market is growing briskly. Vast AI advancements and the rise in the numbers of SMEs, and the growing e-commerce sector in the region boost the cloud access security broker industry. Furthermore, the growing cloud infrastructure in the region, alongside the rising connectivity trends, propels the market growth. Increasing cyber-attacks in burgeoning automotive and IT industries push the growth of the CASB market in the European region.
Cloud Access Security Broker Market – Competitive Analysis
Fiercely competitive, the CASB market appears fragmented, with the presence of many technology providers accounting for substantial market share. They make substantial investments in transforming the future business landscape. Also, they incorporate strategic initiatives such as collaboration, mergers & acquisitions, expansion, and product & technology launch, to gain a larger competitive share.
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Players leading the global CASB market include Bitglass (US), Imperva (US), Cisco Systems, Inc. (US), Skyhigh Networks (US), CipherCloud (US), Protegrity (US), Netskope (US), Adallom (US), CloudMask (US), and Symantec Corporation (US), among others.
Industry/Innovation/ Related News:
March 15, 2021 — Lookout, Inc., a leading cybersecurity company, announced the acquisition of CipherCloud, a leading cloud-native security company operating in the emerging SASE market. CipherCloud solutions span several developing SASE categories, including Cloud Access Security Broker (CASB), Zero-Trust Network Access (ZTNA), Secure Web Gateway (SWG), and Data Loss Prevention (DLP). The acquisition would position Lookout as a leader delivering the industry’s first end-to-end platform that secures an organization’s entire data path from endpoint to cloud.
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