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 solution segment 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 services segment is projected to
manifest the highest CAGR of 22.0% from 2022 to 2031, owing to the
growing demand for detection security services.
The large enterprise segment to maintain its
leadership status throughout the forecast period
Based on enterprise size, the large enterprise segment
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 SMEs segment 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 to the 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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