The Covid-19 pandemic significantly impacted the global cloud security marketplace, and considerable growth is predicted, according to a new report from Global Industry Analysts Inc. (GIA).
The report, "Cloud Security - Global Market Trajectory & Analytics," revises the previous estimate of $7 billion to $15 billion global market growth by 2026. That estimate amounts to a compound annual growth rate (CAGR) of 13.3% over the seven-year analysis period.
GIA’s report notes that Cloud IAM (Identity and Access Management) projects a record 14.2% CAGR and could reach $8.3 billion by 2026. Growth in the Cloud Email Security segment is readjusted to a revised 13.5% CAGR.
Amid growing demand for cloud security services, more than 40% of MSSPs now offer Cloud Security Posture Management (CSPM) solutions to help customers properly configure and maintain Amazon Web Services, Microsoft Azure and/or Google Cloud Platform, according to MSSP Alert.
Geographic Growth Projected
GIA offers a further breakdown of cloud security growth for specific geographic markets:
- China projects a market size of $2.6 billion by 2026, a growth rate of12.8%.
- Japan and Canada are forecast to grow at 11.7% and 11.3%, respectively
- Germany is forecast to grow at approximately 9.7% CAGR.
Cloud IDS/IPS Segment to Reach $2.6 Billion by 2026
In the global Cloud IDS/IPS segment, the US, Canada, Japan, China and Europe will drive 12% CAGR, the GIA report said. These regional markets account for a combined market size of $1 billion, and will reach a projected size of $2.3 billion by 2026. China will remain among the fastest growing in this cluster of regional markets.
