IT Pro is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Learn more

Cloud security market to hit $106 billion by 2029

The Asian-Pacific region is expected to see the highest growth rate over the forecast period

Man in suit pressing padlocks in the shape of a cloud

The cloud security market is expected to expand from $33.13 billion in 2022 to $106.02 billion in 2029, according to a new report by Fortune Business Insights.

A compound annual growth rate (CAGR) of 18.1% is anticipated for the forecast period, owing to soaring demand for managed container services, extensive storage applications, and crypto-jacking. The increased adoption of cloud computing services for data monitoring is also expected to spur the market's growth.

Related Resource

Secure hybrid cloud for dummies

Accelerate transformation with hybrid cloud

Whitepaper cover with cartoon man's face wearing glasses in yellow circle with blue, black and yellow colour block backgroundFree Download

The cloud security market was valued at $29.26 billion a year ago. Commenting on the pandemic’s role behind the burgeoning growth, Fortune Business Insights stated, “Amid COVID-19, many organizations began shifting massive amounts of the workload from data centers and on-premises towards the cloud. This led to an exponential increase in cloud usage solutions, further leading to a boost in the cloud security market growth.”

The market research firm, however, predicts budget and data privacy restrictions will limit market growth between 2022 and 2029.

Even so, North America is expected to maintain its leading position in the cloud security market during the forecast period as a direct outcome of government initiatives that encourage investments in security solutions, among others. 

Furthermore, increased collaborations among the prominent players, including Microsoft, Cisco, and IBM, combined with the rise of phishing and cyber attacks will augment the market's growth in the North American region.

In terms of global contribution, the Asia Pacific will account for a sizeable share as a result of collaborative efforts between government agencies and private entities in emerging economies such as China, India, Japan, South Korea, and Southeast Asia. Sprouting investments in cloud security will also add to the market’s growth in the APAC region.

Featured Resources

Activation playbook: Deliver data that powers impactful, game-changing campaigns

Bringing together data and technology to drive better business outcomes

Free Download

In unpredictable times, a data strategy is key

Data processes are crucial to guide decisions and drive business growth

Free Download

Achieving resiliency with Everything-as-a-Service (XAAS)

Transforming the enterprise IT landscape

Free Download

What is contextual analytics?

Creating more customer value in HR software applications

Free Download

Most Popular

Europe's first autonomous petrol station opens in Lisbon

Europe's first autonomous petrol station opens in Lisbon

23 May 2022
16 ways to speed up your laptop

16 ways to speed up your laptop

13 May 2022
Nvidia pauses hiring to help cope with inflation
Careers & training

Nvidia pauses hiring to help cope with inflation

23 May 2022