The SNS Insider report estimates the Cloud Access Security Broker Market Size at USD 8.13 Billion in 2023. The market is expected to witness a staggering growth, reaching USD 30.37 Billion by 2031 and expanding at a phenomenal CAGR of 17.9% over the forecast period (2024-2031).
Rising Demand Fueled by Multiple Factors
Several factors are propelling the market’s remarkable growth trajectory. The burgeoning popularity of shadow IT, where employees utilize unsanctioned cloud applications, necessitates robust security measures. Additionally, the growing adoption of cloud-based applications across various industries, particularly in small and medium-sized businesses, is driving the demand for CASBs. Furthermore, the high cost of maintaining in-house IT security infrastructure is prompting businesses to outsource cloud security services, further bolstering market expansion.
The integration of artificial intelligence (AI) and machine learning (ML) into CASB solutions is another significant growth factor. AI and ML optimize operational efficiency through multi-cloud management, enhancing security and creating lucrative opportunities for the CASB market. The ever-increasing frequency of cyberattacks targeting cloud systems also underscores the critical role of CASBs in ensuring data security.
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Major The Key Players of Cloud Access Security Broker Market
Bitglass, Inc, Broadcom Corporation, Censornet, Forcepoint, Iboss, Lookout, Inc, McAfee, LLC, Netskope, Microsoft Corporation, And other players
Segmentation Analysis
The data security segment held the dominant revenue share in 2023. This dominance can be attributed to the inherent mobility of data within cloud services. Balancing business needs with evolving security threats requires meticulous security protocols to ensure data compliance, prevent data loss, and safeguard sensitive information. CASBs act as a central hub for enforcing security policies across various cloud-based applications used by businesses, regardless of the device employed for access.
The Software as a Service (SaaS) delivery model emerged as the leader in the CASB market in 2023. The widespread adoption of cloud-based applications by service providers and the ease of deployment associated with SaaS solutions are key factors behind this dominance. SaaS offers faster deployment timelines, enhanced mobility, reduced costs, and exceptional scalability, all of which make CASB solutions delivered through this model highly attractive. Furthermore, the integration of AI with SaaS models further accentuates the value proposition. The synergy between SaaS and AI empowers businesses to leverage data more effectively, personalize services, elevate security measures, and augment human capabilities.
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Key Market Segments
By Component
- Solution
- Service
By Application Areas
- Governance
- Risk and Compliance
- Data Security
- Application Security
- Others
By Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Industry Vertical
- IT
- Telecom
- BFSI
- Healthcare
- Government
- Public Sector
- Retail
- Others
The Russia-Ukraine Conflict and its Impact
The ongoing conflict between Russia and Ukraine has significantly impacted the CASB market. Organizations are scrambling to fortify their security posture and protect their cloud-based assets from potential attacks. This heightened focus on security has led to a surge in demand for CASB solutions. Businesses are particularly concerned about the potential misuse of their data by Russia or its allies, driving the adoption of CASBs to implement security protocols and comply with regulations. The financial services, healthcare, retail, and technology sectors have witnessed a particularly significant rise in CASB adoption due to the war.
One such prominent CASB solution provider is Cisco Umbrella, which offers cloud security protection for businesses of all sizes. Cisco Umbrella empowers organizations to identify and block malicious traffic, enforce security policies, and adhere to regulations.
Key Regional Developments: North America Leads the Charge
North America emerged as the dominant region in the cloud access security broker market in 2023. The growing concerns surrounding data security breaches and fraud are propelling the sales of CASB solutions in this region. The highly competitive landscape coupled with the influx of new private players further stimulates market growth. Additionally, businesses in the US are increasingly leveraging the cloud to maintain operational functionality, ensure business continuity, and prevent misconfigurations. This trend, coupled with the growing adoption of data loss prevention, data encryption, data threat protection, and data integrity monitoring solutions, is propelling the market forward.
The Asia Pacific region is anticipated to exhibit substantial growth over the forecast period. This growth can be attributed to the region’s burgeoning innovation landscape driven by robust research and development activities. Additionally, the burgeoning demand for cloud-based solutions among numerous small and medium-sized enterprises is fueling market expansion.
Future Growth
The future of the cloud access security broker market appears bright, characterized by continued expansion and innovation. The growing sophistication of cyberattacks, coupled with the ever-expanding attack surface created by the proliferation of cloud applications, necessitates robust security measures. CASBs are well-positioned to address these challenges, offering a comprehensive security framework for cloud environments.
The integration of advanced technologies like AI and ML into CASB solutions will further enhance their capabilities. AI and ML can automate security processes, streamline threat detection, and enable real-time security posture analysis. Additionally, the growing adoption of cloud-native security solutions will simplify security management and reduce operational overhead for businesses.
Recent Developments
- February 2023: Skyhigh Security announced that its Skyhigh Security Service Edge portfolio successfully achieved the PROTECTED security classification level under the Australian Information Security Registered Assessors Program (ASIRAP) assessment. This accomplishment strengthens Skyhigh Security’s position in the federal government market, where its CASB solution has already been assessed at the PROTECTED level. The ASIRAP assessment assures public sector organizations that Skyhigh Security’s data-centric cloud security solutions possess robust and effective security controls to manage highly sensitive data and critical infrastructure for Australian government agencies.
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Key Takeaways
- The cloud access security broker market is experiencing phenomenal growth driven by the rising adoption of cloud services and the critical need to safeguard sensitive data.
- Several factors are propelling market growth, including the increasing use of shadow IT, the widespread adoption of cloud-based applications, the high cost of in-house IT security, and the integration of AI and ML into CASB solutions.
- The data security segment holds the dominant market share due to the inherent challenges associated with securing mobile data within cloud environments. The Software as a Service (SaaS) delivery model leads the market owing to its ease of deployment, scalability, and cost-effectiveness.
- The ongoing Russia-Ukraine conflict has significantly impacted the CASB market, with organizations seeking to bolster their cloud security posture in response to heightened cyber threats.
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