The cloud access security brokers market is expected to expand its roots at a steady CAGR of 13.9% during the forecast period. The market is likely to hold a revenue of USD 10.7 billion in 2023 while it is anticipated to cross a value of USD 39.3 billion by 2033.
Concerns related to cloud-based applications and programs and their safety and security; the adoption of cloud access security brokers are rapidly increasing. Corporate enterprises are implementing these broker's systems in their spaces to ensure data security.
As the need for better safeguarding of the data and important information related to the accounts, recruitments, or any other documentation rises, the demand for cloud access security brokers also rises.
Vendors ensuring to provide security services related to the latest threats are improving the market dynamics, allowing new players to experiment with the platform. The pandemic also damaged the core of corporate structures. Though, it positively impacted the CASB solutions market as the companies adopted SaaS, BYOD, and IaaS systems. As a result, the demand for the CASB tools grew, which helped companies in order to keep their data safe, while reducing the cyber-attacks.
| Attributes | Details |
|---|---|
| Cloud Access Security Brokers Market CAGR (2023 to 2033) | 13.9% |
| Cloud Access Security Brokers Market Size (2023) | USD 10.7 billion |
| Cloud Access Security Brokers Market Size (2033) | USD 39.3 billion |
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Due to the rapid digitization in corporate sector, the businesses are adopting technologies with integration capabilities eventually demanding the need of secure platforms. Hence, there is a high rise witnessed in the implementation of cloud access security brokers solutions in the last 5 to 10 years.
The major driver behind the growth of the market is the increasing need for cloud access security brokers in small and medium-sized businesses. Small startups that don’t have cloud storage support take the help of third-party cloud support systems.
These companies hold data related to HR and critical data related to their employees’ accounts. Small and medium-sized enterprises lack the capital and structural strength to implement cloud storage and ensure that level of security.
Rising data breaches all around the world are also pushing corporations to safeguard their data by using tools like cloud access security broker solutions, ensuring multilayered security that doesn’t let any ransomware affect the data. It also helps in recognizing any suspicious activity happening within the data sources, providing real-time monitoring to the end users, and increasing the risk and fraud management level.
The availability of real-time data monitoring makes the end user aware of the data processing and dimensions of multiple funnels, including sales and marketing. This gives a proportional idea to the end user that can be used in the predictive decision marking.
Integrating the cloud access security brokers' solution to the latest technology like artificial intelligence Internet of Things (IoT) pushes the market upward, securing the data from any type of threat. Better segmentation of critical and complex data provides a balanced outlook to the end user that can be utilized in data dashboards and analytical planning.
Overall, cloud access security broker solutions are easily manageable, customized solutions that provide inward and outward safety to the data, ensuring that the stored information is secure when any malicious activity occurs.
The major restraint of the cloud access security broker market is the lack of awareness amongst corporate spaces as they still use old-fashioned security solutions.
Organizations are not aware of the advantages and efficiency of cloud access security broker solutions. Another factor that restricts the growth of the market is less awareness of threat management, compliance management, and data monitoring.
The report covers several regions that includes North America, Latin America, Asia Pacific, the Middle East and Europe. Meanwhile, the USA is leading the market growing with the CAGR of 15.9% during the forecasting period.
In 2022, the United States had 19.4% of the market, while North America held 29.4%. The growing worry about data and information security due to fraud and data breaches is driving sales of cloud access security broker solutions.
Another factor driving the rapid expansion of the cloud access security broker solution market in the region is intense competition and the emergence of new private companies in the industry. Australia has the market's highest CAGR of 16.7%, owing to its significant capital expenditure in markets.
Aside from that, China is the third-fastest expanding market in the cloud access security broker industry. %. With rising at a CAGR of 14.2%, the market holds the potential to reach USD 2.1 Billion by 2032.By 2032, Japan is expected to be the second-largest market in terms of revenue, with a CAGR of 14.2%.
| Countries | Revenue Share % (2022) |
|---|---|
| United States | 24.2% |
| Germany | 8.2% |
| Japan | 4.2% |
| Australia | 2.9% |
| North America | 36.3% |
| Europe | 21.1% |
| Countries | CAGR % (2023 to 2033) |
|---|---|
| China | 14.9% |
| India | 17.8% |
| United Kingdom | 15.1% |
| Category | By Cloud Deployment Type |
|---|---|
| Leading Segment | Software as a Service |
| Market Share (2022) | 38.1% |
| Category | By Technologies |
|---|---|
| Leading Segment | On-premise Software |
| Market Share (2022) | 21.39% |
Cloud access security holds different categories; cloud deployment type, software type, and services. These categories have small segments that expand their roots in new regions, connecting the distribution channels to enhance the supply chains.
Cloud deployment type is segmented by software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS). Similarly, services segment is divided into consulting, system integration and operation & maintenance. Meanwhile, the software type segment is categorized into On-premise software and Cloud-based software.
In the context of cloud deployment, SaaS segment is leading in the cloud access security brokers market. The software as a service segment is growing at 14.2% CAGR, while holding a market share of 38.1% in the year 2022.
The factors behind the growth of this segment are the easy installation of software as a secure solution to cloud storage. Other driving factors are faster deployment, mobility, reduced cost, and scalability than software as a service provides to its end users. This pushes the sales of cloud access security broker solutions.
By software type, the on-premises software is the largest segment in the market that is booming at a CAGR of 12.4% and has held the major portion of 21.39% in 2022.
The factors behind the excessive growth of this segment are reliability and customer behavior around the on-premises software type. On-premises software secures individual systems, safeguarding the data and information.
The competitive analysis explains how the cloud access security brokers market is dynamic. The key players are experimenting and adding more layers to the software in order to provide security from all kinds of advanced threats, including fraud and spam strikes. The major competitors also focus on collaborations and seasonal discounts on sales. The market is currently under an ongoing development process where vendors add new components to it.
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The market held a value of USD 9.4 billion in 2022.
The market holds a value of USD 10.7 billion in 2023.
The market is anticipated to hold a share of USD 39.3 billion by 2033.
The market is expected to have a CAGR of 13.9% by 2033.
Based on cloud deployment type, the software as a service segment leads in the market as it held a market share of 38.1% in 2022.
Based on software type, the on-premise software segment leads in the market as it held a market share of 21.39% in 2022.
| Expected Market Value (2023) | USD 7.76 billion |
|---|---|
| Anticipated Forecast Value (2033) | USD 33.08 billion |
| Projected Growth Rate (2023 to 2033) | 15.6% CAGR |
| Estimated Market Value of Market | USD 2.15 Billion |
|---|---|
| Estimated CAGR of the Market | 10.4% |
| Estimated Market Value of APEJ between 2017 to 2027 | USD 823.2 Million |
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Cloud Access Security Brokers Market
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