CHICAGO, Feb. 15, 2021 /PRNewswire/ -- According to market research report on"Cloud Security Posture Management Marketby Component (Solution and Services), Cloud Model (IaaS and SaaS), Vertical (BFSI, Healthcare, Retail and Trade, IT and Telecommunication, Public Sector, and Education), and Region - Global Forecast to 2026", published by MarketsandMarkets™,the global Post-COVID-19 Cloud Security Posture Management Market size is expected to grow from USD 4.0 billion in 2020 to USD 9.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.4% during the forecast period.
As the world is approaching cloud-native future, the dependency of organizations on digital assets is increasing rapidly. Cyber hygiene has become crucial in the development of a security posture of any business entity. CSPM refers to the solutions and services deployed to protect applications, data, networks, endpoints, and associated infrastructure through the cloud by checking their respective configurations, policy, and standards violations. Cloud security providers incorporate these regulations to maintain security, privacy, and compliance (with necessary regulations) of customer data.
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From the era of viruses and worms (the 1990s) to the era of Advanced Persistent Threats (APTs), the level of sophistication and the impact of cyberattacks have evolved significantly. As the number of network devices increased, enterprises started looking at cloud security solutions that could identify and mitigate these threats in real time and thus, minimize the risk posed by them. Advanced cloud security solutions protect public and private cloud infrastructure and will increasingly help combat cybercrimes in the future, saving trillions of dollars globally.
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MarketsandMarkets™ has segmented the global Cloud Security Posture Management Market by component, cloud model, vertical, and region. The component segment is categorized into solution and services. The cloud model segment includes infrastructure as a service (IaaS), and software as a service (SaaS). The verticals considered in the report are BFSI, healthcare, retail and trade, education, IT and Telecommunication, public sector, and other verticals (incl. media and entertainment, hospitality, and manufacturing). The overall CSPM market is studied across five regions: North America, Europe, APAC, Latin America, and MEA.
By component, CSPM solutions segment to have the highest market share during the forecast period
CSPM solution provides visibility into the public cloud infrastructure of an organization, including cloud resources, compliance, and cloud configurations. CSPM solutions were earlier known as Cloud Infrastructure Security Posture Assessment (CISPA). The solutions are developed to help the consumers mitigate the risk of policy violations, misconfigurations of cloud solutions, and lack of compliance and industry standards (CIS, NIST, and HIPAA). In the Covid-19 pandemic, the increasing data and traffic on the public cloud and lack of expertise of cloud configurations, have made the cloud resources more vulnerable than the previous years. CSPM solutions are designed and developed to handle cloud misconfigurations and policy violations. The increasing cloud adoption and IT spending on the public cloud are expected to fuel the market growth of CSPM in the coming years, globally.
By Vertical, BFSI segment to have the highest market share during the forecast period
Banks and financial institutions are increasingly moving their data on the cloud environment, amid the COVID-19 outbreak. With the widespread adoption of cloud computing platforms, finance and insurance companies are required to meet the highest security standards set by the financial regulatory authorities. There is a constant need for proper security measures and vigilance to protect organizations from potential cloud attacks. Consequently, the adoption of cloud security would resolve such challenges. Financial institutes are always the early adopter of advanced and upgraded technologies. CSPM is one of the essential security tools that are developed to secure the posture of the deployed cloud resources, which has significant applications in the BFSI vertical.
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Asia Pacific to grow with the fastest growing CAGR during the forecast period
Various developments are taking place in APAC concerning the adoption of technologies, such as BI tools, cloud, analytics, and rapid infrastructure development. APAC is the fastest-growing region in terms of the adoption of CSPM. According to a survey by Palo Alto Networks, enterprises across four countries in APAC: Australia, China, India, and Singapore, revealed that insecure interfaces and APIs, data breaches, data losses, and misconfigurations are the top cybersecurity risks in the region. Moreover, with the rising intensity and complexity of cyberattacks, data security concerns of businesses in this region have been escalating. Furthermore, the survey found that 69% of organizations in Singapore believe that security offered by cloud service vendors is sufficient for protection against cloud threats. Increasing advancements in mobility and cloud adoption and growing mandatory compliances with government regulations to resolve data security issues have forced enterprises to adopt CSPM.
Major vendors in the global Cloud Security Posture Management Market include IBM Corporation (US), VMware, Inc. (US), Microsoft Corporation (US), CheckPoint Software Technologies Pvt Ltd (Israel), McAfee Corporation (US), Fortinet (US), Forcepoint (US), FireEye (US), Zscaler (US), Cisco Systems (US), Optiv Security (US), Sophos Group Plc. (UK), Atos (France), Palo Alto Networks, Inc. (US), CrowdStrike Holdings Inc. (US), CipherCloud (US), Aqua Security (US), Aujas Cybersecurity (US), Armor Defense Inc (US), BitGlass (US), Hillstone Networks (China), Netskope (US), DivvyCloud Corporation (US), Fugue, Inc (US), Orca Security (Israel), Accurics (US), AppOmni (US), CloudPassage (US), OpsCompass, LLC (US), Adaptive Shield (Israel), and Blazeclan Technologies (India).
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