Complexity of cyberattacks Strengthens demand For Cloud Security

CIOTechOutlook Team | Saturday, 06 July 2024, 02:19 IST

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The increasing complexity of cyberattacks and data breaches has fueled global demand for novel cloud security solutions. The global adoption of cloud technologies and platforms is also driving growth in the cloud security industry. The widespread usage of cloud computing and edge computing services by many companies has created a significant demand for better cloud security architecture. The global cloud security market is divided into types, service models, offerings, end users, and regions.
 
As per SkyQuest, the global Cloud Security Market was valued at USD 33.5 billion in 2022 and is expected to increase from USD 39.5 billion in 2023 to USD 147.45 billion by 2031, with a CAGR of 17.9% during the forecast period (2024-2031).
 
Compliance has always been an important component of any security system, and this holds true for cloud security as well. Regulatory agencies and governments have enacted stronger laws and mandates to safeguard data security on cloud systems. Ensuring compliance with these standards is critical for every cloud service provider, thus a security solution that understands and controls compliance is always in demand. Ensuring cross-border compliance may allow cloud security providers to receive more bang for their dollars in the future. 
 
Legal constraints and data privacy concerns are also expected to boost demand for novel cloud security solutions. Complex legal and regulatory frameworks are also contributing to the widespread adoption of cloud security, including legal security elements. Cloud security companies must also prioritize data and network security in the future.
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