Security News > 2020 > November > Worldwide cloud security market to reach $20.9 billion by 2027
The global cloud security market is projected to account for $20.9 billion by 2027, according to a report by Million Insights and is expected to grow with 14.6% CAGR from 2020 to 2027.
The emergence of hybrid cloud to a tussle between private and public cloud has given several frameworks and platforms to cloud users to choose from.
Increasing policy implementation and demand for security services are expected to drive the cloud security market growth in the next few years.
Sharing responsibility between cloud end users and cloud service providers for data security is expected to witness a significant impact on market growth.
Numerous industry specific regulations like Payment Card Industry Data Security Standard for financial sector, Health Insurance Portability and Accountability Act of 1996 for the healthcare sector and international laws such as Safe Harbor Act & European Union Data Protection Directive are expected to drive the cloud security market growth.
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