Security News > 2022 > September > Cloud security market forecast to surpass $123 billion by 2032

According to a comprehensive market report by MRA, the cloud security market is expected to reach $123.3 billion by 2032 at a CAGR of about 24.4%. As a result of this emerging market trend, cloud security players will be aiming to provide more cloud security service packages for their customers.

From the MRA report, some factors that will fuel the cloud security market within the forecast period include the growing threats of cyber-attacks on cloud data and the need for cloud security solutions to protect the confidential data saved on the cloud from unauthorized access.

The MRA cloud security market report further projects that more cloud security start-ups will spring up, resulting in more financial investment in the market.

In a similar development, Dig Security, a start-up developing security tools, announced that it raised $34 million in a seed funding round to enable it to expand its cloud security platform and tackle cloud data security issues arising in the cloud computing industry.

Although cloud security is a global phenomenon, the boom during the period covered by the MRA report predicts that North America will continue to lead in the global cloud security market.

The MRA report further stated that advances in security solutions, cloud technology, the proliferation of artificial intelligence and Internet of Things connected devices will boost Europe's cloud security market revenues.

News URL

https://www.techrepublic.com/article/cloud-security-market-forecast/