Cloud access security brokers offer cloud security solution platforms to protect critical and sensitive data of enterprises. Growing incidences of cyber-attacks on organizations and concerns over privacy of sensitive data has propelled the demand for cloud access security brokers, better known as CASB. The global CASB market is estimated to expand robustly at a CAGR of 16.7% during the period between 2016 and 2024 due to extensive deployment of CASB technology by small and medium enterprises. Flexible features of CASB solutions have further led to their large-scale deployment across organizations.
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Growing Trend of Outsourcing of Security Solutions Boosts Global Cloud Access Security Brokers Market
In the cloud security domain, CASB vendors are fast gaining the status of protectors of organizations’ critical data. The various solutions offered by CASB vendors include risk and compliance management, control and monitoring, data leakage prevention, cloud data encryption, and tokenization. With technological advancements and lack of storage infrastructure among small and medium enterprises, there has been a growing trend of saving information in cloud silos. The rising adoption of cloud services has raised security concerns, thereby leading to a positive influence on the growth of the global CASB market. The continuous revamping of guidelines related to cloud security by regulatory authorities has made it difficult for cloud storage vendors to manage cloud security platforms. As a result, outsourcing of security solutions has emerged as a foremost trend, resulting in the growth of the global CASB market.
Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS) are the key deployment types in the global CASB market. At low operating costs, complete business functionality can be achieved through SaaS. As a result, CASB deployment through SaaS platforms has registered a large number of implementations.
The global CASB market has been segmented into the Middle East and Africa, North America, Asia Pacific, Latin America, and Europe. Since the inception of CASB technologies, North America has dominated the overall market. During the period between 2016 and 2024, the region is anticipated to maintain its lead and expand at a CAGR of 18.4% due to the rapid expansion of cloud-enabled services across the U.S.
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Key Players Focusing on CASB Technologies Developed by Smaller Market Players
Some of the key players in the global cloud access security brokers market are CloudLock Inc., Skyhigh Networks, Adallom Inc., Zscaler Inc., Bitglass Inc., Protegrity USA Inc., and CipherCloud Inc. It has been observed that key players as well as smaller players in the market are focussing on mergers and acquisitions to expand their business. For example, California-based Blue Coat Systems Inc. acquired Elastica last year over a deal worth US$280 mn. Blue Coat is now integrating Elasticas CASB technology with its web gateway products. The acquisition of Elastica is expected to augment the growth of Blue Coat in the global CASB market. Elastica’s Audit subscription service is being integrated with BlueCoat’s AppFeed to offer visibility into cloud access and suspicious IT activities. With growing threats over data thefts from enterprises, Elastica’s Audit is expected to be helpful with the identification of users accessing various applications within an organization.