The cloud computing technology has revolutionized the way in which organizations store valuable information and statistics. Not only has incorporating this novel technology helped organizations to mitigate issues pertaining to securely storing a large volume of data generated on a daily basis, it has allowed them to focus on their core competencies. Cloud security solutions are therefore considered indispensable for businesses since they assist organizations in efficiently resolving concerns pertaining to frequent security breaches and privacy of sensitive data.
Therefore, as organizations become more vulnerable to data thefts, cloud access security brokers (CASB) are achieving a critical status in the cloud security domain as protectors of organizational data. A recent analysis available on Market Research Reports Search Engine (MRRSE), and published by Transparency Market Research, pegs the overall value of the global cloud access security brokers market at US$3.4 bn in 2015. Exhibiting a robust CAGR of 16.7% between 2016 and 2024, the market is likely to achieve a valuation of US$13.2 bn by the end of 2024.
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Proliferation of SMBs to Boost Global Cloud Access Security Brokers Market
The rapid proliferation of a large number of small- and medium-sized enterprises (SMBs) will give an incredible boost to the market. Additionally, the market will also gain from the widespread deployment of CASB solutions due to their flexible characteristics.
Nowadays businesses have been showing more inclination towards conducting business operations through SaaS at a lower cost. This has resulted in the large-scale deployment of SaaS-delivered services across SMBs. While the rising adoption of cloud has helped businesses streamline their core functionalities, it has also significantly raised the security concerns relating to the unwanted exposure of critical data. This has thus fueled demand from the global CASB market.
Since continually revamping regulations to ensure protection against privacy breaches has become a common practice among the governing bodies, it has become even more difficult for cloud storage vendors to efficiently manage security platforms. Outsourcing has, therefore, emerged as the foremost trend in the industry, which in turn bolsters the demand for CASB. However, inadequate awareness pertaining to the security of cloud technologies poses a major threat to the global cloud access security market.
The global CASB market can be broadly classified based on components, deployment type, and regional markets. The component segment of the market comprises software and services. Of these software-based CASBs include the following: Risk and compliance management, control and monitoring, data leakage prevention, tokenization, and cloud data encryption. Services offered by CASB products cover system integration, operation and maintenance, and consulting.
North America Dominates Global Cloud Access Security Brokers Market
Regionally, North America boasted the highest implementation of CASB services, and has been dominant in the global CASB market since the inception of the domain. Furthermore, the market is anticipated to exhibit a CAGR of 18.4% between 2016 and 2024. The high rate of proliferation of cloud enabled services in the U.S. will be a major factor driving the market for CASB services in North America.
Additionally, the market is also anticipated to gain from the robust expansion of the IT industry across emerging nations. Apart from North America, other lucrative regional markets for CASBs include Europe, Middle East and Africa, Asia Pacific, and Latin America.