A cloud access security broker is a security policy enforcement point positioned between enterprise users and cloud service providers. CASBs provide flexible enterprise solutions that help ensure cloud app security across authorized & unauthorized applications and managed (and unmanaged devices). These flexible enterprise solutions can combine multiple different security policies, from authentication and credential mapping to encryption, malware detection, and others.
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Furthermore, key factors that drive the growth of the cloud access security broker market include growing demand for work-from-home and remote working policies during the period of the COVID-19 pandemic aided in propelling the demand for cloud and security solutions, hence empowering the growth of the cloud access security broker industry.
However, higher installation costs and maintenance challenges of cloud access security broker platforms can hamper the cloud access security broker market forecast. On the contrary, the integration of advanced technologies such as machine learning and data analytics with cloud access security broker solutions suites is expected to offer remunerative opportunities for the expansion of the cloud access security broker industry during the forecast period.
According to the report, the global cloud access security broker market generated $6.8 billion in 2021, and is anticipated to generate $37.2 billion by 2031, witnessing a CAGR of 18.8% from 2022 to 2031.
The rise in demand for work-from-home and remote working policies during the period of the COVID-19 pandemic drives the growth of the global cloud access security broker market. However, higher installation costs and maintenance challenges of cloud access security broker platforms restrict the market growth. Moreover, the integration of advanced technologies such as machine learning and data analytics with cloud access security broker solution suites is expected to present new opportunities for the market growth in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a positive impact on the global cloud access security broker market, owing to the dramatically increased digital dependence during the lockdown.
- Implementation of the global lockdown along with social distancing norms led to the adaptation of work-from-home culture across all small and large-scale companies, which fueled the demand for remote access management solutions, thereby boosting the growth of the market.
Cloud Access Security Broker Market Segmentation:
Based on component, the solution segment held the highest market share in 2021, accounting for around three-fourths of the global cloud access security broker market, and is estimated to maintain its leadership status throughout the forecast period, owing to the high demand for enterprise security solutions. However, the services segment is projected to manifest the highest CAGR of 22.0% from 2022 to 2031, owing to the growing demand for detection security services.
Based on enterprise size, the large enterprise segment held the highest market share in 2021, accounting for more than three-fourths of the global cloud access security broker market, and is estimated to maintain its leadership status throughout the forecast period, owing to the large scale security needs of large enterprises. However, the SMEs segment is projected to manifest the highest CAGR of 21.6% from 2022 to 2031, owing to the growing innovations in SMEs.
Based on application areas, the data security segment accounted for the largest share in 2021, contributing to more than one third of the global cloud access security broker market. This is owing to the growing remote working trends. However, the governance, risk, and compliance segment is expected to portray the largest CAGR of 20.7% from 2022 to 2031 and is projected to maintain its lead position in terms of revenue by 2031, owing to the growing need for network security solutions.
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Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global cloud access security broker market, and is likely to dominate the market during the forecast period, owing to the growing number of cyber-attacks in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 19.3% from 2022 to 2031, owing to the ongoing digital transformation in the region.
Leading Market Players: –
- Broadcom Inc.
- Cisco Systems, Inc.
- iboss Cybersecurity
- Lookout
- Microsoft Corporation
- Netskope
- Palo Alto Networks, Inc.
- Proofpoint Inc.
- Skyhigh Networks
- Zscaler, Inc.
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