Cloud Access Security Broker Market To Reach $25.56 Billion By 2030

Cloud Access Security Broker Market Growth & Trends

The global cloud access security broker market size is expected to reach USD 25.56 billion by 2030, registering a CAGR of 17.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The cloud access security broker (CASB) market is primarily driven by factors such as the need for securing and compliant cloud use, and the growing popularity of cloud-based applications among small and medium-sized businesses. Moreover, cloud protection services are challenging to manage for enterprises. Due to the demand for outsourced security solutions, the cloud access security broker market has grown. Artificial intelligence and machine learning combined with multi-cloud management assure the best possible operational capabilities, resulting in significant market growth. Throughout the forecast period, the market for cloud security is expected to experience growth due to the rise in cyberattacks on cloud systems and the requirement to adhere to cloud security standards.

The market for cloud security solutions has continued to evolve from proxy-based solutions to cloud access security broker solutions to secure access service edge. Risks associated with cloud applications and supply chains have expanded enterprise organizations' attack surfaces outside of a set of controllable assets. For businesses to manage a broader range of security risks, they need to go beyond traditional monitoring, detection, and response approaches. In the year 2021-2022, several cloud service providers including, Amazon.com, Inc., Microsoft Corporation and Google, LLC among others opted acquisition as one of their key strategies to maintain the dominance in the global cloud computing market and enhance their portfolio capabilities. This enabled enterprises to increase their cloud access security broker adoption as the corresponding cloud service providers made advancements in their solutions. For instance, in March 2022, Google Cloud acquired Mandiant, Inc., a security services vendor that offered cloud-native security solutions to enhance Google Cloud's security portfolio.

Cloud security providers such as, Broadcom Corporation, and Censornet are unifying cloud access security broker with data loss prevention and many other services into a single management console to bring ease of deployment and use of security administrators. Market vendors focus on enhancing the end-user engagement experience by reducing the time of configuration. For instance, in May 2022, Censornet, an autonomous security provider, introduced integrated identity as a service (IDaaS) into its cybersecurity platform. Censornet significantly strengthens its offerings to organizations by incorporating its web security, cloud access security broker, e-mail security, and multi-factor authentication solutions. Businesses could apply context-based, identity-aware security across their entire business ecosystem without having to manage multiple vendors or integrate solutions manually.

The CASB model extends control mechanisms to apps on internal networks and restricts access via zero trust to provide an additional level of security. Cloud-based zero-trust network access does not require network involvement. This control function allows users to connect authenticated users to applications via a cloud broker service. For instance, in May 2022, Ivanti, an automated IT services provider, partnered with Lookout, Inc., a security services provider, to offer organizations zero-trust security solutions. Lookout's cloud access security broker, integrated with Ivanti's zero-trust access system, enables customers to effectively prevent threats and ensure data security inside and outside the network based on Zero Trust Access security principles. In a zero-trust architecture, CASB can significantly improve the durability of modern enterprises' data protection postures.

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Cloud Access Security Broker Market Report Highlights

• The risk and compliance management solution segment is anticipated to gain traction over the forecast period. The factors contributing to the growth of the segment are managing and harnessing the power of proactive enterprise risk and increasing compliance activities. Moreover, the automated software helps eliminate monetary penalties for compliance failure and industry-specific compliance risks, such as the financial industry comes under laws, such as the bank secrecy act, whereas the healthcare industry complies with the health insurance portability and accountability act

• The platform-as-a-service segment is anticipated to register the highest CAGR from 2023 - 2030, owing to the factors, the increasing need for cloud-based business services to meet the business goals, speed up the creation of apps, and cost-effectiveness in setting up and maintaining core stack. Additionally, the platform as a service eliminates the requirement for acquiring and managing software licenses

• The SMEs segment is anticipated to register the highest growth from 2023 - 2030. Factors owing to the growth of this segment are growing implementation of cloud-based software in SMEs due to cost effectiveness, SMEs are more vulnerable for cyber-attacks. Moreover, security threats leave devices crippled, demanding expensive repairs for SMEs to afford

• The Asia Pacific is anticipated to register the highest growth rate over the forecast period, owing to the factors such as growing exposure to ransomware attacks on countries like Singapore, and Japan, among others, and greater cloud migration and heightened security threats. Moreover, increasing threats and low cybersecurity expertise in the Asia Pacific pushed enterprises to explore ways to bridge the gap in cloud security.Additionally, cloud-based security solutions were the suitable method to quickly and effectively expand cybersecurity to the whole workforce. Consequently, it addresses deployment and security coverage challenges, increasing the demand for cloud access security broker market in the segment

Cloud Access Security Broker Market Segmentation

Grand View Research has segmented the global cloud access security broker market based on solution, service model, enterprise size, end use, and region:

Cloud Access Security Broker (CASB) Solution Outlook (Revenue, USD Million, 2018 - 2030)

• Control and Monitoring Cloud Services

• Risk and Compliance Management

• Data Security

• Threat Protection

• Others

Cloud Access Security Broker Service (CASB) Model Outlook (Revenue, USD Million, 2018 - 2030)

• Infrastructure as a Service

• Platform as a Service

• Software as a Service

Cloud Access Security Broker (CASB) Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)

• Large Enterprises

• Small & Medium Enterprises (SMEs)

Cloud Access Security Broker (CASB) End-use Outlook (Revenue, USD Million, 2018 – 2030)

• BFSI

• Government

• Healthcare

• IT & Telecom

• Manufacturing

• Retail & Consumer Goods

• Education

• Others

Cloud Access Security Broker (CASB) Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

• MEA

List of Key Players of Cloud Access Security Broker (CASB) Market

• Bitglass, Inc.

• Broadcom Corporation

• Censornet

• Forcepoint

• Iboss

• Lookout, Inc.

• McAfee, LLC

• Netskope

• Microsoft Corporation

• Proofpoint Inc.