Informational technology security is costly in-house, so outsourcing cloud security services has become a prominent trend and is also driving the market growth.

PORTLAND, PORTLAND, OR, UNITED STATE, October 6, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The 37.2 Billion Cloud Access Security Broker Market Reach by 2031 | Top Players such as – Zscaler, Lookout and Netskope.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global cloud access security broker market was valued at USD 6.8 billion in 2021, and is projected to reach USD 37.2 billion by 2031, growing at a CAGR of 18.8% from 2022 to 2031.

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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.

The cloud access security broker market is segmented on the basis of component, enterprise size, application area, industry vertical, and region. On the basis of components, the industry is divided into solutions and services. Based on enterprise size, the market is bifurcated into large enterprises and SMEs. Depending on the application area, the market is classified into governance, risk, and compliance, data security, application security, and others. The industry verticals covered in the study include IT and telecom, BFSI, healthcare, government and public sector, retail, and others, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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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.

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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.

The key players profiled in the cloud access security broker market analysis are Broadcom Inc., Cisco Systems, Inc., iboss Cybersecurity, Lookout, Microsoft Corporation, Netskope, Palo Alto Networks Inc, Proofpoint Inc, Skyhigh Networks, and Zscaler, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry and CASB Market Share.

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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.

Key Questions Answered in the Intelligent Study

● What is the market size and growth rate of the global and regional market by various segments?
● What is the market size and growth rate of the market for selective countries?
● Which region or sub-segment is expected to drive the market in the forecast period?
● What Factors are estimated to drive and restrain the market growth?
● What are the key technological and market trends shaping the market?
● What are the key opportunities in the market?
● What are the key companies operating in the market?
● Which company accounted for the highest market share?

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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