The global cloud access security broker market revenue was around US$ 9.5 billion in 2023 and is estimated to reach US$ 45.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 18.8% during the forecast period from 2024 to 2032.
A cloud access security broker (CASB) is a cloud-based or on-premise-based application that sits between a cloud service consumer and a provider. It acts as a tool for implementing an organization's security policies via regulation compliance and risk identification whenever its cloud-residing data is accessed.
Factors Influencing Market Growth
- The increase in demand for remote working and work-from-home policies during the period of the COVID-19 pandemic helped propel the demand for cloud and security solutions, therefore empowering the growth of the cloud access security broker market.
- The maintenance challenges and higher installation costs of cloud access security broker platforms can hinder the growth of the cloud access security broker market.
- The integration of cutting-edge technologies like ML and data analytics with cloud access security broker solutions suites is anticipated to deliver remunerative opportunities for the development of the cloud access security broker market during the forecast period.
Impact of COVID-19
The global cloud access security broker market has seen stable growth during the COVID-19 pandemic, because of the rising demand for cloud services and the growing remote working trends during the pandemic. This helped in the rise of demand for cloud access security broker solutions that enable companies to maintain their data safe and reduce the possibilities of fraud and risks.
Regional Analysis
In 2023, North America dominated the global cloud access security broker market in terms of revenue and is anticipated to maintain its position during the forecast period because of its high concentration of cloud and security vendors like Cisco Systems, Inc., Microsoft Corporation, and Broadcom Inc., which is anticipated to propel the market for cloud access security broker technology within the region during the forecast period.
Also, Asia-Pacific is anticipated to notice significant growth during the forecast period because of the rapid economic and technological expansions in the region, which is anticipated to fuel the growth of the cloud access security broker market in this region in the future.
Leading Companies
The leading prominent companies profiled in the global cloud access security broker market are: -
- Broadcom Inc.
- Cisco Systems, Inc.
- iboss Cybersecurity
- Lookout
- Microsoft Corporation
- Netskope
- Palo Alto Networks Inc.
- Proofpoint Inc.
- Skyhigh Networks
- Zscaler, Inc.
- Other prominent key players
Segmentation Outline
The global cloud access security broker market segmentation focuses on Component, Enterprise Size, Application Areas, Industry Vertical, and Region.
Segmentation based on Component
- Solution
- Services
Segmentation based on Enterprise Size
- Large Enterprise
- SMEs
Segmentation based on Application Areas
- Governance, Risk, and Compliance
- Data Security
- Application Security
- Others
Segmentation based on Industry Vertical
- IT and Telecom
- BFSI
- Healthcare
- Government and Public Sector
- Retail
- Others
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa