Report : Europe Cloud Security Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Service Model [Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)], Deployment Model (Public Cloud, Private Cloud, and Hybrid Cloud), Organization Size [Small & Medium-sized Enterprises (SMEs) and Large Enterprises], Solution Type (Email and Web Security, Cloud Identity and Access Management, Data Loss Prevention, Intrusion Detection System/Intrusion Prevention System, Security Information and Event Management, and Others), and Industry Verticals (BFSI, IT and Telecom, Energy and Utilities, Government and Public Sector, Healthcare and Life Sciences, Manufacturing, and Others)
At 14.4% CAGR, the Europe Cloud Security Market is speculated to be worth US$ 32,853.30 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe cloud security market was valued at US$ 14,683.12 million in 2022 and is expected to reach US$ 32,853.30 million by 2028, registering a CAGR of 14.4% from 2022 to 2028. Surging managed container services and rising number of cyberattacks are the critical factors attributed to the Europe cloud security market expansion.
The use of containers in the IT sector has increased exponentially in recent years. A large number of businesses use managed or native Kubernetes orchestration; the well-known managed cloud services used by these enterprises include Amazon Elastic Container Service for Kubernetes, Azure Kubernetes Service, and Google Kubernetes Engine. These managed service platforms have simplified the management, deployment, and scaling of use cases. With the increasing use of containers, enterprises need to ensure that the right security solutions are in place to prevent security issues. For instance, the pods of Kubernetes clusters might receive traffic from any source, raising security issues throughout the company. To prevent attacks on vulnerable networks, enterprises implement network policies for their managed Kubernetes services. Thus, the adoption of managed container services is bolstering the growth of the Europe cloud security market.
On the contrary, weak collaborations among organizations and cloud security service providers process hurdles the growth of Europe cloud security market.
Based on service model, the Europe cloud security market is segmented into infrastructure as a service (IaaS), platform as a service (PaaS) and software as a service (SaaS). The software-as-a-service (SaaS)segment held 40.6% market share in 2022, amassing US$ 5,964.73 million. It is projected to garner US$ 11,858.08 million by 2028 to expand at 12.1% CAGR during 2022–2028.
Based on deployment model, the Europe cloud security market is segmented into public cloud, private cloud, and hybrid cloud. The public cloud segment held 56.0% market share in 2022, amassing US$ 8,228.43 million. It is projected to garner US$ 15,923.18 million by 2028 to expand at 11.6% CAGR during 2022–2028.
Based on enterprise size, the Europe cloud security market is segmented into small and medium-sized enterprises (SMEs), and large enterprises. The large enterprises segment held 69.7% market share in 2022, amassing US$ 10,239.51 million. It is projected to garner US$ 21,543.35 million by 2028 to expand at 13.2% CAGR during 2022–2028.
Based on solution type, the Europe cloud security market is segmented into email and web security, cloud identity and access management, data loss prevention, intrusion detection system/intrusion prevention system, security information and event management, and others. The email and web security segment held 26.9% market share in 2022, amassing US$ 3,955.96 million. It is projected to garner US$ 8,123.68 million by 2028 to expand at 12.7% CAGR during 2022–2028.
Based on industry vertical, the Europe cloud security market is segmented into BFSI, IT and telecom, energy and utilities, government and public sector, healthcare and life sciences, manufacturing, and others. The BFSI segment held 22.4% market share in 2022, amassing US$ 3,289.90 million. It is projected to garner US$ 6,947.08 million by 2028 to expand at 13.3% CAGR during 2022–2028.
Based on country, the Europe cloud security market is segmented into UK, France, Italy, Germany, Russia, and the Rest of APAC. Our regional analysis states that the UK captured 31.5% market share in 2022. It was assessed at US$ 4,629.10 million in 2022 and is likely to hit US$ 11,262.11 million by 2028, exhibiting a CAGR of 16.0% during the forecast period.
Key players dominating the Europe cloud security market are Amazon Web Services; Microsoft Corp; International Business Machines Corp; Oracle Corp; Trend Micro Incorporated; VMware, Inc.; Palo Alto Networks, Inc.; Cisco Systems Inc; Check Point Software Technologies Ltd.; and Google LLC, among others.
- In 2022, Palo Alto Networks added Out-of-Band Web Application and API Security (Out-of-Band WAAS) to Prisma Cloud to help organizations secure web applications with maximum flexibility.
- In 2022, VMware Inc introduced significant enhancements to its unique lateral security capabilities to help customers achieve strong security for both modern and traditional applications for multi-cloud environments.
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