Market Trends of Cloud Access Security Brokers (CASB) Industry
Increasing Adoption of Cloud-Based Applications
- The quick adoption of cloud-based services has raised various concerns regarding data security and privacy. Even when sensitive data is handled and kept in the cloud, organizations are becoming increasingly aware of the need to secure that data and retain control over it. As a security checkpoint between cloud network users and cloud-based applications, a cloud access security broker (CASB) is used. They oversee and implement all data security rules and procedures, including encryption, alerts, authorization, and authentication.
- Also, due the proliferation of cloud-based services, the growth of cloud platforms, and the rising popularity of bring-your-own-device policies are creating the demand for CASB solutions exponentially. Due to these trends, the data environment has grown significantly, making it more difficult for the IT department to monitor overall network usage and guarantee company data security. Moreover, with increased cloud adoption, CASBs have become attractive to enterprise security for their various cybersecurity, access control, and data protection functions.
- Data security and regulatory compliance are essential when businesses migrate to the cloud. By supplying visibility, control, and security mechanisms for cloud-based applications, CASBs address these issues and enable companies to adopt and use cloud services securely.
- Moreover, significant organizations are investing a hefty sum of money in the cloud infrastructure to increase their consumer base and meet their demands across various applications. For instance, in February 2023, Oracle declared its plans to launch a third public cloud region in Saudi Arabia to address the fast-expanding demand for its cloud services. The new cloud region, which will be based in Riyadh, is a component of an anticipated USD 1.5 billion investment from Oracle to develop cloud infrastructure capabilities in the Kingdom.
- According to a survey by Turbonomic, in 2022, 56% of those surveyed used Microsoft Azure for cloud services, whereas 51% of respondents stated that they are using Amazon Web Services (AWS) for their cloud services. A rise in the overall usage of such cloud services is expected to amplify the market's total growth opportunities.
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North America to Hold the Highest Market Share
- Numerous companies across various industries have moved their applications and data to the cloud, placing North America at the forefront of cloud adoption. The demand for robust security solutions like CASBs rises as more businesses use cloud services.
- The CASB market in North America is expanding due to strict regulations, high cloud adoption, growing cyber threats, remote work trends, increased awareness of cloud security risks, technological improvements, and the significant presence of cloud service providers.
- The adoption of remote work rules and the use of personal devices for work purposes in North America has been pushed by the COVID-19 pandemic. This shift has thus increased the overall complexity of securing corporate data and applications in the cloud environments. Hence, to maintain secure remote work environments, CASBs play a significant role in terms of assisting organizations in enforcing security policies, managing access controls, and protecting data accessible from distant and mobile devices, driving the market significantly.
- Significant corporations are also investing, merging with other organizations, and funding new projects to broaden their customer base and better satisfy their requirements across diverse applications. For instance, in April 2023, Skyhigh Security announced adding several new features to its Security Service Edge (SSE) portfolio. The comprehensive Skyhigh Cloud Platform's Data Loss Prevention (DLP) as a key capability is integrated into the Skyhigh Secure Web Gateway (SWG), Skyhigh Cloud Access Security Broker (CASB), Skyhigh Private Access, and other products that make up the Skyhigh SSE Portfolio.
- In February 2023, Zscaler, Inc., a cloud security service provider, declared its intent to acquire Canonic Security, a pioneer in SaaS application security platforms. Canonic's platform is designed to reduce the rising risks of SaaS supply chain attacks for businesses. Zscaler strengthens its CASB (Cloud Access Security Broker) and SSPM (SaaS Security Posture Management) offerings, enabling enterprises to consolidate point products, reduce cost, and streamline management by incorporating the new supply chain security capabilities into their data protection services.
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