Market Size of Retail Cloud Security Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.14 Billion |
| Market Size (2029) | USD 9.65 Billion |
| CAGR (2024 - 2029) | 13.44 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Retail Cloud Security Market Analysis
The Retail Cloud Security Market size is estimated at USD 5.14 billion in 2024, and is expected to reach USD 9.65 billion by 2029, growing at a CAGR of 13.44% during the forecast period (2024-2029).
Due to technological development and the vast amount of information available in digital form, data breaches are frequent. According to IBM's Cost of a Data Breach Study 2022, the average data breach cost was 4.35 million USD in 2022. Businesses implement all-encompassing preventative actions to close any potential system vulnerabilities, from end users to IT systems, leading to the adoption and growth of the cloud security market.
- Forecasting how the retail business will perform over the next few years is challenging due to the ongoing change in consumer purchasing behavior. To withstand competition, retailers must consistently innovate, guarantee precision, and maintain synchronization. Many retailers adopted cloud solutions to store confidential information securely and inventory online within the cloud. This technological shift demanded a secure network solution, which Cloud Security providers are guarding.
- The COVID-19 pandemic pushed more consumers online. Retailers employed analytics to understand better consumer demands and AI-powered processes to give what they want. With the digital transformation in the retail industry, cloud storage has become a need, increasing the demand for cloud security services.
- According to Trend Micro, 91 percent of all cyberattacks start with an email "spear-phishing" attempt directed at a particular employee within an organization. The retail sector employs many unskilled employees so human factors may contribute to many data security issues. Employees must be educated about the various data security dangers and how to handle them; otherwise, it will be difficult for the cloud security industry to protect the data from untimely attacks.
