Cloud Access Security Brokers Market Industry Analysis by 2024

Cloud Access Security Brokers Market has greatly influenced the way organizations store their information and statistics. The adoption of cloud-based technologies has reduced data storage concerns of enterprises, allowing them to concentrate on their core capabilities. However, concerns pertaining to the privacy of sensitive data and frequent security breaches are major factors crafting the need for cloud security solutions. Thus, cloud access security brokers (CASB) are achieving a vital position in the cloud security domain as protectors of organizations’ critical data. The global CASB market is expected to expand at a CAGR of 16.7% from 2016 to 2024 owing to extensive deployment by a large number of small and medium-sized businesses (SMBs). This large-scale deployment can be attributed to the flexible characteristics of CASB solutions.

Complete business functionality can be accessed through SaaS at lower operating costs. This has supported the deployment of SaaS-delivered services significantly across SMBs. The rising adoption of the cloud has raised security concerns, leading to a positive influence on the growth of the global Cloud Access Security Brokers Market. Governing bodies continually revamp regulations, making it difficult for cloud storage vendors to manage cloud security platforms. Thus, the outsourcing of security solutions has become the foremost trend and is further driving the CASB market. However, a lack of awareness about security pertaining to the use of cloud technologies serves as a constraint for the Cloud Access Security Brokers Market.

The CASB market is segmented on the basis of cloud deployment type, components, services and geography. The market’s component segmentation comprises software and services. Software-based CASBs include cloud-based and on-premise types encompassing the following solutions: control & monitoring, risk & compliance management, cloud data encryption, data leakage prevention, and tokenization. The services delivered through CASB products include consulting, system integration, and operation & maintenance. CASB deployment across SaaS platforms has witnessed a large number of implementations, owing to rising trends in SaaS-delivered services and its cost-effectiveness.

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Cloud services have influenced many companies operating in various industries. The adoption of cloud technologies has helped many industries to solve their data storage problems cost-effectively. This has allowed the companies to focus on their core operations and capacities. Cloud access security brokers are consistently achieving an important position in the global cloud-based technologies market.

By component, the global cloud access security brokers market is classified into service and software. The software segment is sub-segmented into on-premise and cloud-based components. The service segment is sub-divided into system integration, consulting, and operations and management.

Although the global cloud access security brokers market is set for a significant growth, it is expected to be hampered by a few factors. Lack of awareness about the latest cloud access security solutions is predicted to hamper the growth of the global market.

Based on region, the global cloud access security brokers market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2015, North America dominated the global cloud access security brokers market. The North America cloud access security brokers market recorded the highest implementation of cloud access security brokers in the recent years. The North America cloud access security brokers market is likely to exhibit an 18.40% CAGR from 2016 to 2024.

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