The global market for cloud security is set to hit $15 billion (bn) by 2026, revised up from $7bn with the additional growth stemming from the Covid-19 pandemic, according to a new report.
The report from Global Industry Analysts found the sector will see a compound annual growth rate of 13.3%. For cloud identity and access management (cloud IAM), the insights firm projects, seeing 14.2% CAGR in the same period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, it also estimated growth in the cloud email security segment is readjusted to a revised 13.5% CAGR for the next seven-year period.
Additionally, China – the world’s second largest economy – is forecast to reach a projected cloud security market size of $2.6bn by the year 2026 trailing a CAGR of 12.8% over the analysis period.
The report added that among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.7% and 11.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.7% CAGR.
In the global cloud intrusion projection systems (IDS/IPS) segment, the report suggested USA, Canada, Japan, China and Europe will drive the 12% CAGR estimated for this segment.
These regional markets accounting for a combined market size of $1bn will reach a projected size of $2.3bn by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.