MarketsandMarkets forecasts that the global multi-cloud security market would grow from an estimated USD 4.4 billion in 2022 to USD 10.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.7% from 2022 to 2027. Rising need for unified multi-cloud security solutions due to increasing cyberattacks, and the growing government support for deploying multi-cloud security solutions are some of the factors driving the market growth.
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What is Multi-Cloud Security?
According to MarketsandMarkets, multi-cloud security is a cloud security solution and service that protects multiple public cloud platforms. The solution protects cyber breaches across multiple cloud infrastructures and caters to applications such as network security, endpoint and IoT device security, and application security.
By organization size, large enterprises to account for a larger market size during the forecast period
According to the Organization for Economic Co-operation and Development (OECD), large enterprises employ more than 250 people. Large enterprises have rapidly started adopting multi-cloud systems over traditional on-premises methods. These large enterprises have various department verticals performing different operations, which makes it difficult for the organization to maintain the security posture of the entire organization. The pandemic led to organizations rapidly adopting the work-from-home (WFH) trend. Large enterprises increasingly deploy cloud-based solutions due to increased scalability and lower maintenance costs. Organizations are increasingly using multi-cloud deployments with benefits including minimizing vendor lock-in, leveraging best options as per requirements, and meeting regulatory requirements. According to IBM’s report Cloud’s next leap, the percentage of respondents claiming a single public cloud as their primary archetype dropped from 16% in 2019 to 2% in 2021, with the growing use of multi-cloud deployments. Organizations are increasingly adopting multi-cloud security solutions to maintain the vital security posture of multi-cloud deployments.
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By vertical, BFSI to account for the largest market size during the forecast period
BFSI consists of banking, financial services, and insurance. Despite the size and business mix, most financial institutions have increasingly started adopting cloud and multi-cloud computing solutions. There are cost benefits when scaling, deploying new services, and innovating. Banks and financial institutions are increasingly moving their data to the cloud environment amid the COVID-19 outbreak. There are security and resiliency benefits that can be difficult and expensive to replicate on-premises, especially for smaller institutions trying to keep pace with the rapidly changing standards. However, as the industry continues to embrace cloud services, regulators are becoming more aware of the challenges associated with cloud computing, especially those that could expose financial institutions to systematic risks potentially undermining the financial system’s stability. With the widespread adoption of cloud computing platforms, finance and insurance companies must meet the highest security standards set by monetary regulatory authorities. There is a constant need for proper security measures and vigilance to protect organizations from potential cloud attacks on multi-cloud deployments in the vertical. Multi-cloud security solutions are being implemented to help maintain the organization’s security. Different government mandates, such as the Personal Information Protection and Electronics Document Act (PIPEDA) and PCI DSS, necessitate financial institutions to comply with these standards. There is an increasing need for cybersecurity solutions and services in the BFSI vertical to combat the rising number of physical and cyber-attacks on critical infrastructures.
Unique Features in the Multi-cloud Security Market
A single dashboard and tools for centralised insight into security postures across several cloud platforms are provided by multi-cloud security solutions. This makes it possible for businesses to regularly oversee and manage security procedures.
In order to ensure compatibility and optimisation for each platform’s native security features, multi-cloud security is designed to make use of cloud-native security controls and services offered by various cloud providers.
Interoperability is emphasised by solutions in the multi-cloud security industry, enabling enterprises to easily integrate security tools and policies across many cloud environments without encountering compatibility problems.
Comprehensive compliance management capabilities are offered by multi-cloud security solutions, guaranteeing conformity to industry standards and legal obligations on a variety of cloud platforms.
Organisations may stay informed about the most recent cyberthreats and vulnerabilities by integrating dynamic threat intelligence feeds, which enables proactive threat detection and response across various cloud environments.
Major Highlights of the Multi-cloud Security Market
The rising adoption of multi-cloud environments by enterprises of all sizes and across several industries is driving the market for multi-cloud security solutions, which is expanding at a rapid pace.
Multi-cloud security solutions offer centralised visibility, policy management, and control across different cloud platforms, thereby mitigating the complexity of safeguarding heterogeneous cloud environments.
Multi-cloud security solutions ensure the security and integrity of data and applications across various cloud environments by providing all-encompassing defence against a broad variety of cyber threats, such as malware, data breaches, insider threats, and compliance violations.
Interoperability is a key component of multi-cloud security solutions, which enable enterprises to easily and effectively integrate security tools and policies across various cloud platforms without running into compatibility problems.
With the help of unified security management capabilities offered by multi-cloud security solutions, enterprises may oversee, control, and impose security rules uniformly across several cloud environments from a single dashboard or console.
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Competitive overview:
The multi-cloud security market is led by some globally established players, such as Microsoft, VMware, Rackspace, Check Point, F5, and others. These players have adopted various growth strategies, such as partnerships, agreements, collaboration, acquisitions, and product developments, to increase their market presence.
Microsoft develops and supports software, services, devices, and solutions, including computer software, consumer electronics, personal computers, and related services. The company offers various services, including cloud-based solutions that provide customers with software, services, and platforms, along with solution support and consulting services. The company’s products include operating systems, across-device productivity and collaboration applications, server applications, business solutions, desktop and server management tools, software development tools, and video games. The company also designs and sells devices, including PCs, tablets, gaming and entertainment consoles, intelligent devices, and related accessories. In the multi-cloud security market, it provides Microsoft Defender for Cloud. Microsoft Defender for Cloud is a unified cloud-native platform that helps strengthen the security posture, enables protection against modern threats, and helps reduce risk throughout the cloud application lifecycle across multi-cloud and hybrid environments. It provides unified visibility of security posture across Azure, AWS, Google Cloud, and hybrid clouds; offers real-time security access and prioritization of critical tasks; provides integrated XDR solution across multi-cloud workloads to prevent, detect, and respond to attacks; and provides centralized insights across multipipeline and multi-cloud DevOps to improve application development security.
Apart from large vendors, some SMEs and startups, such as Aqua Security, Aviatrix, Saviynt, Tufin, Distology, are also evolving in the multi-cloud security market.
Another important player in the multi-cloud security market is Aqua Security. Aqua Security is a cybersecurity company that helps organizations secure their containers, serverless functions, and cloud VMs. The company provides products and solutions for software supply chain security, container security, Kubernetes security, CSPM, vulnerability scanning, container security, serverless security, and VM security. In the multi-cloud security market, it provides the Aqua Platform. Aqua Security provides full lifecycle security controls for containers and serverless functions and compatibility and integrations with cloud providers.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period of 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onward, companies are expected to follow organic growth strategies to provide multi-cloud security solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
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