Global Cloud Mitigation Securities Market was valued at USD 35.0 Billion in 2020 is expected to reach USD 71.0 Billion by 2027, growing at a CAGR of 15.2% during the forecast period, 2021–2027.
Cloud mitigation is a set of tools used to protect soft targets of cybercrimes, threats and attacks. Cloud mitigation services help to offer protection, solutions and services to software vendors, government organizations and other companies. The increased use of the Internet and bandwidth networking, excess use of wireless networks and smartphones have also increased the risk of sensitive data being affected and vulnerable. Hence it has become essential to make cybersecurity solutions a stringent measure in protecting organizations from future threats and attacks. According to a report by Gemalto in 2018, India is said to account for 40% of the global data breaches.
The factors such as the need to protect targeted cloud attacks, rising demand from vendors for cost effective products, are expected to increase the growth of the cloud mitigation services market. Acceptance and awareness of products of Cloud Mitigation Services are another factor which will help in boosting the cloud mitigation services market.
Restraints in the cloud mitigation services market include high cost of products of the products and high maintenance of products. However rising demand from vendors and end user industries are set to be seen as opportunities for the cloud mitigation services market. Post Covid Impact has also impacted the cloud mitigation services market in a positive way owing to the rising trends of work from home and remote working. More digital devices are being used to work and hence sensitive data exposed is higher.
The North American region is expected to lead the global cloud mitigation services market during the forecast period. Presence of major key players in the region such as Microsoft, Amazon and Google among others have risen the scope of innovation and technological development. U.S. and Canada, are likely to grow at fast rate during the forecast period owing to rising adoption of Cloud Mitigation Services. Many governmental and regulatory bodies in the region are creating a balance between technological innovation and risk management. Strong regulatory measures are being taken to prevent cyber-attacks. For instance, New York passed the Shield Act at state level in 2019 to improve electronic data security.
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