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Cloud Access Security Brokers (CASB) Market Analysis

The Cloud Access Security Brokers (CASB) Market is valued at USD 11 billion in the current year, and it is expected to witness a CAGR of 17.04% during the forecast period to become USD 24.18 billion by the next five years. The surge in the adoption of various cloud-based services, growing concerns about data security, and the increasing demand for integrated security solutions drive the market's growth significantly.

• The cloud access security broker (also referred to as a CASB ) is an essential piece of any organization's cybersecurity infrastructure. Businesses using cloud applications for productivity, collaboration, and storage are challenged by the unique security requirements of operating in the cloud. Using a CASB solves many of these challenges by providing unmatched security, visibility, and control over access to and behavior within popular cloud applications.
• Without the permission of IT, users are connecting thousands of third-party applications and browser extensions to crucial SaaS platforms like Atlassian Suite, Microsoft 365, Salesforce, Google Workspace, and Slack as organizations adopt hundreds of SaaS platforms as part of the massive migration to the cloud. Corporate IT believes that enterprise-ready SaaS platforms are where its crucial data assets are stored and secured. In reality, these assets are kept in external drives, email clients, and chatbots, which exposes their SaaS supply chain to cyber danger. This drives the overall need for cloud security solutions, driving the market's growth significantly.
• CASB Security helps to protect data stored in cloud applications, such as Google G Suite, Microsoft Office 365, Dropbox, Slack, etc. This is because data stored and accessed in the cloud does not exist within the user's perimeter, nor is it always accessed from inside the user's perimeter. Three business challenges that a CASB solves in terms of data security include data loss prevention, providing data access controls, and auditing risky (and unauthorized) behavior.
• However, the lack of awareness and security-related concerns could limit the market's overall growth throughout the forecast period.
• COVID-19 pushed the governments to shut the office spaces, enabling employees to work from home. This helped grow demand for cloud access security brokers that help companies keep their data safe and decrease the chances of risks and fraud, driving the market's growth opportunities exponentially.

Cloud Access Security Brokers (CASB) Industry Segmentation

Due to the rise in the concerns related to cloud-based applications and programs and their safety and security, the adoption of cloud access security brokers is rapidly increasing. Corporate enterprises are implementing these broker systems to ensure data security. The report also estimates the market size as well as the future growth potential across different segments, such as solution, service, service model, organization size, vertical, and region. The report also captures the effect of the pandemic on the market studied.

The Cloud Access Security Broker Market is segmented by Service Model (Infrastructure-as-a-Service, Platform-as-a-Service, and Solution-as-a-Service), Organization Size (Small and Medium Enterprises and Large Enterprises), End-user Vertical (Banking, Financial Services and Insurance (BFSI), Education, Government, Healthcare and Life Science, Manufacturing, Retail and Wholesale, Telecommunication, and IT), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.