Cloud Access Security Brokers Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, UK, China, Germany, Japan - Size and Forecast 2024-2028

Cloud Access Security Brokers Market Size 2024-2028 

The cloud access security brokers market size is estimated to grow by USD 9.09 billion at a CAGR of 16.6% between 2023 and 2028. One of the key offerings of cloud services is the ability to access a vast pool of expertise and resources on-demand. This is particularly beneficial for small and medium-sized businesses that may not have the budget or the need for a full-time IT team. By leveraging cloud services, businesses can gain access to the latest technologies and skilled professionals, enabling them to focus on their core competencies and drive growth. Rising Adoption of Cloud Services: The adoption of cloud services is on the rise, with more and more businesses recognizing the benefits they offer. According to a recent study, the global cloud services market is projected to grow at a compound annual growth rate of 17.5% between 2020 and 2027. This growth is being driven by factors such as the need for cost savings, increased agility, and the ability to work remotely. Low IT Cost: Another major advantage of cloud services is the significant cost savings they offer. By moving IT infrastructure and applications to the cloud, businesses can reduce their capital expenditures on hardware and software, as well as their operational expenses on maintenance and support. This not only helps businesses to operate more efficiently but also frees up resources for other strategic initiatives.

What will be the Size of the Market During the Forecast Period?

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Market Dynamic and Customer Landscape

The market is witnessing significant growth due to the increasing adoption of cloud services by cloud service consumers. Cloud service providers are offering various services, leading to an expansive cloud landscape. However, this brings new challenges in terms of compliance with various standards for healthcare organizations, retail companies, and financial services organizations. Threat observations have shown an increase in malicious activity, leading to a greater need for threat protection. CASB solutions offer security at the Security Service Edge (SSE), including secure web gateways, authentication, credential mapping, encryption, malware detection, and data loss prevention. Enterprise users are adopting CASBs to secure authorized applications and prevent unauthorized access to managed and unmanaged devices. Unauthorized applications and shadow IT assessment are also major concerns, leading to the implementation of CASB solutions. CASBs help protect sensitive data such as financial data, proprietary data, credit card numbers, and health records from unauthorized access and data loss. Compliance with various regulations, such as HIPAA and PCI-DSS, is crucial for organizations in the healthcare and financial services sectors. CASBs provide a comprehensive solution to secure cloud environments and ensure data security. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The access to expertise is notably driving market growth. Cloud adoption has gained significant traction among enterprises worldwide, yet the lack of expertise in cloud management poses challenges for many organizations. Cloud Access Security Brokers (CASBs) bridge this gap by providing enterprises with the necessary tools to effectively and efficiently manage their cloud environments. The transition from traditional data storage to cloud involves various processes and technical interfaces, including PCI DSS compliance, risk assessment, discovery, and continuous monitoring. CASBs offer solutions such as API scanning, forward proxy, and reverse proxy to mitigate risks associated with Shadow IT and enforce DLP policies. Remediation options are also crucial for addressing potential security threats and ensuring regulatory compliance. By implementing CASBs, enterprises can optimize their cloud usage, minimize risks, and reap the full benefits of cloud services. Thus, such factors are driving the growth of the market during the forecast period.

Significant Market Trends

The customization of cloud features is the key trend in the market. Cloud Access Security Brokers (CASBs) play a crucial role in enabling enterprises to secure their data and ensure compliance with regulations such as PCI DSS, while utilizing cloud services. CASBs offer various functionalities including discovery, remediation, and risk assessment. They provide API scanning, forward proxy, and reverse proxy solutions to mitigate the risks associated with Shadow IT. DLP policies and remediation options are essential features of CASBs that enable continuous monitoring and enforcement of security policies. Open-source projects like CompatibleOne and proprietary software tools such as OpenText Cordys and VerioCatalyst offer customization options for enterprises. VerioCatalyst, a platform with a layered architecture, provides a service provisioning system, an administration platform, and a retail interface, enabling seamless integration with other value-added services. Thus, such trends will shape the growth of the market during the market forecast period.

Major Market Challenge

Cloud interoperability issues is the major challenge that affects the growth of the market. Cloud Access Security Brokers (CASBs) play a crucial role in securing cloud environments by enforcing security policies and providing visibility into cloud application usage. PCI DSS compliance is essential for organizations handling credit card information, and CASBs offer Discovery features to identify and assess the risk of shadow IT usage in cloud applications. Remediation options are available for non-compliant applications, ensuring adherence to PCI DSS regulations. CASBs employ various techniques such as API scanning, forward proxy, and reverse proxy to secure cloud traffic. Risk assessment is continuous, enabling real-time detection of potential threats. DLP policies are enforced to prevent data exfiltration and maintain data security. Migrating from on-premises infrastructure to cloud infrastructure can pose interoperability challenges due to differences in protocols. While on-premises applications use block-level protocols like fiber channel (FC) and Internet small computer system interface (ISCSI), cloud infrastructure uses file-level protocols like network file system (NFS) and common Internet file system (CIFS) accessed through REST, HTTP, and SOAP APIs. This transition necessitates extensive application re-programming and integration, increasing application complexity. Hence, the above factors will impede the growth of the market during the forecast period.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Broadcom Inc. - The company offers Symantec CloudSOC CASB or Cloud Access Security Broker to deliver the highest level of protection to mitigate malicious content in cloud apps, shadow IT, and compliance risk.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Broadcom Inc.
• Cato Networks Ltd.
• Censornet Ltd.
• Check Point Software Technologies Ltd.
• Cisco Systems Inc.
• Citrix Systems Inc.
• CloudCodes Software Pvt. Ltd.
• CodeLathe Technologies Inc.
• Forcepoint LLC
• Imperva Inc.
• ManagedMethods
• Microsoft Corp.
• Netskope Inc.
• Oracle Corp.
• Palo Alto Networks Inc.
• Proofpoint Inc.
• Saviynt Inc.
• Skyhigh Networks
• Verizon Communications Inc.
• Zscaler Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Segmentation

By Type 

The solution segment is estimated to witness significant growth during the forecast period. In today's modern work era, Cloud Access Security Brokers (CASBs) have become essential for securing Cloud service consumers' data as they engage with Cloud service providers. Compliance standards, such as HIPAA for healthcare organizations, FFIEC for financial services organizations, and PCI-DSS for retail companies, mandate strict safety regulations.

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The solution segment accounted for USD 4.11 billion in 2018. CASBs provide threat protection against malicious activity, including cloud malware and ransomware, by monitoring threat observations and enforcing policies. Shadow IT behaviors, such as the use of unmanaged devices and unauthorized applications, pose significant risks. CASBs offer data loss prevention, anomaly detection, and credential mapping for Microsoft Active Directory, ensuring data usage adheres to organizational policies. They also provide authentication and encryption for authorized applications and manage devices, while detecting and blocking unauthorized applications. CASBs enable risk visibility and threat prevention against rogue applications, protecting financial data, proprietary data, credit card numbers, and health records. Security Service Edge solutions, including secure web gateways, play a crucial role in enforcing enterprise users' access to cloud services, ensuring they only use authorized applications and maintain data security.

Regional Analysis

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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

In the modern work era, Cloud Access Security Brokers (CASBs) have become essential for securing Cloud service consumers' data as they interact with Cloud service providers. Compliance standards such as the HIPAA in industries like healthcare organizations, retail companies, and financial services organizations mandate strict safety regulations for handling financial data, proprietary data, credit card numbers, and health records. CASBs offer threat protection against malicious activity, including cloud malware and ransomware, by monitoring threat observations and enforcing policies for authorized and unauthorized applications. CASBs provide data loss prevention through anomaly detection, credential mapping, and encryption. They offer authentication and access control for managed and unmanaged devices, mitigating risks from shadow IT behaviors. CASBs also assess rogue applications and secure web gateways, ensuring enterprise users access only authorized applications. With Microsoft Active Directory integration, CASBs offer enhanced security and visibility into data usage. In conclusion, CASBs play a vital role in protecting sensitive information, maintaining regulatory compliance, and securing the Cloud environment in the digital age.

Segment Overview

The market report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from - for the following segments.

• Type Outlook
  • Solution
  • Services

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Argentna
    • Brazil
    • Chile
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

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Market Analyst Overview

Ensuring Security and Compliance in the Modern Work Era Cloud Access Security Brokers (CASBs) have become essential tools for cloud service consumers and providers in safeguarding their digital assets from malicious activity and ensuring compliance with various safety regulations. In the modern work era, organizations from diverse sectors such as healthcare, retail, and financial services rely heavily on cloud services. Threat observations have shown an increase in cloud malware, ransomware, and rogue applications. CASBs offer threat protection against these threats by implementing data loss prevention, anomaly detection, and malware detection. Compliance standards like HIPAA, which govern the handling of sensitive data such as financial data, proprietary data, credit card numbers, and health records, are stringently enforced. CASBs provide authentication, credential mapping, encryption, and authorized application control to ensure secure access to cloud services. They also offer security services at the Security Service Edge, including secure web gateways, to protect enterprise users from unmanaged devices and shadow IT behaviors. CASBs play a crucial role in maintaining risk visibility and threat prevention, enabling organizations to make informed decisions and stay compliant in the digital age.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behavior
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies