The Cloud Storage Security Market in 2022

Cloud storage security is the technology, precautions, and protocols used to keep cloud environments secure from threats and unauthorized access. It covers everything from endpoint protection and threat scanning to data encryption and identity verification.

Companies using any type of cloud storage use cloud storage security in order to keep their files and data safe as well as meet local data storage regulations.

See below to learn all about the global cloud storage security market:

Cloud storage security market

The cloud security market had an estimated value of $29.26 billion in 2021. It’s expected to follow a compound annual growth rate (CAGR) of 18.1% during the forecast period from 2022 to 2029, reaching $106.02 billion in value.

Regionally, the global cloud storage security market is divided as follows:

• The U.S. market was worth $2.1 billion in 2020, and it’s expected to maintain a CAGR of 12.8% to 2027
• China is forecast to reach $2.9 billion by 2027, following a CAGR of 12.8%
• Japan and Canada are each forecast to grow at a CAGR of 11.7% and 11.3% to 2027
• Within Europe, Germany has one of the highest growth rates, with a CAGR of 9.7%
• Australia, India, and South Korea are leading the Asia-Pacific market toward reaching $2 billion by 2027

By industry, the banking, financial services, and insurance (BFSI) held the largest share of the cloud storage security market.

Other industries driving demand in the cloud security market are:

• Health care
• Life sciences
• Government
• Retail and consumer goods
• Manufacturing
• Energy and utility

Cloud storage security features

For the IT personnel managing cloud storage cloud security is achieved by implementing five primary cloud controls to minimize and mitigate the damages of data breaches and achieve regulatory compliance:

Centralized control and visibility

Complete visibility into the cloud environment reduces the chances of vulnerabilities to go unnoticed. It also enables the IT team to fix any misconfigurations and handle suspicious activity promptly.

Integration with the cloud

Cloud security needs to flow seamlessly from the in-house IT team and the security implemented by the cloud provider. Working with different types of cloud models, third-party cloud security solutions must integrate with the various infrastructures and environments, remote or on-premises.

Automated security

Cloud security needs to be at least partially automated. Security automation ranges from configuration updates to real-time status reports and security responses.

Web application protection

Web applications pose a security threat if kept unprotected. Cloud storage providers are responsible for securing the infrastructure, not the apps that regularly interact with external sources.

Threat intelligence feed

Threat intelligence feeds are continuous streams of data from all parts of the cloud environment that carry information regarding potential or ongoing threats to the cloud’s security. Dynamic threat intelligence is powered by a variety of technologies, from machine learning (ML) and behavioral analysis to intelligent threat detection.

“In contrast to the past, customers are much more aware that CSPs have far more resources than most companies to secure infrastructure,” says John P. Mello Jr., a technology writer at TechBeacon by Micro Focus.

“Organizations can also expect a cloud service provider to have a full complement of security tools to protect their environment, including the latest anti-malware software, intrusion protection systems, application firewalls, and network monitoring and event analysis solutions powered by machine learning and artificial intelligence.”

Benefits of cloud storage security

Cloud storage security solutions are essential to using any type of cloud storage offering from a third-party provider. 

On top of securing an organization’s digital assets stored in the cloud, cloud storage security has numerous benefits, such as:

• Threat prevention and mitigation through detection
• Built-in access privileges control
• Achieving privacy and security regulatory compliance
• Gaining customers’ trust
• Reducing the costs of cyberattacks

Cloud storage security use cases

The following case studies highlight how organizations in different industries are using cloud storage security solutions:

Xerox

Xerox is a Fortune “500” company that provides print and digital documentation technologies in more than 160 countries. They offer workflow automation, analytics, and personalization solutions to its clients.

Xerox works to keep client data secure on the company’s cloud and devices. Partnering with McAfee, Xerox developed ConnectKey Technology to protect their devices from malfunctioning and experiencing data breaches.

“As security continues to evolve, it is the responsibility of us as vendors, individually and together, to bring secure solutions to the table. … Security is always a part of our baseline, and we will continue to raise that baseline,” says Alissa Johnson, chief information security officer, Xerox.

“In the future, I expect our relationship with McAfee will only continue to grow.”

McAfee’s lightweight security solutions helped Xerox bring security to the cloud, keeping their employees and clients safer from cyber threats.

Del Monte Foods

Del Monte Foods is a global food production enterprise. 

The company decided to outsource 98% of its IT infrastructure and extend their IT team to 130 professionals worldwide. With that, Del Monte Foods needed to ensure user data is safe on their devices and cloud.

After a cyberattack, the company partnered with Sophos to protect their cloud servers using malware detection and host intrusion prevention solutions.

“The cloud-managed platform and centralized management console give us complete visibility over the entire organization. It’s especially advantageous for us, because we have a small staff,” says PJ Balsley, director, IT technology, security, and operations, Del Monte Foods.

“We wanted to deploy the same technology across the board, so that it’s consistent, flexible, and scalable for all our locations, large and small. Sophos makes that possible.”

Using Sophos’ cost-effective security solutions, Del Monte Foods’ IT team was able to gain full visibility into the network and solve issues before they turn into full-fledged problems.

SGN

SGN is a British utility distributor that provides gas to 5.9 million homes and businesses in Scotland and England. The company operates just under 50,000 miles of pipes that are managed by 5,000 employees.

Determined to simplify their cloud and network security, SGN sought a long-term cybersecurity partner to help it embrace the cloud securely for their mobile workforce.

SGN partnered with Symantec to help bring more foresight and security into their cloud storage and services. Using Symantec CloudSOC, Symantec Web Security Service, and Symantec Security Operations Center, among others, SGN was able to increase the levels of their cloud security.

“Cloud is playing a part in reducing the operational costs of our business and also as a starter for exploring potential new revenue streams,” says Mo Ahddoud, chief information security officer, SGN.

“For our security strategy, visibility of your environment is key, because it means visibility of user behaviors. You can then make informed decision about what your controls need to be.”

With Symantec’s cloud security solutions, SGN was able to improve their remote workers’ productivity and boost their cloud and network security, allowing the in-house IT and security teams to concentrate on more important tasks.

Cloud storage security providers

Some of the leading vendors in the cloud storage security market include:

• Palo Alto Networks
• Sophos
• Symantec
• McAfee
• Tenable
• FireEye
• Trend Micro
• CloudPassage
• LaceWork
• Akamai Technologies