Hybrid Cloud Workload Security Market size was valued at USD 2.11 billion in 2023 and is anticipated to reach USD 35.68 billion by the end of 2036, registering around 24.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hybrid cloud workload security is assessed at USD 2.52 billion.
The growth in adoption of hybrid cloud workload security, along with the rising need to secure cloud workloads are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the increasing demand to control unidentified & unofficial workloads and the concerns related to privacy & safety of cloud technology. It is estimated that more than 72% of the global enterprises will shift to cloud storage from on-premise data centers, by 2022.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024–2036 |
|
CAGR |
24.3% |
|
Base Year Market Size (2023) |
USD 2.11 billion |
|
Forecast Year Market Size (2036) |
USD 35.68 billion |
|
Regional Scope |
|
The hybrid cloud workload security market is segmented on the basis of organization type into small & medium enterprises, and large enterprises, out of which, the large enterprises’ segment is anticipated to grab the largest share by the end of 2021 on account of their higher financial capabilities in adopting hybrid cloud workload security systems. Moreover, large enterprises have greater capital to raise data centers, which is also projected to contribute to the growth of the segment during the forecast period.
On the basis of end-user, the BFSI segment in the market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the increased adoption of hybrid cloud workload security technology by the BFSI sector and as a result, there is a considerable improvement in the security of the hybrid cloud workload in the segment.
Our in-depth analysis of the global market includes the following segments:
|
By Organization Type |
|
|
By End-User |
|
Geographically, the hybrid cloud workload security market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific industry is poised to hold largest revenue share by 2036, owing to increase in automation and evolved technological requirements of enterprises in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the high adoption of cloud-based services, accompanied by the presence of leading technology providers in the region. Along with this, North America also leads in terms of better security compliance offerings by organizations, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the market on account of technological advancement and surge in demand for hybrid cloud workload security systems in the region. The European Commission, in 2020, had put forward a European Data Strategy whose aim is to support the European Union to become the most attractive, most safe, and most dynamic data-agile economy globally.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?