Cloud Database Security Market to Reach $27 Billion By 2028

The cloud database security market is expected to reach $27 billion in market value by 2028 at a CAGR of 19% during the forecast period, according to business management consultancy Emergen Research. 

Continued adoption of cloud database technologies across all industries, especially healthcare, alongside the growing need for security to meet regulatory compliance and the increased threat of cyberattacks will be the key growers of the market. 

Emergen Research also mentions increased use of mobile devices, especially across developing regions such as South-east Asia, as another factor in the growth of the market. 

See also: Cloud Security: A Primer

Alongside increased adoption, organizations are also offloading more data off premises than ever before. Where once organizations kept private details and other sensitive data in on-premises data servers, even these are now sometimes being handled in the cloud. 

In countries where regulations on sensitive information and privacy are strict, organizations are having to invest heavily in cloud database security to avoid hefty fines for non-compliance. Some are having to adopt multiple different security policies to ensure global compliance. 

This has elevated the need for cloud security across all organizations. In particular, Emergen Research highlights eHealth applications and the Banking, Financial Services and Insurance (BFSI) segment as two of the fastest growing industries for cloud security. 

Emergen Research expects the hybrid cloud security to register a higher growth rate between 2020 to 2028, in comparison to public and private cloud. This is partly due to the majority of small and medium sized enterprises (SMEs) deploying some form of hybrid cloud solution, rather than sticking to one or the other. 

The market is still quite fragmented, with cloud database providers having their own security solutions built into the product and third-party applications which can sit on top of the platform or protect critical end-points. 

North America is the region that spends the most, accounting for 39.2 percent of revenue in 2020. That is expected to decline somewhat by 2028, with Europe being the fastest growing region during that period, however North America will still be the largest spender by region according to Emergen Research.