CHICAGO , December 16, 2022 /PRNewswire/ — The globe Cloud Native Application Protection Platform (CNAPP) Market. Size is forecast to grow from an estimated one $7.8 billion 2022 to $19.3 billion by 2027, at a compound annual growth rate (CAGR) of 19.9% from 2022 to 2027, according to a new report from MarketsandMarkets™. Rising cyber attacks and increasing adoption of remote work trend by SMEs are some of the factors driving the market growth.
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By cloud type, public cloud segment to consider a larger market size during the forecast period
Public cloud includes a platform managed by a third party. In the public cloud model, the cloud resources are operated by a third-party cloud service provider and operated over the Internet. It uses the standard cloud computing model to make resources and services available to remote users worldwide. Public cloud services can be used free of charge or provided through subscription or on-demand pricing models, including pay-per-usage model. Key benefits of public cloud include reduced need for organizations to invest in maintaining their on-premises IT resources; scalability to meet workload and user needs; and fewer wasted resources as customers pay with the pay-per-usage model. The public cloud providers provide the infrastructure needed to host and deploy workloads in the cloud. Tools and services help customers manage cloud applications, including data storage, security, and monitoring and reporting capabilities. Some of the challenges with the public cloud are rising, complex cloud costs and pricing models, skills gaps in the cloud computing industry, limited control, and vendor lock-in periods.
By vertical, BFSI holds the largest market size during the forecast period
Cloud technology is increasingly being used by banks and financial institutions to store data and applications. Cloud technology providers offer products and services that offer improved revenue generation, customer insights, and reduced costs. The use of cloud computing models gives financial institutions control over how they pay for the technology they use. Cloud deployment offers increased scalability and companies can react more quickly to market changes. Total costs are reduced because organizations do not have to pay for local infrastructure costs. The COVID-19 outbreak has further accelerated the movement of data into the cloud environment. There is an increasing need for cybersecurity solutions and services in the BFSI industry to counter the growing number of physical and cyber attacks on critical infrastructure that are taking place due to the increasing adoption of BYOD and work-from-home (WFH) trends. Financial institutions need to comply with regulations like PIPEDA. This has led to increased adoption of CNAPP and related services. Financial institutions are always early adopters of advanced technologies. CNAPP is one of the essential security tools designed to secure deployed cloud resources and has significant applications in the BFSI vertical.
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by region, North America to consider the largest market size during the forecast period
North America is expected to be the largest contributor to the global CNAPP market in terms of market share. It is one of the most advanced regions in terms of security technology adoption and infrastructure. The region has recently seen increasing digitization and adoption of cloud technologies. IT spending on systems infrastructure is slowly shifting from traditional solutions to the cloud. Businesses are rapidly adopting cloud services for new initiatives or to replace existing systems. The regional presence of key industry players offering CNAPP helps propel the market growth North America. The increasing cyber attacks observed in the region are contributing to the growth of the CNAPP market in the region. The tightening of safety standards and regulations is another factor contributing to the growth of the CNAPP market in the region. The Cybersecurity and Infrastructure Security Agency (CISA) leads national efforts to understand, manage, and reduce cyber and physical infrastructure risks. It helps connect industry and government stakeholders with resources, analytics and tools to help them build cyber, communications, physical security and resilience. CISA’s Shields Up initiative recommends that an organization using cloud services should ensure that IT personnel have reviewed and implemented rigorous controls outlined in CISA’s guidance.
key figures
The main providers in the Cloud Native Application Protection Platforms Market include control point (Israel), Trend Micro (Japan), Palo Alto Networks (US), CrowdStrike (US), Fortinet (US), Forcepoint (US), Proofpoint (US), Radware (Israel), Zscaler (US), Sophos (UK), Aqua Security (Israel), Cequence Security (US), Illumio (US), Runecast (UK), Data Theorem (US), MetaSecure (US), Tigera (US), Orca Security (US), Skyhigh Security (US), Caveonix (US) , Wiz.io (US), Ermetic (US), Banyan Cloud (US) and AccuKnox (US).
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