Global CASB Market Poised for Massive Growth through 2031

Cloud access security broker (CASB) presents a massive opportunity in the channel as the global market is set to reach $37.2 billion by 2031.

That’s according to a new Allied Market Research report, which expects a compound annual growth rate (CAGR) of nearly 19%. The market totaled $6.8 billion in 2021.

Leading CASB market players include Broadcom, Cisco, iboss, Lookout, Microsoft, Netskope, Palo Alto Networks, Proofpoint, Skyhigh Networks and Zscaler.

The rise in demand for work-from-home and remote working policies is driving CASB market growth. However, higher installation costs and maintenance challenges of CASB platforms restrict the market growth. Moreover, the integration of advanced technologies such as machine learning (ML) and data analytics with CASB solution suites is expected to present new opportunities for market growth in the coming years.

Based on component, the solution segment held the highest market share in 2021, accounting for around three-fourths of the global market. It’s expected to maintain its leadership status throughout the forecast period, due to the high demand for enterprise security solutions. However, the services segment is projected to net the highest CAGR from 2022 to 2031, due to the growing demand for detection security services.

Based on enterprise size, the large enterprise segment held the highest market share in 2021, accounting for more than three-fourths of the global CASB market, and is estimated to maintain its leadership status throughout the forecast period. However, the SMEs segment is projected to net the highest CAGR  from 2022 to 2031, due to growing innovations in SMEs.

Based on application areas, the data security segment accounted for the largest share in 2021, contributing to more than one-third of the global market. This is due to growing remote working trends. However, the governance, risk and compliance segment is expected to net the largest CAGR from 2022 to 2031 and should maintain its lead position in terms of revenue by 2031, due to the growing need for network security solutions.

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global market, and is likely to dominate the market during the forecast period, due to the growing number of cyberattacks in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR from 2022 to 2031, due to the ongoing digital transformation in the region.