Retail Cloud Security Market Size (2024 - 2029)

Retail Cloud Security Market Analysis

The Retail Cloud Security Market size is estimated at USD 5.14 billion in 2024, and is expected to reach USD 9.65 billion by 2029, growing at a CAGR of 13.44% during the forecast period (2024-2029).

Due to technological development and the vast amount of information available in digital form, data breaches are frequent. According to IBM's Cost of a Data Breach Study 2022, the average data breach cost was 4.35 million USD in 2022. Businesses implement all-encompassing preventative actions to close any potential system vulnerabilities, from end users to IT systems, leading to the adoption and growth of the cloud security market.

• Forecasting how the retail business will perform over the next few years is challenging due to the ongoing change in consumer purchasing behavior. To withstand competition, retailers must consistently innovate, guarantee precision, and maintain synchronization. Many retailers adopted cloud solutions to store confidential information securely and inventory online within the cloud. This technological shift demanded a secure network solution, which Cloud Security providers are guarding.
• The COVID-19 pandemic pushed more consumers online. Retailers employed analytics to understand better consumer demands and AI-powered processes to give what they want. With the digital transformation in the retail industry, cloud storage has become a need, increasing the demand for cloud security services.
• According to Trend Micro, 91 percent of all cyberattacks start with an email "spear-phishing" attempt directed at a particular employee within an organization. The retail sector employs many unskilled employees so human factors may contribute to many data security issues. Employees must be educated about the various data security dangers and how to handle them; otherwise, it will be difficult for the cloud security industry to protect the data from untimely attacks.

Retail Cloud Security Industry Segmentation

The security practices and technologies that protect data and systems in a business's Internet of Things environment shall be called Cloud Security for Retail. It is necessary to ensure that confidential customer data, e.g., payment information and identity documents, are kept safe when dealt with by retail enterprises to protect them from potential unauthorized access or misuse.

The cloud security market in retail can be segmented by solution (identity and access management, data loss prevention, IDS/IPS, security information and event management, and encryption), security (application security, database security, endpoint security, network security, and web and email security), deployment mode (private, hybrid, and public), and geography (North America (US and Canada), Europe (Germany, UK, France, Rest of Europe), Asia-Pacific (India, China, Japan, and Rest of Asia-Pacific), Latin America, Middle East & Africa). The market sizes and forecasts are provided in terms of value (USD).