After the pandemic brought global supply chains to a standstill, many organizations began migrating to cloud-based services. IT leaders were faced with the challenge of getting new systems up and running, and perhaps more importantly, ensuring the security of their cloud services.
The cloud security market is rapidly growing. According to a study, the global cloud security market size was $29.26 billion in 2021 and is expected to reach an eye-popping $106.02 billion by 2029, with an annual growth rate of It is 18.1%. Fortune Business Insights. According to the 2023 Thales Group Cloud Security Survey, 39% of enterprises experienced a cloud-based breach in 2022. Additionally, 89% of survey respondents said that 40% of the data stored in their organization is considered sensitive.
So, as the amount of sensitive cloud-based data increases, it’s no surprise that efforts to harden security solutions increase. “Cloud has been elevated from a technology disruptor to a business disruptor,” Gartner vice president analyst Sid Nag said in a statement. He said, “Generative AI will continue to drive the cloud market forward.”
In the following slides, InformationWeek highlights five major merger and acquisition deals that show how cloud growth and security needs are shaping a fast-growing industry.