The Cloud Access Security Broker Market was valued at USD 9.68 billion in 2023, projected to reach USD 43.45 billion by 2032 with a CAGR of 18.20%. The demand for security solutions is rising as more businesses transition to cloud-based services to enhance operational efficiency, despite the risks of shadow IT and data breaches.

In 2023, the Software as a Service segment dominated the market, accounting for 53% of revenue share, driven by the need for scalable solutions. Data Security led the market by 43% share, with Risk and Compliance Management expected to grow at a rate of 20.23% from 2024 to 2032.

North America held 44% of the market share in 2023, while the Asia Pacific region is projected to experience the fastest growth rate of 20.34% from 2024 to 2032 due to increased cloud adoption and cybersecurity emphasis.

Key players in the market include Skyhigh Networks, Broadcom Inc., Palo Alto Networks Inc., Cisco Systems, Inc., and more, offering a range of security solutions for cloud access.

Recent developments include Skyhigh Security expanding its global cloud infrastructure and Broadcom unveiling VMware Tanzu Platform 10 for enhanced cloud-native application delivery.

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Read more at GlobeNewswire: Cloud Access Security Broker Market to Reach USD 43.45