Cloud security is not only a hot commodity, but a necessary one, and businesses are steadily increasing their adoption of services provided by the top cloud security companies.
Research firm Markets and Markets estimates that the overall global cloud-managed services market was worth US$99 billion in 2022, and is projected to reach US$164 billion by 2027.
According to its Cloud Managed Services Market report, the market’s drivers are “(g)rowing demand for cloud managed services among enterprises and inadequate cloud expertise among IT professionals.’
Unfortunately, these services are also vulnerable to the growing number of costly cybersecurity threats and data breaches. Emergen Research sees these threats as fueling growth in the cloud security market to the tune of US$170.51 billion by 2032.
With the industry poised for substantial growth, here’s a look at 10 top cloud security companies in 2023, according to Emergen Research. Companies are listed in order of market cap, with data current as of market close on September 28, 2023.
1. Microsoft (NASDAQ:MSFT)
Market cap: US$2.33 trillion
First on this list of top cloud security companies is Microsoft, which generates billions in revenue each quarter from its intelligent cloud services division. Microsoft Azure, its cloud platform, provides services to internet of things (IoT) systems in combination with chip design through Azure Sphere, while Azure Stack allows users to have their data analyzed in real time.
Microsoft is making its cloud systems compatible with open-source systems; it is also providing a host of artificial intelligence (AI) applications through Azure, including advanced data analytics, speech recognition and language translation. When it comes to cloud security, Microsoft has a team of cybersecurity threat intelligence experts who have worked with government officials and policymakers. Microsoft leverages its security expertise and experience to create critical cloud infrastructure protections.
The tech giant plans to launch its Microsoft Cloud for Sovereignty in December 2023, which it says will ‘enable governments to meet their compliance, security and policy requirements while harnessing the cloud to deliver value to their citizens.’
2. Alphabet (NASDAQ:GOOGL)
Market cap: US$1.67 trillion
The Google Cloud Platform and G Suite are among the cloud services offered by Alphabet’s Google. The company’s G Suite services encompass enterprise applications such as Gmail, Google Docs and Google Drive, which were built on the backbone of its cloud services. The Google Cloud platform has become a core driver of the company’s revenue, increasing in each of the last five years and generating a profit in two consecutive quarters as of Q2 2023.
Google Cloud has added dozens of new security features related to its cloud applications in recent years. For example, Access Transparency is extending its cloud security services to the G Suite platform. Access Transparency logs the details of when Google employees interact with a user’s data. In addition, Google has launched a data loss prevention user interface, a cloud security scanner and security health analytics features.
In June 2023, the company announced the addition of new threat detection, investigation and response capabilities within its Chronicle Security Operations platform.
3. Amazon (NASDAQ:AMZN)
Market cap: US$1.67 trillion
US ecommerce and cloud-computing giant Amazon has a broad spread of customers, from startups to established companies. The company’s Amazon Web Services (AWS) provides computing power, database storage, content delivery and a number of other functionalities to assist in business growth and scaling. Amazon stores information in its AWS data centers, which have security controls that include network firewalls, client-controlled encryption and real-time insight with security advisors.
AWS is Amazon’s fastest growing and most profitable business segment, generating US$80 billion in revenue in 2022.
4. Broadcom (NASDAQ:AVGO)
Market cap: US$343.88 billion
Global technology giant Broadcom designs, develops and manufactures semiconductors, but it has also built a large portfolio of embedded and mainframe security solutions that includes payment authentication software and its Symantec Enterprise Cloud suite of integrated cybersecurity software.
In September, the company’s Symantec division partnered with Google Cloud to embed generative AI into the Symantec Security platform. The move will help Symantec customers thwart cyber attacks. “Symantec has a long history of designing, implementing, and fine-tuning artificial intelligence and machine learning for critical security use cases and helping our customers drive value out of AI,” stated Adam Bromwich, Broadcom’s CTO and Head of Engineering, Symantec Enterprise Division.
5. Cisco Systems (NASDAQ:CSCO)
Market cap: US$218.41 billion
Cisco Systems has a large portfolio of multi-cloud products and applications alongside strong relationships with Azure, AWS and Google Cloud. The company generated US$57 billion in revenue for its 2023 fiscal year.
One of Cisco’s core cloud tools is SecureX, which that connects the Cisco Security portfolio to the cloud and automates security initiatives across the infrastructure. Emergen Research states that Cisco also ‘helps ventures to connect and observe devices, compute and manage data, and secure and automate operations.’
In September 2023, the company introduced its Cisco Secure Application module as part of its Full Stack Observability (FSO) platform. ‘Secure Application can combine data from multiple sources to generate a business risk score for applications or services that have a likelihood of exploitation and attacks,’ explains Network World. ‘It’s designed to gauge the seriousness of vulnerabilities and prioritize which are most pressing.’
6. IBM (NYSE:IBM)
Market cap: US$128.94 billion
IBM’s cloud services are used by companies globally. Central to its future goals is transitioning enterprises onto the cloud in a way that suits them best, be that a private, public or hybrid cloud system. The company’s software-as-a-service security platform provides its users with real-time insights to detect endpoint security vulnerabilities and prevent threats. The platform helps customers use less infrastructure on security solutions, deploying them instead through the IBM Cloud and its cloud-computing security services.
IBM has acquired dozens of companies in the last few years in an effort to strengthen its hybrid cloud and AI capabilities.
One such acquisition cam