Market Highlights
The global cloud security market is garnering significant traction. The market growth attributes to the growing cyber-attacks on the data stored cloud. The cloud security solutions offer protection to the confidential data saved on cloud against unauthorized access to employees and other external stakeholders. Moreover, the spurting rise in cloud services usages for data storage of the confidential and private data of an organization and the increase in employee mobility escalate the market demand.
According to Market Research Future (MRFR), the global cloud security market valuation is projected to reach approximately USD 13 BN by 2022, growing at 17% CAGR throughout the review period (2016 – 2022). Rising concerns on the data breaches and security of cloud-stored data and assets are key driving forces behind the market growth. Also, the emerging trend of bring-your-own-device to the office premises substantially drive the market demand.
Companies are increasingly moving business-critical workloads to cloud to increase employee's flexibility and reduce IT cost. This further presents concerns about security & visibility that can risk an organization's security. In such a scenario, cloud security and cloud computing security solutions help maintain control to protect critical data. Moreover, rising innovation and digital transformation in organizations lead to dramatic digital technologies and cloud computing developments.
Additionally, the burgeoning IT & telecom sector contributes to the growth of the cloud security market. IT businesses are adopting cloud services to ease data transferring processes. Also, there is rapid adoption of the internet and smartphones, which access data on the cloud drive. The proliferation of cloud security resources predominantly drives market sales. To secure this data, IT and telecom companies implement cloud security & cloud computing security solutions; this, in turn, influences the growth of the market.
Conversely, the lack of technical expertise and awareness about cloud security among the small and medium organizations are the major factors projected to impede the market growth. Nevertheless, the proliferation of artificial intelligence (AI) and smart, connected, portable devices would support market growth throughout the review period. Also, the increasing numbers of businesses and inclination toward automation and IoT device usages would foster the market's development.
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Segmentation:
The report is segmented into four dynamics;
By Deployment : Private, Public, and Hybrid.
By Types : Virtualization Security, Cloud Database Security, Network Security, Data Loss Prevention, E-Mail & Web Security, and others.
By End-User : Healthcare, Retail, BFSI, BFSI, Government Utility IT & Telecom, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Cloud Security Market – Regional Analysis
North America leads the global cloud security market. Market growth attributes to the increasing demand due to the rising rate of cloud security infrastructures. Besides, the vast technological advancements offer a favorable platform for cloud security, driving the market growth exponentially. The need for safety & security solutions in organizations to secure the existing database contributes to the regional market development.
Moreover, the increasing demand for security solutions due to growing numbers of business and cloud computing substantiates the market growth in the region. Furthermore, the rapid adoption of AI and cloud computing act as significant driving forces influencing the market growth in the region. The North American cloud security market is projected its dominance throughout the estimated period.
Europe stands second in the global cloud security market. The market is driven by the highly developed network infrastructure in the region. Additionally, the growing healthcare industry in the region creates a substantial demand for security solutions for cloud technology. Also, rising technological advancements and proliferation of artificial intelligence (AI) and intelligent connected devices are major factors acting as prominent growth drivers for market growth.
Furthermore, the well-established infrastructure and faster implementation of advanced technologies in the region propel the market growth, presenting cybersecurity challenges. The increasing numbers of cyber-attacks in the burgeoning automotive and IT industry push the development of the market. The European cloud security market is expected to create a substantial revenue pocket during the assessment period.
The Asia Pacific cloud security market has emerged as a profitable market globally. Factors such as the rising trend of your own device policy and the increasing threat of cyber-attacks for data on-cloud substantiate the regional market growth. Also, the growing demand for corporate data security from unauthorized access and cyber-attacks creates substantial market demand. Furthermore, the increasing implementation of cloud computing in rising numbers of companies increases market sales.
Global Cloud Security Market – Competitive Analysis
Fiercely competitive, the cloud security market appears fragmented due to the presence of various well-established industry players. To gain a larger competitive share, players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion and, product & technology launch. They make substantial investments in transforming the business landscape in the future. Cloud security companies develop advanced technologies, investing in R&D activities. To support their expansion strategies, they invest heavily and acquire small yet promising companies from the emerging regions.
Major Players:
Players leading the global cloud security market include IBM Corporation (US), Cisco Systems, Inc. (US), Symantec Corporation (US), CA Technologies, Inc. (US), Trend Micro Inc. (Japan), Microsoft Corporation (US), Okta, Inc. (US), Intel Corporation(US), Cloud Passage Company (US), and Fortinet, Inc. (US), among others.
Industry/Innovation/ Related News:
August 04, 2020 ---- Vectrix (the US), a technology company, announced developing a cloud security marketplace built for and by security pros. Security pros would write modules to automate security fixes at the security marketplace to enable other security pros to gain insights without reinventing the script-writing wheel every time. It's a marketplace of automated security tools that can monitor tech and have response capabilities for any security issues which a company may have within their cloud vendors.
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by component (Solutions, Services), Organization Size (SMBs, Large enterprise), by Vertical (BFSI, Government & Defense, IT & Telecom, Healthcare, Retail) - Forecast to 2023
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