The cloud security market garners significant traction across the globe. The market growth attributes to growing threats of cyber-attacks on cloud data. Cloud security solutions protect the confidential data saved on the cloud drive from unauthorized access. Moreover, the spurting rise in usages of cloud services for confidential and private data stored on cloud storage of an organization escalates the market growth.
According to Market Research Future (MRFR), the cloud security market growth is poised to create a valuation of approximately USD 13 BN by 2022, registering 17% CAGR throughout the assessment period (2016 – 2022). Rising data breach and security concerns and cloud-stored data & assets act as a key tailwind for the market growth. Also, the proliferation of BYOD trend in office premises drives the market demand substantially.
Companies are increasingly moving business-critical data to the cloud so as to increase employee's flexibility and reduce IT cost. This, as a result, boosts the market growth, presenting security & visibility concerns, risking organizations' security. Additionally, advances in cloud security sources and cloud computing security solutions push market growth, enhancing critical data protection. Furthermore, rising innovation and digital transformation in organizations increase market sales, leading to dramatic digital technologies and cloud computing developments.
Moreover, the burgeoning IT & telecom sector worldwide contributes to the growth of the cloud security market, adopting cloud services to simplify data transferring processes.
Besides, the internet and smartphone penetration accelerates the market demand, increasing access to the cloud drive.
On the other hand, the lack of technical expertise and awareness about cloud security among the small and medium organizations (SMEs) are major factors projected to obstruct the market growth. However, the increasing adoption of artificial intelligence (AI) and portable, smart, connected devices would support market growth during the review period. Similarly, growing numbers of businesses and inclination toward automation & IoT device usages would foster the market's development.
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Cloud Security Market – Segments
The report is segmented into four dynamics;
By Types : Cloud Database Security, Virtualization Security, Network Security, Data Loss Prevention, E-Mail & Web Security, and others.
By Deployment : Private, Public, and Hybrid.
By End-User : Retail, Healthcare, BFSI, BFSI, Government, Utility, IT & Telecom, and others.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Cloud Security Market – Geographical Analysis
North America is the significantly largest market for cloud security globally. The largest market share attributes to the augmenting demand due to rising numbers of cloud security infrastructures in the region. Besides, the vast technological advancements drive market growth, offering a favorable platform for cloud security.
Moreover, growing numbers of business and cloud computing deployments substantiate the regional market growth, creating a substantial demand for security solutions.
Europe holds the second-largest share in the global cloud security market. The market growth is driven by the rapidly developing network infrastructures in the region. Additionally, the growing industries in the region create substantial market demand and advances in security solutions and cloud technology. Also, the proliferation of artificial intelligence (AI) and smart connected devices act as key driving forces for the market growth.
Furthermore, faster implementation of advanced technologies and the well-established infrastructure in the region push the market growth, posing cybersecurity challenges. Simultaneously, increasing numbers of cyber-attacks in the automotive and IT industry propel the development of the market.
The cloud security market in the Asia Pacific region is growing briskly. Factors such as the rising trend of bring your own device (BYOD) policy in offices substantiate the regional market growth, increasing the threat of cyber-attacks on the cloud data. Similarly, the growing demand for corporate data security from unauthorized access and cyber-attacks creates huge market demand. Moreover, the increasing implementation of cloud computing security in rising numbers of companies increases market sales.
Cloud Security Market – Competitive Landscape
Highly competitive, the cloud security market appears to be fragmented, with many well-established players forming a competitive landscape. These players incorporate strategic approaches such as mergers & acquisitions, collaboration, expansion and, product & technology launch to gain a substantially larger competitive share. They make substantial investments to drive R&D activities and expand their global footprints. Cloud security companies strive to develop advanced technologies entirely on a different level.
Major Players:
Players active in the global cloud security market are IBM Corporation (US), Symantec Corporation (US), Cisco Systems, Inc. (US), CA Technologies, Inc. (US), Microsoft Corporation (US), Trend Micro Inc. (Japan), Okta, Inc. (US), Cloud Passage Company (US), Fortinet, Inc. (US), and Intel Corporation(US), among others.
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Industry/Innovation/ Related News:
October 14, 2020 ---- IBM expanded the role of its hybrid-cloud security package, adding data, threat intelligence, and security service to Cloud Pak for the Security system. IBM's Cloud Pak for Security features open-source technology for hunting threats and automation capabilities to speed response to cyberattacks, bringing together on a single console data gathered by customers' existing security point products.
The technology giant launched a security-software package for hybrid-cloud deployments by improving the gathering of security data collected within customer networks and drawing on third-party threat-intelligence feeds, among other upgrades.
About Market Research Future:
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