Cloud Security Market To Hit Value $12.63 Billion By 2024 | Grand View Research, Inc.

The global cloud security market size is expected to reach USD 12.63 billion by 2024, according to a new report by Grand View Research, Inc., progressing at a CAGR of 13.9% during the forecast period. Growing number of targeted cyberattacks and increasing investments in cloud infrastructure are anticipated to trigger the growth of the market.

Burgeoning popularity of cloud infrastructure owing to its benefits such as on-demand services, scalability, flexibility, and cost effectiveness. In addition to tussle between public and private cloud, emergence of hybrid cloud has given cloud users numerous platforms and frameworks to choose from. As adoption of cloud is reaching new levels, security issues concerning cloud users and vendors are also gradually mushrooming.

Emphasized by data breaches in recent years and increasing threat of cybercrime and targeted attacks, the demand for cloud security solutions is estimated to increase over the forecast period. The market is also projected to witness significant efforts by industry participants for creation of regulations and compliance laws owing to growing need for industry-wide standards. Demand for security services and policy implementation is also expected to increase, in turn driving the overall cloud security market.

Dynamic nature of the industry may result in an increasing adoption of open source platforms. In addition, versatility of data and diverse threat vectors will lead to security-as-a-service offerings and managed security service providers gaining traction in the market. Sharing of responsibility between cloud service providers (CSPs) and cloud end users for security and data protection will have a positive impact on the industry. Furthermore, technologies such as virtualization and convergence and initiatives such as computer emergency readiness teams (CERTs) are likely to help in implementing security at different levels of cloud infrastructure.

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Increasing sophistication of hacking techniques and technological advancements in cyberespionage are poised to unleash new generation of attacks such as advanced persistent threats (APTs), ransomware, malicious insider, distributed denial of service (DDoS), and zero day threats. As a result, industry wide collaborations and partnerships to tackle emerging threats are estimated to shape the future of the market.

Further Key Findings from the Report Suggest:

·         Polymorphic, self-mutating codes, and evasion techniques have made the traditional security technologies and endpoint protection mechanisms obsolete

·         Recent years have witnessed numerous high level data breaches such as attacks on Home Depot, Anthem, Ashley Madison and even security providers such as Kaspersky Labs.

·         North America held the largest share in terms of revenue in 2016 owing to increasing awareness regarding threat of cyberattacks and corporate espionages.

·         Numerous countries and regions such as the European Union are adopting specific cyber laws and regulations to protect data and information. For example, Germany is opting for greater data privacy, whereas other countries such as U.S. and France are striving for greater visibility in internet traffic.

·         Numerous industry specific regulations such as Health Insurance Portability and Accountability Act of 1996 (HIPPA) for healthcare, Payment Card Industry Data Security Standard (PCI DSS) for financial sector as well as international laws including Safe Harbor Act and European Union Data Protection Directive are anticipated to play a vital role in the development of the market.

·         Key industry players such as CA Technologies, TrendMicro, Symantec Corp., Intel Corp. and IBM Corp. are focusing on technological alliances, partnerships, and collaborations with other industry players to maintain market competencies.                                     

The global cloud security market size was valued at USD 4.88 billion in 2016. It is expected to rise at a CAGR of 13.9% over the forecast period. Cloud computing security also known as cloud security incorporates all plans, policies, and their execution controls essential to safeguard and protect application data, infrastructure as well as compliance adherence associated with cloud.

Cloud being a shared and internet based resource, access control, identity management, privacy, and data protection all fall under the purview of this type of security. It addresses security controls of hosted environment to safeguard integrity and continuity at various levels including platform, infrastructure, application, and software level.

The market is anticipated to tread along a healthy growth track over the forecast period owing to factors such as proliferation of smart phones and widening base of internet users. Besides these, growing adoption of hosted environments by small & medium enterprises and rising concerns regarding security of information and data are stimulating the growth of the market. Developing trends and technologies such as Bring-Your-Own-Application (BYOA), Internet of Things (IoT), and Bring-Your-Own Devices (BYOD) are also creating security challenges.

The market being in its nascent stage is dynamic in nature and is estimated to evolve rapidly over the forecast period. The speed at which numerous industries are accepting hosted infrastructure and changing threat vectors targeting the framework are projected to bolster the demand for security across different verticals over the forecast period.

Security measures encapsulate four basic categories of software including data loss prevention (DLP), intrusion detection/prevention systems (IDS/IPS), identity/access management (IAM), and email security. The market though not standardized yet, does fall under the purview of many international and country specific data protection laws.

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Vendors are focusing on development of new products and technologies by investing heavily in research and development. Technology scenario in the market is changing rapidly with the adoption of web-based communication and IoT.

Grand View Research has segmented the global cloud security market report on the basis of application, company size, solution, deployment:

Cloud Security Application Outlook (Revenue, USD Million, 2014 - 2024)

·         Financial Services

·         IT & telecom

·         Government

·         Education

·         Healthcare

·         Media & Entertainment

·         Others

Cloud Security Company Size Outlook (Revenue, USD Million, 2014 - 2024)

·         Small& Medium Enterprises

·         Large Enterprises

Cloud Security Solution Outlook (Revenue, USD Million, 2014 - 2024)

·         Cloud IAM

·         Cloud Email Security

·         Cloud IDS/IPS

·         Cloud DLP

Cloud Security Deployment Outlook (Revenue, USD Million, 2014 - 2024)

·         Public

·         Private

·         Hybrid

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.