Market Overview
The global cloud security market was analyzed by Market Research Future (MRFR) and a projected CAGR of 17% was reported to be attained over the forecast period of 2016 to 2022. Furthermore, the global cloud security market was estimated to reach a valuation of USD 13 billion by the end of the forecast period, jumping from its 2016 valuation of USD 5 billion.
The global Cloud Security Market is expected to grow in the coming years due to the increasing number of cyber-attacks on the cloud. The rising usage of cloud-based services for data storage and the rising employee mobility are also key driving factors of the global market. Workplace trends like BYOD, aka bring your own device, is also slated to push the demand for the market. Some of the other contributing factors to the overall growth of the market are the booming popularity of the online market, increasing application from the IT & telecom industry, increasing need for security of data, and penetration of smartphone devices. However, the lack of requisite awareness about cloud security among the SMEs and the growing fear among the organizations of losing their confidential data are some of the major market limiting factors.
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Competitive Landscape
The global cloud security market comprises a host of key players. This includes players like Symantec Corporation (U.S.), Microsoft Corporation (U.S.), Cisco Systems, Inc. (U.S.), Fortinet, Inc. (U.S.), Trend Micro Inc. (Japan), CA Technologies, Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Okta, Inc. (U.S.), Cloud Passage Company (U.S.), and others.
Market Segmentation
The global cloud security market has been segmented in terms of deployment, material, end-user, and industries.
By deployment, the market includes hybrid, public, and private cloud security deployments.
By type, the market divides into cloud database security, network security, data loss prevention, virtualization security, e-mail & web security and others
By end-users, the market comprises BFSI, healthcare, retail, government utility, IT & telecom, and others. The IT & telecom industry leads the global cloud security market with the highest share percentage.
By industry, the market segments into large enterprises and small- and mid-sized enterprises.
Regional Analysis
The global cloud security market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW). North America is projected to lead the global cloud security market with the help of large organizations that boast huge loads of database. The European region is expected to shine in the global market as well in the forthcoming years due to a highly developed network infrastructure. The Asia Pacific regional market is increasingly encouraging the concept of bring your own device to company premises, which is subsequently pushing the need for integrating cloud security systems.
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Industry Buzz
July 2019, global leader in IT security, Barracuda made the announcement of extending the availability and reach of its software-as-a-service application, Cloud Security Guardian, for Microsoft Azure. Formerly available on Amazon Web Services (AWS), Cloud Security Guardian offers end-to-end visibility into the security system of public cloud workloads, automates remediation of security outcomes, and allows continuous compliance.
June 2019, one of the global leaders in network and endpoint security, Sophos, is previewing its next-gen cloud security innovations at the AWS re:Inforce. This includes the company’s all new threat intelligence service, SophosLabs Intelix, which is available through the AWS Marketplace. An early access to the same was launched recently and the service is said to be a visible part of the Sophos Cloud Security Provider (CSP) program for channel partners.
June 2019, VMware, one of the leading software companies in the world, launched its VMware Secure State in a bid to make further progress in helping enhance the public cloud security. VMware Secure State is designed with the thought of enabling customers to manage, configure, and monitor the status of the hybrid multi-cloud assets. Additionally, it ensures proper action to be undertaken to maintain security and be in compliance with the government and industry regulations.
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