Cyber Security Issues amidst COVID-19 Crisis Lead to Downtime in Organizations
Cloud computing has taken the center stage during the ongoing COVID-19 (coronavirus) pandemic. However, companies in the cloud application security & vulnerability management market need to address security issues such as malware injection and hijacking of accounts to safeguard organizational information. Hence, users are investing in secure cloud platforms to avoid issues associated with cyber security.
Remote working with the help of cloud software has become increasingly mainstream in the past couple of months. However, phishing and social engineering attacks are on the rise during the ongoing COVID-19 era. Hence, companies in the cloud application security & vulnerability management market are becoming more equipped in tackling cyber threats. This is helping organizations to minimize downtime and meet optimum productivity levels. Companies are recommending organizations to use distributed cloud IT systems to address issues pertaining to cyber security.
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Intelligence-led Security Solutions Prevent Misuse of Employee Login Credentials
Cloud computing offers greater flexibility to enterprises in handling their work with the help of software, servers, and databases. However, cloud platforms are susceptible to unauthorized access by individuals who misuse employee credentials, resulting in a threat to confidential information in an organization. Hence, companies in the cloud application security & vulnerability management market should increase their R&D to develop platforms that enable secure login of employee credentials to avoid risks of security threats.
Intelligence-led security company FireEye Inc. has announced the launch of new cloud security innovations within its FireEye Helix platform, which supports collaboration via Microsoft Teams and Slack. It has been found that increasing number of organizations are now operating within the multi-cloud environment. This trend has created revenue opportunities for companies in the cloud application security & vulnerability management market, where the market is expected to cross the value of US$ 7.5 Bn by 2030.
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Predictive Analytics Leverages Security Measures in Cloud Computing
Digitalization is becoming rampant in almost all end markets. Continuous digital evolution has become possible with cloud computing, thus creating an agile and hyper-connected network for offices operating in different parts of the world. However, in order to achieve this, users are demanding a secure architecture to efficiently handle supply and distribution chains via cloud computing. Hence, companies in the cloud application security & vulnerability management market are increasing efforts to minimize the complexities associated with security measures in software and applications.
Unhindered secure application access has become the need of the hour. Users are demanding system access from any part of the world and from any device to ease their business activities. Hence, companies in the cloud application security & vulnerability management market are introducing behavioral analysis and predictive analytics in systems to avoid security issues.
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Pre-determined Standards Help in Building Security Scripts to Manage Varying Processing Loads
Organizations that have a security-first mindset are better prepared to handle security threats. The democratization of cloud computing has helped startups to scale their business up to new heights with the help of fewer resources. Companies in the cloud application security & vulnerability management market are innovating in cloud architectures that offer world-class security measures to avoid risks of cyber threats. They are using security scripts to build new virtual servers that adapt to varying processing loads.
Since development teams have become the first line of defense in cloud computing, they are using pre-determined and pre-hardened standards to develop servers that swiftly and safely manage varying processing loads. Such innovations have led to a robust growth of the cloud application security & vulnerability management market, which is predicted to advance at a striking CAGR of ~14% during the assessment period.
Companies Increase Investments to Improve Cyber-resilience of Cloud Applications
IT leaders are realizing the importance of cloud platforms, which are found to be more secure as compared to on-premise setups. In order to improve customer experience, organizations are racing against time to innovate in their business practices with the aid of cloud computing. Hence, companies in the cloud application security & vulnerability management market are offering homogenous cloud architectures to make public cloud platforms more secure than traditional data centers.
Companies in the cloud application security & vulnerability management market are increasing efforts to develop public cloud platforms that can accommodate new security capabilities in order to keep pace with new threat vectors. As such, cloud providers are using their own public crowd platforms to host core business services such as SaaS or PaaS services. In addition, companies are investing to improve the cyber-resilience of platforms to offer future-proof cloud applications to users.
5G and Serverless Cloud Computing Create Incremental Opportunities for Companies
Compliance assurance and consistent security management are becoming important focus points for companies in the cloud application security & vulnerability management market. It has been found that organizations suffer sudden breach of security, thus leaving cloud applications with vulnerabilities. Hence, companies are recommending public cloud platforms that are integrated with centralized mechanisms and help to avoid events of security breach. Patching is another technique used by cloud providers to seal the vulnerabilities of platforms.
Various market drivers such as 5G mobile technology and IT-OT convergence are contributing toward the growth of the market. The proliferation of cloud computing in various end markets is anticipated to make intelligence on demand for cyber security within enterprises. Serverless cloud computing and hybrid cloud solutions are creating lucrative opportunities for companies in the cloud application security & vulnerability management market.
Cloud Application Security & Vulnerability Management Market: Overview
- The cloud application security & vulnerability management market is expected to register a CAGR of ~14% between 2024 and 2030. The market is projected to be driven by rising adoption of cloud application security and vulnerability management within retail, government, and healthcare industries.
- The global cloud application security & vulnerability management market is expected to cross US$ 7.5 Bn by 2030 from US$ 2 Bn in 2024. Increasing number of cyberattacks and data breach are driving the global market.
- The cloud application security & vulnerability management market in Asia Pacific and Middle East & Africa is anticipated to expand at a rapid pace during the forecast period, followed by South America and North America
- North America remained the dominant leader in the global cloud application security & vulnerability management market in year 2019, primarily due to rapid adoption by small & medium enterprise in the region
- Asia Pacific is projected to witness significant growth in the global cloud application security & vulnerability management market during the forecast period. Increasing awareness with regard to the related data as well as financial loss will boost the market in this region.
Cloud Application Security & Vulnerability Management Market: Definition
- The cloud application security & vulnerability management market report provides analysis of the global cloud application security & vulnerability management market for the period 2018 – 2030, wherein 2019 is the base year and 2024 to 2030 is the forecast period. Data for 2018 has been included as historical information.
- The report studies the cloud application security & vulnerability management market from the perspective of different components and industry verticals
Cloud Application Security & Vulnerability Management Market Snapshot
- Asia Pacific is expected to witness highest opportunity addition in the cloud application security & vulnerability management market globally with North America being the next closest region
Key Growth Drivers of Cloud Application Security & Vulnerability Management Market
- Increasing demand for cloud-based deployment for cost optimization: The increasing use of cloud services is expected to lower cost for hardware and software products, which could reduce the overall market price, but more likely, heavier adoption will bring in more customers, thus being a potential positive for market revenue growth. As per the SANS Institute Vulnerability Management Survey, 33% of enterprises rely on cloud-service providers to manage their cloud-based vulnerabilities. In the survey, it was also estimated that 80.2% of the enterprises, which have vulnerability scanners specifically deployed the software for server-side applications, which include platform providers such as Oracle, IBM, Apache, and Microsoft. The key advantage of cloud services is the ability of IT organizations to shift IT resources from maintenance to new initiatives. The cost benefits as well as flexibility from cloud deployment are increasing the penetration rate among SMEs, which results in driving the cloud application security & vulnerability management market.
- Increasing rate of data breach and cyberattacks: Vulnerabilities represent security gaps that could be abused by attackers to damage applications, trigger a denial of service, and/or steal potentially sensitive information. The security and vulnerability management framework in place that regularly checks for new vulnerabilities is crucial for preventing cybersecurity breaches.
Cloud Application Security & Vulnerability Management Market: Company Profile Snapshot
- The research study includes profiles of leading companies operating in the global cloud application security & vulnerability management market. Key players profiled in the report include –
- Broadcom, Inc.
- Check Point Software Technologies Ltd.
- Cisco System Inc.
- Dell TechnologiesInc.
- F-Secure
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- Kenna Security
- McAfee, Inc.
- Micro Focus
- Microsoft Corporation
- NopSec.com, Inc.
- Qualys, Inc.
- Rapid7
- RiskIQ, Inc.
- RiskSense, Inc.
- Skybox Security, Inc.
- Tenable, Inc.
- Trend Micro Inc.
- ZeroNorth, Inc.
- Companies are shifting toward advanced technology to gain a competitive advantage in the cloud application security & vulnerability management market apart from maintaining their position in the market.
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