The cloud security market is expected to shine throughout the forecast period of 2014-2024 in terms of growth. Cloud security protects online stored data from malicious activities. Cloud security includes penetration testing, virtual private networks (VPN), tokenization, and obfuscation among others. Based on applications, the cloud security market can be classified into hospitality, IT and telecommunication, pharmaceuticals, retail, BFSI, government and public utilities, and others.
- The COVID-19 outbreak brings tremendous growth opportunity for the cloud security market in the forecast period. As the novel coronavirus spreads through contact, a lockdown is being observed across many parts of the globe to prevent spread. This has led to many employees, especially from the IT sector to work from home. Work from home involves cloud computing usage to a large extent. This brings cybersecurity threats on the front page due to limited critical IT infrastructure access by privileged users, collaboration tools usage by employees and others. This situation is a breeding ground for a hacker to launch cyber attacks.
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- This unprecedented situation makes cloud security essential not only for commercial organizations, but also for governments, municipalities, schools, and small businesses. This is because of the possibility of cyber attacks by some anti-social elements to access confidential data. Hence, growth generation is also expected from these sectors rather than just the commercial organizations.
- To tackle these cyberattacks, technological innovations with enhanced security features are on the rise. Microsoft recently launched an ATT&CK-inspired matrix. This move will help in tackling the increasing security attacks on Kubernetes, a popular open-source system for automating containerized application management.
- Investments in the cloud security market are also gaining considerable momentum. For instance, Chinese tech giant Alibaba has decided to invest $28b in cloud services as cloud security demand increases amidst COVID-19 pandemic. This investment will be used to upgrade its data center infrastructure.
Global Cloud Security Market: Snapshot
The global cloud security market is gaining traction due to the increasing need to protect online data against misuse, theft, and breach. Companies usually store sensitive data including employee’s information, financial information, intellectual property information, nondisclosure agreements, and various other information in cloud that need to be protected. Thus, growing adoption of cloud-based services has created a high demand for cloud security services across the globe.
Cloud-based security services are much better than traditional premises-based models. The cloud security services are easy to manage and provide high level of security. In addition, security applications delivered as cloud-based services provide a promising platform to manage security and threat concerns. Cloud-based services are highly used as it provides benefits such as agility, scalability, flexibility, and business continuity at work and reduces cost of security services used to protect information.
The global cloud security market is likely to reach a valuation of US$11.8 bn by the end 2024 progressing from US$4.5 bn in 2014. The market is expected to expand at a healthy CAGR of 12.8% during the forecast period from 2015 to 2024.
Flexibility and Less Time Consumption to Boost Demand for Hybrid Cloud Security Service
The global market for cloud security is categorized on the basis of deployment, end-use, and service type. Based on end-use, the market is segmented into government and public utilities, BFSI, IT and telecommunication, healthcare and pharmaceuticals, hospitality and retail, and others. Out of these, IT and telecommunication industry held the largest share in 2014. The regular use of cloud computing in day-to-day operations for transferring large amount of encrypted data across various departments has led to rise in demand in the market. Adding to this, the increasing use of android-based phones among end-users are equipped with cloud storage services, thus, boosting demand for cloud security in telecom carriers.
In terms of deployment, the global cloud security market is segmented into private cloud, public cloud, and hybrid cloud. Of these, hybrid cloud security market held the largest share in the market in 2014. People using hybrid cloud service can manage their workload in public, private, and on premise cloud. Deployment of hybrid cloud services helped users to move data in less time and in a flexible manner. The demand for hybrid cloud security services is expected to increase in coming years due to flexibility in storing data. Moreover, the application of cloud IAM, SIEM, and data loss protection is likely to boost the demand for hybrid cloud security.
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Based on service type, the market is segmented into the email and web security, data loss prevention (DLP), cloud IAM, network security, cloud database security, virtualization security, and others. Among these, data loss prevention held the largest share in 2014. This service type helps in tracking and protecting data that is being used on network or is kept in storage through security analysis and deep content inspection. The use of DLP also helps in keeping the data within the cloud services of an organization and restrict it from moving out in any way or through any removable device.
North America to Lead Market with Growing Use of Cloud Security across Organization
On the regional front, North America held the largest share in the global cloud security market in 2014. High adoption of cloud security services across organizations catapulted North America to the global market’s fore. It is expected that North America will remain a favorable location for the players in the coming years, where Asia Pacific is also offering lucrative opportunities for these services.
Some of the prominent players in the global cloud service market include Symantec Corporation, Trend Micro, Inc., CA Technologies, Inc., Intel Security Group (McAfee, Inc.), and IBM Corporation
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