How has COVID19 Impacted Cloud Security Market?

August 18, 2021

With the increasing adoption of cloud-based services by businesses, competition in the global cloud security market is likely to further intensify, states Transparency Market Research (TMR) in a new report. Key players in the cloud security market are expanding their product and service offerings to stay competitive. Savvy players are also focused on inorganic growth route such as M&As and strategic collaborations to consolidate their position. For example, in 2014, Trustwave Inc. took over Cenzic Inc. in a bid to expand its cloud security services. Further, in 2015, the company acquired Singapore Telecommunications Limited to expand its service offerings.

Top companies operating in the global cloud security market include Symantec Corporation, CA Technologies Inc., IBM Corporation, Trend Micro Inc., and Intel Security Group (McAfee Inc.)

Transparency Market Research, in one of its research publications predicts the global cloud security market to display a brilliant CAGR of 12.8% between 2015 and 2024. This, will translate the market to attain a value of US$11.8 bn by 2024 increasing from US$4.5 bn in 2014. North America is the leading region for cloud security in the global cloud security market. The huge popularity of cloud services in the region across end-use industries is serving to boost the cloud security market in the region.

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Transfer of Critical Data Stored on Cloud Necessitate Cloud Security Solutions

“Across the world, the IT and telecom sector is a key consumer of cloud services for computer, software applications, and information technology via a network connection. The IT and telecom sector handles mammoth volume of critical data that is shared and transferred over the cloud. This necessitates cloud security solutions to prevent data theft or data breach.

Cloud security comprises a set of policies, procedures, controls, and technologies that work in coherence to protect cloud-based data, systems, and infrastructure. Cloud security solutions are devised to protect data, protect customers’ privacy, support regulatory compliance, and set authentication rules for individual users and devices. Such offerings of cloud security is bolstering the cloud security market.

Cloud security has other offerings too. Cloud security solutions can be configured to serve the exact needs of businesses. Due to the ease of authentication rules to be configured and managed at one site, cloud security enables to reduce administration overheads. As a result, IT teams can focus on core business functions.

Aversion of Businesses for Third-party Services hampers Growth

In today’s business environment, bring-your-own-devices and flexible operations are common practices. Associates use personal devices and operate from multiple locations to carry out business responsibilities. To do this, associates leverage business applications and IT capabilities stored on the cloud. This necessitates cloud security to offset risk of data theft and data breach while carrying out business responsibilities. The cloud security market is thus benefitted.

However, skepticism on the part of businesses and aversion of businesses to use third-party applications and IT capabilities stored on the cloud is hampering the cloud security market to some extent.

The review presented is based on the findings of the TMR report, titled “Cloud Security Market (Service Type – Data Loss Prevention, Email and Web Security, Cloud IAM, Cloud Database Security, Network Security, and Virtualization Security; Deployment type – Public. Private, and Hybrid; End-use – BFSI, Government and Public Utilities, IT and Telecommunication, Hospitality and Retail, and Healthcare and Pharmaceuticals) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2024.”

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The global cloud security market is segmented as follows;

Cloud Security Market by Deployment Type