Cloud Security Market Overview:
Global cloud security market is expected to garner $8.9 billion by 2020, registering a CAGR of 23.5% during the forecast period 2015 - 2020. Cloud security encompasses a set of policies and controls, which cater to the security aspects of the cloud by protecting applications, data, and infrastructure. The cloud computing market is prone to threats such as data breaches, data loss, and insecure application programming interfaces (API). Therefore, there is growing need to provide a secure environment for both cloud providers and customers.
The global cloud security market is segmented on the basis of type, end user, vertical, deployment, and geography. The market is segmented based on the type of cloud security namely, cloud identity and access management, data loss prevention, email & web security, cloud database security, network security, and cloud encryption. The end users of the cloud security include, large enterprises and small & medium enterprises. Furthermore, this technology has its applications in various verticals, which include healthcare, BFSI, retail, IT & telecom, government agencies, and others. Based on the type of deployment, the market is segmented into private, public, and hybrid. The market is analyzed on the basis of four regions, namely North America, Europe, Asia-Pacific, and LAMEA. The key players analyzed in this report are CA Technologies, Inc., IBM Corporation, Symantec Corporation, Cisco Systems, Inc., and others.
There are several drivers, restraints and opportunities which impact the growth of the cloud security market. Increasing adoption of cloud services by enterprises and the rapidly growing trend of BYOD and CYOD are the key driving forces of the market. In addition, increased adoption of cloud services by large and medium scale enterprises along with growing demand for managed security services creates ample opportunities for the market players. However, low awareness about cloud services hampers the growth of the cloud security market.
Top Impacting Factors in Global Cloud Security Market
Growing reliance on cloud based services
Increasing adoption of cloud services across diverse verticals has resulted in increased dependence on cloud for storage and other applications. Increasing number of internet users and growing adoption of cloud services are the key impacting factors for adoption of cloud security solutions. Over the period, the growth of online business would highlight significance of this factor.
Increasing number of cyber-attacks
Increasing number of cyber-attacks due to upsurge in digitalization is one of the driving factors of the cloud security market. Cyber-attacks have increased rapidly, thereby, resulting in a strong need for cloud security services. The number of data theft cases have exponentially increased in the last five years, owing to increased generation of digital content and lack of security to protect financial and corporate data. BFSI, followed by IT & telecom and retail, are the most targeted industries. Therefore, burgeoning number of cyber-attacks and data breach cases would boost the growth of the cloud security market in future.
Growing market for managed security services
The cloud-based managed security services are expected to witness increased adoption in the market, due to its ability to customize the set of services as per requirement. The concept of managed security service offers protection against intruders & cyber-attacks and includes next generation firewall, content filtering, managed two factor authentication and even security consultancy. This is expected to provide ample opportunities for the cloud security market players.
Top Winning Strategies for Global Cloud Security Market (2014-2020)
The market is largely driven by product launch strategy. The increasing adoption of cloud-based services and its diverse use across varying industries such as healthcare, BFSI, IT & telecom, government, and retail has contributed to the growth of the cloud security market. The vendors in the market offer customized and differentiated products in the market to enhance their portfolios. Market leaders, such as Trend Micro, Symantec, and IBM, among others have launched products in the recent past. For instance, in October 2014, Trend Micro launched Trend Micro Security 2015. The security solution is designed for Windows, Android, and iOS platforms to provide security solutions cyber threats, irrespective of the operating system of the device. The security solution would protect personal information and data of users as well as maintain privacy of users. The other top strategies in the market include acquisitions, followed by collaboration and expansion
- Comprehensive analysis of the current and future trends in the global cloud security market have been provided in this report
- This report provides a competitive scenario of the global cloud security market with current and future growth trends, structure, driving factors, scope, opportunities, and challenges
- This report includes a comprehensive analysis of market segments to provide insights on the market dynamics
- Porter’s Five Forces analysis highlights the potential of buyers and suppliers as well as provides insights on the competitive structure of the market to devise effective growth strategies and facilitate better decision-making
- Value chain analysis provides key inputs on the role of stakeholders involved at various stages of the value chain
- SWOT analysis of the key market players highlights their strengths and weaknesses along with potential opportunities present in the market
CLOUD SECURITY MARKET KEY SEGMENTS
The market segmentation is illustrated below:
Market by Type
- Cloud Identity and Access Management
- Data Loss Prevention
- Email & Web Security
- Cloud Database Security
- Network Security
- Cloud Encryption
Market by End User
- Large scale enterprise
- Small & medium enterprise
Market by Vertical
- IT & Telecom
- Government Agencies
Market by Deployment
Market by Geography
- North America
- Latin America, Middle East and Africa (LAMEA)
- CA Technologies, Inc.
- Cisco Systems, Inc.
- Fortinet, Inc.
- IBM Corporation
- McAfee, Inc.
- Panda Security
- Sophos Ltd.
- Symantec Corporation
- Trend Micro, Inc.