The global cloud security market size is expected to garner USD 8.9 Billions by 2020, registering a CAGR of 23.5% during the forecast period 2015 - 2020.
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.
An increasing number of cyber-attacks due to an 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 market in future.
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 market players.
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 the privacy of users. The other top strategies in the cloud security industry include acquisitions, followed by collaboration and expansion.
Cloud Security Market by End User
Cloud Security Market by Vertical
Cloud Security Market by Deployment
Cloud Security Market by Geography
Cloud Security Market Key Players
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