Cloud Security Market Expected to Reach US$ 11.84 Bn by 2022 Globally:Transparency Market Research

According to a new market report published by Transparency Market Research “Cloud Security Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022”, the global cloud security market was worth US$ 4.50 Bn in 2014 and is expected to reach US$ 11.84 Bn by 2022, growing at a CAGR of 12.8% from 2015 to 2022. North America was the largest market for cloud security in 2014 which accounted for around 45% of the global market revenue. Growth in this region is expected to be driven by wide adoption of cloud security services in enterprise environment.

 

The cloud security market is driven by various factors including proliferation of handheld devices along with the rising trend of BYOD and CYOD policies, flexibility and ease of operation to manage cloud security services and increasing demand for cloud computing by small and medium scale businesses (SMBs). Cloud computing involves deployment of remote servers and groups of software networks that allow different types of data sources to be uploaded for processing in real time in order to generate better computing results. Using cloud computing, several users are able to access a single server to save as well as retrieve data without purchasing license for different applications. At present, numerous organizations are shifting towards OPEX model from conventional CAPEX model. In CAPEX model, organizations buy a dedicated hardware for their use which depreciates over a period of time; whereas in OPEX model, organizations utilize a collective cloud infrastructure and pay as indicated by their use.

 

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Cloud computing has started gaining strong demand from corporate data centers as it enables data centers to work in similar manner to the Internet through the process of enabling computing resources to be accessed and shared as virtual resources in a secular and scalable manner. Currently, several benefits of cloud computing are driving its adoption in small and medium-sized businesses (SMBs). In SMBs, there is always a lack of financial resources and limited time to purchase, maintain, and deploy an infrastructure consisting of server, software, and storage. Cloud computing helps SMBs to access these resources and minimize or expand services as the requirements change. The pay-as-you-go subscription model is designed to let SMBs easily remove or add services, and typically pay for the services they use. Thus, growing demand for cloud computing by SMBs is propelling the market growth for cloud security solutions and services during the forecast period. However, skeptical nature of the enterprises towards the adoption of cloud services and lack of awareness are some of the factors restraining the market growth.

 

In terms of deployment type, hybrid cloud security market held the largest market share in 2014 accounting for around 43% share of the global market. This is due to the flexibility in storing data. Hybrid cloud increases security risks due to continuous movement of data between clouds. Therefore, the market for hybrid cloud security services is expected to increase in the coming years.

 

Among different end-use industries, IT and telecommunication segment was the largest and accounted for around 29% of the market share in 2014. Moreover, IT and telecommunication segment is expected to witness strong growth during the forecast period. The use of cloud computing among telecom carriers is expected to increase due to increasing adoption of android-based phones among end-users. Most of the telecom carriers are providing subscription-based cloud storage services to their end-users. This is expected to increase the market for cloud security in these industries in the future. The demand for cloud security in IT industry is expected to increase in North America, Asia, and Europe.

 

The cloud security market is segmented on the basis of services into data loss prevention, email and web security, cloud IAM, cloud database security, network security, virtualization security and others. The others segment includes SIEM, BCDR and encryption services. In 2014, data loss prevention service accounted for the largest share in terms of revenue in the global cloud security market.