Global Cloud Security Market to Register Impressive Growth on Account of Rising Demand for Cloud Computing

The rising incidence of unethical attempts to access crucial data of various organizations has triggered the demand for cloud security in the global arena. In 2014, the global cloud security market stood at US$4.50 billion. However, backed by the flexibility in management of cloud security solutions, the market is anticipated to register a rise at a 12.8% CAGR between 2015 and 2022 and to be valued at US$11.84 billion by 2022. The increase in the demand for cloud computing from small and medium sized businesses is also projected to drive the market for cloud security.

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In 2014, the market for hybrid cloud services dominated the global cloud security market based on deployment type, holding nearly 43% of the overall industry, whereas by end-use industry, the IT and telecommunication market occupied 29% of the global industry. Further, on the basis of the type of services, the data loss prevention (DLP) service market led the global cloud security market the same year.In the coming years, the market for cloud security is expected to witness healthy growth on account of the rising demand for hybrid cloud services, as the constant exchange of data between clouds makes it more susceptible to security breaches, resulting in increased demand for cloud security. Analysts also project the application of data loss protection, cloud IAM, and SIEM to rise in hybrid cloud security services in the near future.Further, cloud security is expected to drive much of its demand from the IT industry and specifically from the telecom market in the coming years owing to the increased usage of cloud computing among telecom carriers. In addition, growth of the global cloud security market is expected to increase the application of data loss prevention services considerably in cloud security solutions in the future.

The cloud security market in North America emerged as the leading regional cloud security market in 2014 with a 45% share of the overall industry. The increasing acceptance of cloud security services in the corporate environment of North America is the prime driving force behind the growth of this regional market. However, in the future, the market in Asia Pacific is expected to witness robust growth on account of the emerging trend of BYOD and benefits offered by cloud security services in the region.

Inorganic development via mergers and acquisition to expand businesses and increase geographical presence is a common practice among the major players in the cloud security market, such as Fortinet Inc., IBM Corp., McAfee, Inc., Trend Micro Inc., Panda Security SL, Cisco Systems Inc., Trustwave Holdings Inc., Sophos Ltd., CA Technologies Inc., and Symantec Corp., in order to gain a competitive edge over peers in the market. For instance, Trustwave Inc., one of the key participants of the global cloud security market, procured Cenzic Inc. and, in the first half of 2015, partnered with SingTel. These moves are expected to fuel the market share of Trustwave significantly in the near future.

 

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