Surging demand for cloud computing and the growing adoption of cloud in SMEs are among the significant factors influencing the market growth.
Market Size – USD 6.15 billion in 2019, Market Growth – CAGR of 22.6%, Market Trends – Escalating BYOD trend
The global Cloud Security Market is expected to reach USD 32.39 Billion by 2027. Escalating BYOD (Bring Your Own Device) trend in various organizations is driving the growth of the cloud security market. BYOD helps in reducing hardware procuring and maintenance, which is beneficial in reducing organizational cost. Nevertheless, the key challenge with BYOD is providing security to a wide variety of devices, thereby persuading enterprises to opt for SaaS solutions as they have the capability to offer enhanced data security and reducing the chances of user error. According to a study conducted in 2018, around 59.0% of firms allow employees to bring their own devices at work, and around 13.0% propose to go for it in the future. According to another study, about 87.0% of companies let employees access business apps via their personal devices.
A rise in the rate of cybercrimes, owing to a growth in digitalization, is driving the market demand. Cybercrimes have witnessed a rapid growth, thus, leading to a growing need for cloud security solutions. Moreover, the instances data theft cases have seen an exponential rise in the last couple of years, attributed to an increased digital content generation and inappropriate security measures to protect corporate and financial data. Financial Intuitions and IT & telecom are the industries that are most targeted by cybercriminals.
The prevalence of COVID-19 has caused people across the globe to work from home, where possible presenting a unique challenge for both the backend and frontend technologies supporting them. Several employees working from home are facing distractions from emails created a storm for email scammers to attack. There are numerous active COVID-19 scams that include phishing, ransomware, and other types of attacks, which work on making the victim believe that the email is a legitimate one from reasons such as status update from the company.
Every day, Gmail blocks over 100 million phishing emails. During the last week, 18 million daily malware and phishing emails related to COVID-19 were noticed, which is in addition to over 240 million COVID-related daily spam messages.
Key participants include IBM Corporation, Cisco Systems Inc., Fortinet Inc., BMC Software Inc., Intel Corp., McAfee, Sophos Ltd., Symantec Corporation, VMware, and Trend Micro Inc., among others.
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Further key findings from the report suggest
- By service model, software-as-a-service (SaaS) contributed to the largest market share in 2019 and is expected to grow at a rate of 22.1% in the forecast period. SaaS solutions exist in cloud environments that are integrated with other SaaS offerings and can be scaled. Also, it removes the upfront cost associated with purchase/installation, along with on-going expenses such as maintenance and upgrades.
- By service type, application security is projected it witness the fastest growth rate of 24.3% in the forecast period. Increasing cyber threats and organizational employees’ often storing and sharing data in cloud applications is driving the demand for this service type.
- By deployment type, public cloud dominated the market in 2019. The key benefits of government public cloud is that big players in the market offer excellent security available in the market, modern technology, controlled access, and regular penetration testing, among others.
- By organization size, large organization held a larger market share of over 60.0% in 2019.
- By application, the BFSI industry contributed to the largest market share in 2019 and is estimated to grow at a rate of 22.3% in the forecast period. A rise in cyber-threat is driving the demand for cloud security for financial institutions, as well as the breached data exposes opportunities for instant and future crimes. The cloud security offers a very high level of data protection, particularly for sensitive data that comprises customer information.
- The market in the Asia Pacific region is projected to grow at the fastest rate of 23.9% in the forecast period, attributed to a growing deployment of the technology in several applications due to several factors such as the prevalence of BYOD trend in several enterprises in the region.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/cloud-security-market
For the purpose of this report, Reports and Data have segmented the global cloud security market on the basis of service model, service type, deployment type, organization size, application, and region:
Service Model Outlook (Revenue, USD Million; 2017-2027)
- Infrastructure-as-a-Service (IaaS)
- Software-as-a-Service (SaaS)
- Platform-as-a-Service (PaaS)
Service Type Outlook (Revenue, USD Million; 2017-2027)
- Application Security
- Endpoint Security
- Database Security
- Network Security
- Web & Email Security
Deployment Type Outlook (Revenue, USD Million; 2017-2027)
- Private Cloud
- Public Cloud
- Hybrid Cloud
Organization Type Outlook (Revenue, USD Million; 2017-2027)
- Small & Medium Sized Enterprises
- Large Enterprises
Application Outlook (Revenue, USD Million; 2017-2027)
- IT & Telecom
- Media & Entertainment
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Frequently asked questions addressed in the report:
- What is the forecast size and revenue CAGR of the global Cloud Security market?
- What are the major factors driving the growth of the global Cloud Security market?
- What are the latest trends influencing market growth?
- What are the imminent risks and challenges expected to hamper industry growth?
- Which are the top companies operating in the global Cloud Security market?
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