Cloud security works as a sub-domain for computer security, network security, and information security. Cloud service has a significant impact on responsibilities between the customer and the provider to manage security and associated risks. Cloud security market is growing due to the increasing need for data security and prevention of data loss and theft. The architecture of cloud security is effective and offers preventive, detective and corrective control. It also plays important role in modifying the security capabilities of cloud providers and evaluates their individual risk.
According to the report, global cloud security market was valued at around USD 4.7 billion in 2014 and is expected to reach USD 9.8 billion in 2020, growing at a CAGR of around 12.0% between 2015 and 2020. Zion Market Research has published a new report titled “Cloud Security (Public Cloud, Private Cloud and Hybrid Cloud) Market by Service Type (Data Loss Prevention, Email and Web Security, Cloud Database Security, Cloud IAM, and Others) for Government and Public Utilities, BFSI, IT and Telecommunication, Healthcare and Other Applications – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020”
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Cloud security market is mainly driven by increasing popularity of cloud computing. This trend was expected to grow on the account of almost all large companies in IT sector to have easy implementation solutions and security. Enhanced and simplified IT management provided by the cloud security is expected to propel market growth over the forecast period. Moreover, increasing demand for SMB cloud computing is expected to have a positive impact on cloud security market. However, lack of awareness about the adoption of cloud computing is major factors that may pose the challenge for market growth in the near future.
On the basis of types, the cloud security market can be classified as the public, private and hybrid cloud. The hybrid cloud security was leading segment owing to its number of application such as work management of public, on-premise, and private sector and increasing IT priorities among different business.
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Some of the key applications in cloud security market include government and public utilities, BFSI, IT and telecommunication, healthcare and other applications. IT and telecommunication dominated cloud security market and expected to witness the fastest growth in the near future due to the escalating use of cloud computing in IT operations. Growing need of security to protect data has to lead to the rise in demand for cloud security in BFSI government and public utilities.
Data loss prevention, email and web security, cloud IAM, cloud database security and other services such as network security, virtualization security etc., are the different services provided by cloud security. The data loss prevention service accounted for the largest share in 2014 in terms of revenue.
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North America dominated the cloud security market and accounted for the largest share of the global market in 2014. In terms of revenue, Asia Pacific was the second largest market for cloud security due to the rapid adoption of cloud security services in IT sector. Increasing enterprises business and adoption of cloud-based or hosted solutions have resulted into growing demand for cloud security in these regions.
Different players are competing with each other in order to gain maximum market share. Some of the renowned participants in cloud security space include CA Technologies, Fortinet, Inc., Intel Security Group, IBM Corporation, Panda Security, Symantec Corporation, Symplified, Inc., Sophos Ltd., Cisco Systems, Inc., and Trend Micro.