30 March 2021
Visiongain has published a new report on Cloud Security Market Report to 2031: Forecasts By Security Type (Data Security, Application Security, Endpoint Security, Network Security, Perimeter Security, Others), By Application (Threat Protection & Remediation, Visibility & Risk Assessment, Use & Data Governance, Activity Monitoring & Analytics, Others), By Service Model (Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS)), By Deployment (Public, Private, Hybrid), By Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), By Industry Vertical (BFSI, IT & Telecom, Retail, Government, Healthcare, Media & Entertainment, Others). PLUS, Profiles of Cloud Security Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios
Global cloud security market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.
Cloud security refers to the use of process and tools to manage the security, compliance and other risks related to the usage of cloud computing. Increasing Sophistication of cyberattacks and the rising trend of BYOD among enterprises are the factors driving the growth of the cloud security market. The market seeks growth opportunities from growing adoption of cloud in small & medium enterprises and demand for online payment and social media applications. However, lack of awareness among end-users and organizations uncertainty about cloud security services are some of the factors hampering the market growth during the forecast period.
COVID-19 Impact on Cloud Security Market
The outspread of coronavirus in the past few months has affected the businesses and livelihood of the people at an unprecedented rate. Following the guidelines set by the World Health Organization (WHO), the governments of almost all the countries across the globe have imposed nationwide lockdown to minimize the further spread of the virus. The cloud computing technology has witnessed a significant demand during the pandemic owing to the work from home initiatives adopted by the enterprises. The need to safeguard the infrastructure and enterprise data on the cloud platform is driving the demand for cloud security solutions. Moreover, there has been an increase in the number of highly sophisticated cyberattacks during the pandemic, which further accelerates the need for security solutions for preventing unauthorized access to sensitive data.
Increasing Sophistication of Cyberattacks
The number of cyberattacks has been increasing, and the cybercriminals are continually evolving their attacks with more and more sophisticated tactics. These ever-rising cyberattacks have laid the data and other sensitive assets of enterprises and individuals at constant risk. The attackers' leverage proven methods against the rising adoption of the cloud platform. Moreover, the industry suffers from a lack of cybersecurity professionals owing to which the stakes are higher than ever thereby driving the need for cloud security solutions to identify and manage prevailing as well as potential cyber-threat landscape on the cloud platforms and boost security.
Rising Trend of BYOD Among Enterprises
The BYOD trend has been witnessing a rise over the years. The scalability and accessibility features offered by the adoption of the cloud platform is driving the BYOD trend. Using personal smartphones and tablets for work purpose becomes convenient for employees and in-expensive for employers. However, as more and more employee-owned devices are allowed, the overall IT security ecosystem and BYOD security policies become essential. If the organization's network infrastructure is not adequately, the security risk related to the endpoint, application, data, and network is invited from the employee-owned devices increases. Cloud security solutions provide security against the sophisticated cyberattacks to protect the enterprise data stored on the user device and prevents unauthorized access to applications. Thus, the rising trend of BYOD among enterprise demands cloud security to boost the security landscape and minimize the risk of threats.
Growing Adoption of Cloud in Small & Medium Enterprises
Cloud technology is witnessing a significant demand among SMEs. Cloud offers such as scalability, reliability, and accessibility, among others which proves beneficial for SMEs to achieve cost-effective operations. However, data security and privacy are one of the major concerns on the public cloud platforms which are highly adopted by the SMEs due to pricing concerns which are expected to create growth opportunities for the cloud security market during the forecast period. The cloud security solutions help in protecting the data across public, private, and hybrid cloud deployment. The solutions offer visibility and control over the data and threats across all the service models, which is expected to create growth prospects during the forecast period.
Rising Demand for Online Payment and Social Media Applications
Digitalization has transformed every industry vertical today. The adoption of cloud platform and other advanced technologies has resulted in increasing the consumption of digital media and other on-demand services among consumers. Rising smartphone and Internet penetration and high spend on entertainment services have provided the consumers with an option to easily access the media content of his/her choice across any device and at any given point. Digital payment is also witnessing increasing demand among consumers and businesses. However, these on-demand services need to be highly protected to offer a secured and reliable user experience to the users. The cloud security solutions protect unauthorized access and personally identifiable information (PII) as well as income, credit score, collection history, and non-public personal information (NPI) to ensure the confidentiality and security of customer information.
The cloud security market is highly competitive. The key market players are focused on innovating its cloud security solutions with advanced capabilities to cater to a wide application area. Furthermore, the key players also emphasize collaborations and acquisitions strategies to strengthen its offerings and position in the market. Some of the companies profiled in the report include Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, Symantec Corporation, Intel Corporation, Trend Micro Inc., CA Technologies, Inc., Amazon Web Services, Inc., Fortinet, Inc., and Okta, Inc.
February 2020, Cisco Systems Inc. launched SecureX, a cloud-native platform for enhanced the threat hunting capability. The new solution provides higher visibility across the security portfolio. The platform delivers security analytics and automates workflows to speed up the detection of unknown threats and policy violations.
May 2019, Amazon Web Services, Inc. launched three new security offerings, namely, Amazon Detective, AWS IAM Access Analyzer, and AWS Nitro Enclaves. The Amazon Detective solution helps in detecting and managing threats on AWS CloudTrail and Amazon Virtual Private Cloud (VPC) Flow Logs. AWS IAM Access Analyzer allows customers to have control of the authorized access across the cloud.
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