High-Volume Data Streaming Requirement of Organizations to Drive Cloud Security Market to US$11.8 bn by 2022

In a recent market study offering by Transparency Market Research (TMR), the global cloud security market is projected to grow at a CAGR of 12.80% from 2015 to 2022. The report, titled “Cloud Security Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022”, states that the global cloud security market will reach a valuation of US$11.8 bn by 2022 increasing from its 2014 valuation of US$4.5 bn.According to the report, factors such as the rapid proliferation of handheld devices, the increasing trend of CYOD and BYOD policies in corporate organizations, increasing use of cloud-based computing by small and medium scale businesses, and ease of use of cloud security services are driving the cloud security market.

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In cloud computing services, deployment of remote servers and a cluster of software networks enables upload of different types of data sources for real-time processing in order to obtain better computing results. Cloud computing allows several users to access a single server and database for both saving and retrieving data. To cater to changing business needs, a large number of organizations are switching from conventional CAPEX model to an OPEX model. This is because the former provides dedicated hardware for organizations that depreciate over time, whereas, in the latter, a collective cloud infrastructure is utilized by organizations and the charges incurred are dependent on use.

The report states that, in recent years, cloud computing has had strong demand from corporate data centers. The use of cloud services enables data centers to work like the Internet, wherein computing resources can be accessed and shared virtually in a secure and scalable manner. Owing to the several benefits of cloud computing, the adoption of these services is on the rise in small and medium-sized businesses (SMBs). Typically, SMBs have insubstantial funds and inadequate organizational capability for the purchase, maintenance, and deployment of computing resources in limited time. Thus, cloud computing serves the need for SMBs to access these resources and expand or minimize services according to the current requirement.

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On the same lines, the pay-as-you-go subscription type is best-suited for SMBs, as it allows them to add or remove services as per requirement. Thus, the increasing demand for cloud computing from SMBs is fueling the cloud security market for the forecast period.By deployment, in 2014, hybrid cloud security accounted for the largest market share of almost 43% of the overall market. The ease of data storing is responsible for the large market share of these services. In 2014, IT and telecommunication accounted as the largest end user of cloud security services, with a share of almost 29% in the global market. The escalating use of Android phones among end users will lead to increasing use of cloud security services by telecom carriers in the years to come, adds the report.

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