Cloud Security Market to Escalate with Improved Revenue by 2020

Global cloud security market report, published by Allied Market Research, forecasts that the global market is expected to garner $8.9 billion by 2020, registering a CAGR of 23.5% during the period 2015-2020. North America dominates the global cloud security market, owing to growing adoption of cloud services in several industries in the region. However, Asia-Pacific region is expected to grow rapidly during the forecast period.

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There are several drivers, restraints and opportunities which impact the growth of the cloud security market. Increasing adoption of cloud services by enterprises and the rapidly growing trend of BYOD and CYOD are the key driving forces of the market. In addition, increased adoption of cloud services by large and medium scale enterprises along with growing demand for managed security services creates ample opportunities for the market players.

The market is segmented based on the type of cloud security namely, cloud identity and access management, data loss prevention, email & web security, cloud database security, network security, and cloud encryption.Furthermore, this technology has its applications in various verticals, which include healthcare, BFSI, retail, IT & telecom, government agencies, and others. Based on the type of deployment, the market is segmented into private, public, and hybrid. The market is analyzed on the basis of four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

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Increasing number of cyber-attacks due to upsurge in digitalization is one of the driving factors of the cloud security market. Cyber-attacks have increased rapidly, thereby, resulting in a strong need for cloud security services. The cloud-based managed security services are expected to witness increased adoption in the market, due to its ability to customize the set of services as per requirement.

Key findings of Cloud Security Market:

Retail, government, and healthcare sectors offer lucrative growth potential in thecloud security market

The Asia-Pacific region is projected to be the most lucrative market. The region is expected to witness the highest CAGR of 27.4% during the forecast period

The hybrid type of deployment is projected to growth rapidly, owing to increase in adoption of hybrid cloud in large and small & medium sized enterprises

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