Cloud Security Market to Reach $8.9 Billion, Globally By 2020 With Key Players Such as Symantec Corporation, Intel Corporation, Hewlett Packard (HP) Company, Cisco Systems, Inc., IBM Corporation
The global cloud security market is segmented on the basis of type, end user, vertical, deployment, and geography. 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. The end users of the cloud security include, large enterprises and small & medium enterprises. 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. The key players analyzed in this report are CA Technologies, Inc., IBM Corporation, Symantec Corporation, Cisco Systems, Inc., and others.
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Growing trend of BYOD and upsurge in the adoption of cloud adoption across diverse verticals, such as healthcare, government, retail, IT & telecommunications, BFSI, and others, have fueled the growth of the market. In addition, rising number of cyberattacks & threats alike fuel the growth of the cloud security market. The cloud security market is expected to thrive in future due to increasing dependency on cloud-based applications & services for payments & financial transactions, data storage, social media, and others.
The global cloud security market is segmented into type, end user, vertical, deployment, and geography. Based on end user, the market is segmented into large enterprises and small & medium enterprises. Large enterprises segment dominates the market, owing to increased adoption of cloud services and cloud security services. However, small & medium enterprises have witnessed significant increase in the adoption of cloud security services and the segment is expected to grow at a CAGR of 25.7% during the forecast period (2015 - 2020).
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Cloud security has applications in various verticals namely, BFSI, retail, IT & telecom, government agencies, healthcare, and others. In 2014, IT & Telecom was the highest revenue-generating segment in terms of revenue. However, the retail sector is expected to grow rapidly, registering a CAGR of 26.3% during the forecast period.
Among cloud security services, the email & web security solutions segment accounted for the largest share of 24.5% of the overall market revenue in 2014, owing to their widespread adoption among large, medium, and small enterprises. Additionally, cloud security network security solution & cloud identity and access management segments are expected to exhibit significant growth throughout the forecast period.
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The market is largely driven by product launch strategy. The increasing adoption of cloud-based services and its diverse use across varying industries such as healthcare, BFSI, IT & telecom, government, and retail has contributed to the growth of the cloud security market. The vendors in the market offer customized and differentiated products in the market to enhance their portfolios. Market leaders, such as Trend Micro, Symantec, and IBM, among others have launched products in the recent past. For instance, in October 2014, Trend Micro launched Trend Micro Security 2015. The security solution is designed for Windows, Android, and iOS platforms to provide security solutions cyber threats, irrespective of the operating system of the device. The security solution would protect personal information and data of users as well as maintain privacy of users.
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