Cloud Security Market: Trends & Opportunities with Forecast 2022

Growing need for data security and prevention of data loss and theft are driving the global cloud security market. Companies need to protect privileged and confidential information such as intellectual property information, employee information, patents as well as pending patents, nondisclosure agreements, financial information, and others. Cloud-based security services have an edge over traditional premises-based models. These services are easier to manage, efficient, and can provide high levels of security. Many organizations started adopting cloud-based security services to benefit from its numerous advantages such as agility, cost cutting, and flexibility of IT infrastructure.

Flexibility and ease of operation to manage cloud security services, increasing demand for cloud computing by small and medium scale businesses (SMBs) and proliferation of handheld devices along with rising trend of bring your own device (BYOD) and choose your own device (CYOD) has magnified the demand for cloud security services, globally.

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Nowadays, cloud security services have become crucial as these provide access to the most advanced security solutions, provide solutions to critical problems faced by companies in the current work scenario, and support remote workforce. As the number of mobile workers accessing the company’s private network is growing substantially, identity and access management has become of prime importance. Due to increasing data breaches and security threats, the business risk associated with emails and the use of the Web is increasing. Companies are concerned about log maintenance and data loss prevention of their data processes and employees. All these problems are resolved easily with the deployment of cloud security services. This is because cloud security services target specific security problems of cloud computing, and minimize the complexities associated with cloud. Moreover, security applications delivered as cloud-based services provide a promising platform to manage security and threat concerns. Cloud-based services are gaining popularity owing to the unique benefits provided to users such as scalability, agility, business continuity, flexibility at work practices, and reduction in costs. The cloud security market is anticipated to expand at a CAGR of 12.8% during the forecast period from 2015 to 2022. However, lack of awareness and skeptical nature of enterprises towards adoption of cloud services are some of the factors inhibiting the growth of this market.

On the basis of deployment, the global cloud security market is segmented into public cloud, private cloud and hybrid cloud. Among these types, hybrid cloud security market accounted for the largest share in 2014. A hybrid cloud service is a cloud computing model that enables the user to manage workload in public, on-premise, and private cloud. The user can move the data from available cloud deployments in less time and with more flexibility. The demand for hybrid cloud services is expected to increase in the coming years due to flexibility in storing data. Hybrid cloud helps the user to categorize critical data and store it in different cloud deployments. Hybrid cloud increases security risks due to continuous movement of data between clouds. Therefore, the market for cloud security is expected to increase in hybrid cloud services in the coming years. The application of cloud IAM, data loss protection, and SIEM is also expected to increase in hybrid cloud security in the future. Companies such as Intel Security Group, Trend Micro, Inc., and IBM Corporation have started providing hybrid cloud services.

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In terms of cloud security adoption in end-use segments, IT and telecommunication industry accounted for the largest share in 2014. Large IT businesses use cloud computing in their daily operations and for transferring huge amounts of encrypted data across the enterprise. Due to outsourcing of IT services, the demand for cloud computing is expected to increase in the IT industry in coming years. The use of cloud computing among telecom carriers is expected to increase due to increasing adoption of android-based phones among end-users. Most of the telecom carriers are providing subscription-based cloud storage services to their end-users. This is expected to increase the market for cloud security in these industries in the future.

On the basis of service type, data loss prevention service accounted for the largest share in 2014. Data loss prevention (DLP) helps to track and protect data that is in use on network or at rest in storage through deep content inspection and security analysis. DLP acts in compliance with the security policies of an organization. Hence, the level of protection of confidential data can be controlled by an organization through DLP’s centralized management framework. DLP is able to detect files and prevent it from leaving the organization’s private cloud through any removable devices. It provides a 360 degree view of the data flow across an organization. DLP monitors emails, instant messages, documents accessed, web pages viewed, and keywords typed by employees, thus protecting possible data loss. Hence, the application of DLP is expected to increase in the cloud security market in the coming years.

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