Cloud security refers to a broad set of policies, technologies, and services deployed to protect applications, data, & associated infrastructure through cloud. It comprises various security services such as cloud Identity and Access Management (IAM), Data Loss Prevention (DLP), cloud Intrusion Detection System (IDS)/ Intrusion Prevention System (IPS), Security Information and Event Management (SIEM), & encryption. As most of the organizations are moving their businesses over the cloud, the risk of data breaches and cyberattacks is very high. Cloud-based security services help organizations to strengthen their entire business infrastructure by providing various security services. Cloud security vendors are developing advanced cloud security services to provide proactive and holistic security to critical business applications. The global Cloud Security Market size is expected to grow from USD 4.09 billion in 2017 to USD 12.73 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 25.5% during the forecast period.
Software-as-a-Service (SaaS) service model in the cloud security market is expected to have the largest market size during the forecast period. The major reason for the high adoption of SaaS among the service models is the increased usage of the cloud-based applications by cloud service providers. However, these SaaS applications might contain malicious activities, which may cause significant data loss. The cloud-based security services help minimize the loss of data through control and regular monitoring of cloud-based applications and cloud services.
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The cloud security market by security type includes application security, database security, endpoint security, network security, and web & email security. The application security segment is expected to grow at the highest CAGR during the forecast period. As the organizations are moving their critical business infrastructures over the cloud, it is becoming essential for them to protect their sensitive data from the increased number of security breaches. Hence, the demand for cloud security services for data application security is expected to increase.
The retail vertical is expected to grow at the highest CAGR during the forecast period as retailers are continuously transforming their businesses for better eCommerce shopping experience and to improve their business operations. To protect the customer’s sensitive data that is stored on the cloud, various security vendors are developing advanced cloud security services that deliver highly secure and flexible security services for the retailers.
The cloud security market is expecting a rapid growth in various regions across the globe. Asia-Pacific (APAC) is projected to grow at the highest CAGR during the forecast period, as the organizations in this region are deploying cloud-based security services to defend against advanced cyberattacks and security breaches. North America is expected to contribute to the largest market share in the overall cloud security market.
Globally, the adoption of cloud security services is rising due to the increasing demand of cloud computing and the high adoption of Bring Your Own Device (BYOD) and Internet of Things (IoT) trends. As the sophistication level in cyberattacks is increasing, cloud security vendors are trying to develop better platforms to provide a proactive and holistic security to business-critical applications. Trend Micro, Inc. (Tokyo, Japan), Intel Security (California, U.S.), Symantec Corporation (California, U.S.), IBM Corporation (New York, U.S.), Cisco systems (California, U.S.), CA Technologies, Inc. (New York, U.S.), CSC (Virginia, U.S.), and Fortinet, Inc. (California, U.S.) are the key vendors offering cloud security services across the globe.
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The key players in the cloud security market include Trend Micro, Inc. (Tokyo, Japan), Intel Security (California, U.S.), Symantec Corporation (California, U.S.), IBM Corporation (New York, U.S.), Cisco systems (California, U.S.), CA Technologies, Inc. (New York, U.S.), CSC (Virginia, U.S.), and Fortinet, Inc. (California, U.S.). These players have adopted various strategies, such as partnerships, agreements, & collaborations, acquisitions, and new product developments to achieve growth in the global cloud security market.
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