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The adoption of cloud security has increased rapidly in the past few years. The business organizations are observed to be deploying new applications in the form of cloud applications as they provide increased flexibility, cost advantage. They are also considered to be much simpler for the use of IT teams to maintain and manage.
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The small and medium enterprises and large enterprises are continuously migrating their premises-based applications in the cloud. The major concern faced by these organizations in migrating is the data security concern. The companies are required to protect their sensitive corporate data in the situations where they are not controlling the application infrastructures and endpoint devices of the company. Moreover, there is increasing demand to implement solutions that help in meeting the security and compliance requirements from cloud encryption to access controls of the organization. Additionally, the demand for cloud security market is growing significantly globally.
The rise in adoption of cloud-based security solutions is driving the demand for the global cloud security market. While sharing the data with multiple numbers of organizations there is the possibility of data being mishandled and misused. The organizations are securing their data to avoid risk and cloud security helps the companies in providing authentication, access control for data stored and authorization in the cloud. The cloud security involves three main steps which the organizations are adopting in order to avoid their data from any breach. Confidentiality, availability, and integrity are the features of cloud security as it provides security to the client data.
Market Segmentation
Insight by Deployment Type
This segment is divided into three types:
Public segment holds the largest share in the cloud security market, globally. Public cloud is observing rampant demand from small and medium enterprises due to its lower costs. Furthermore, it helps in providing reliability and scalability as it avails on-demand requirement of resources in order to meet the evolving needs of business enterprises.
Insight by Organization Size
The market can be segmented into two types:
Among the two, the cloud security system market is witnessing extensive demand from small and medium enterprises. Since, this system provides cost efficiencies to enterprise, increasing scalability and helps the users in securely and easily access data.
Insight by Solution
On the basis of solution, the market is divided into four types:
Of all, the cloud IAM is anticipated to witness the fastest growth during the forecast period since it provides secure access of data to business enterprises since organizations proceed with their services and share data through the public cloud.
Insight by Application
On the basis of application, the market is divided into:
Of all application, financial services are expected to witness the fastest growth during the forecast period since cloud security helps the enterprises in enhancing and improving the experience of users.
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Industry Dynamics
Growth Drivers
Factors that have been acting as the driving factors for the growth of this industry are:
Challenges
The major challenges faced by the key players in this industry are:
Geographic Overview
Geographically, North America is the largest market for cloud security since the region has several privacy concerns related to sharing of its confidential information. The use of cloud security is increasing in the government, healthcare and manufacturing industries of the region. With the increasing adoption of smartphones, the personal information of users is always at stake. Privacy is also a concern for the employees working on laptops and desktops as they want to access confidential information of the company for business development. To combat such a situation in the region the countries in this region are upgrading their technology and using cloud security as the major system for protecting their regions data. Asia-Pacific is expected to witness the fastest growth in the market due to increasing adoption of bringing your own devices (BYOD), IoT and smart cities initiative in the region.
Competitive Insight
The Key players operating in the global cloud security market are Cisco Systems, CA Technologies, Inc., CSC, Trend Micro, Inc., Intel Security, Symantec Corporation, IBM Corporation and Fortinet, Inc.
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