Global Cloud Workload Protection market size was valued at $2.16 billion in 2019, and it is estimated to grow at a CAGR of 18.25% during 2020-2025. The growth is mainly attributed to the increasing adoption of cloud workload protection as it provides services such as unique security public and hybrid cloud environments. Cloud workload protection platform helps industries in risk assessment and identifying vulnerabilities. This further helps in minimizing runtime problems and this propel the market growth.
Deployment Mode – Segment Analysis
Public Cloud held the major market share of 32.83% in 2019. High adoption of public cloud in industries is set to drive the market owing to its ease of access and faster deployment. It also offers various benefits such as scalability, flexibility, reliability and remote location access to enterprises. Additionally, the deployment on public cloud is cost effective way and this benefits enterprises and various industries and drives the market growth.
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Industry Vertical – Segment Analysis
BFSI is the fastest growing segment in Cloud Workload Protection market and estimated to grow at a CAGR of 19.46% during forecast period 2020-2025. With increasing security concern in BFSI sector, there has been growing demand for cloud workload protection. Cloud workload protection simplifies and streamlines protection against various malware, ransom ware and lateral threats and this is poised to provide opportunities for the market growth. Cloud workload security solutions allow BFSI sector to discover, monitor, and secure cloud accounts, compute and storage instances, and the control plane. This helps them in reducing the risk of introducing security issues and improving overall security and compliance posture, thereby driving the market during forecast period.
Geography- Segment Analysis
North America dominated the Cloud Workload Protection market in 2019 with a market share of 33.58%, followed by Europe and APAC owing to the presence of large number of players. In addition to these, early adoption of advanced technologies and high adoption of automation technologies in industries which drives the market growth. Increase in number of cyber-attacks for various industries is the major factor that drives the cloud workload protection in this region. Additionally, increasing adoption of cloud services, better security compliant offerings by vendors, and need for enhanced control and visibility mechanisms further drive the market growth in this region.
Drivers –Cloud Workload Protection Market
Increasing adoption of multi cloud strategy
As the security needs for enterprises evolve, there is an increasing need to combine cloud workload protection platform functionality with that of cloud security posture management platforms, which focus on assessing security and compliance for cloud services. The move to a multi cloud strategy has created demand for cloud workload protection. Multi cloud environments offer cost and efficiency benefits and also make the management process more complex. This has pushed the market growth.
Increased demand for protected data and programmed functionalities and control of unofficial and unidentified workloads
With the increasing of big data in industries, there is high demand for security platforms which set to drive the market growth. Cloud workload protection (CWP) allows organizations to secure their critical workloads. It automates workload security, providing discovery, visibility and protection against advanced threats. CWP provides robust protection for cloud workloads including real-time anti-malware scanning using industry leading technologies, unique application Isolation. This helps to block exploits targeting known and unknown vulnerabilities which set to drive the market growth.
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Challenges – Cloud Workload Protection Market
Lack of awareness about cloud workload protection among small organizations
Lack of technical expertise in order to handle complex and distributed cloud workload is a major challenge that hampers the market growth. Lack of awareness about cloud workload protection among small organizations restrict the market growth. Additionally, the multiple regulatory compliance also limit the market growth. Lack of guidance for migrating applications securely to the cloud and lack of security gaps across cloud workloads hamper the market growth.
Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Cloud Workload Protection market. Cloud Workload Protection top 10 companies include Cloudpassage, Dome9 Security Inc, Bracket, Evident, McAfee Inc, HyTrust Inc, GuardiCore Ltd, Symantec Corporation, Sophos Group plc Trend Micro Inc, Evident, Tripwire, HyTrust, and others.
In August 2019, McAfee had acquired NanoSec in order to enhance its market leading capabilities in cloud security. This set to drive the cloud workload protection market.
In October 2018, Check Point Software had acquired Dome9 in order to transform cloud security. This increases the company’s cloud workload protection market share.
North America dominated the Cloud Workload Protection market in term of revenue in 2019 owing to the presence of major number of players.
Increasing adoption of cloud workload protection in BFSI sector provide opportunities for the market growth.
Increasing need for securing public cloud workloads is set to drive the cloud workload protection market.
Lack of skilled expertise is the major challenge that hampers the market growth.
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