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.
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In a recent market study offering by Transparency Market Research (TMR), the global cloud security market is projected to grow at a CAGR of 12.80% from 2015 to 2022. The report, titled “Cloud Security Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022”, states that the global cloud security market will reach a valuation of US$11.8 bn by 2022 increasing from its 2014 valuation of US$4.5 bn.According to the report, factors such as the rapid proliferation of handheld devices, the increasing trend of CYOD and BYOD policies in corporate organizations, increasing use of cloud-based computing by small and medium scale businesses, and ease of use of cloud security services are driving the cloud security market.
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.
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.