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Cloud security comprises of a set of policies, procedures, controls, and technologies that work together to protect cloud-based data, systems, and infrastructure. Cloud security offers centralized security, increases reliability, and also helps in reducing administrative overheads. Additionally, it provides multiple levels of controls within the network infrastructure to protect cloud-based assets like web applications and websites. Organizations are adopting cloud computing security solutions to balance DDoS protection, data security, and regulatory compliance in a public or private cloud. The increasing availability of technologically advanced cloud security solutions featured with the ability to track hackers is fuelling cloud security market growth. Furthermore, the growing popularity of online and virtual businesses will create lucrative opportunities for the cloud security market.
Key Market Driver -
Growing reliance on cloud-based services
Key Market Restraint -
Lack of awareness regarding the cloud security solutions
The primary factor that is expected to drive the cloud security market is the growing reliance on cloud-based services. The increasing adoption of cloud-based services across diverse industry verticals including healthcare, BFSI, IT & telecom, government and retail, has increased dependence on cloud storage and other cloud-based applications. Cloud computing is rapidly gaining popularity in both large as well as small and medium enterprises. The organizations are adopting cloud computing solutions to improve the scalability of internet-based database capabilities while reducing cost and risk. Additionally, the increasing number of internet users and the growing trend of bring your own device (BYOD) among organization are the critical impacting factors for adoption of cloud security solutions. Additionally, the implementation of artificial intelligence (AI) and machine learning technologies in cloud security are creating lucrative opportunities for the growth of the cloud security market. Furthermore, the rising number of data breaches and cybersecurity attacks are generating the demand for cloud security solutions.
However, lack of awareness regarding the cloud security benefits and rising privacy concerns to store the information on the cloud are factors limiting the market growth of Cloud security.
By component, the market is segmented into solutions and services. Based on the security type, the market is fragmented into application security, database security, endpoint security, network security, and web and email security. On the basis of the deployment, the market can be divided into private, public and hybrid. Based on end-user, the cloud security market is fragmented into large scale enterprise and small & medium enterprises. On the basis of industry verticals, the market is segmented into healthcare, BFSI, IT & telecom, government agencies, retail and others
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global cloud security market report include Intel Corporation, Cisco Systems, Inc., Fortinet, Inc., IBM Corporation, McAfee, LLC, Panda Security, Sophos Ltd., Trend Micro Incorporated, Check Point Software Technologies Ltd. and Imperva.
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The global cloud security market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America followed by Europe, dominated the global cloud security market in 2018, owing to the increasing availability of technically advanced cloud security solutions based on AI and machine learning. Furthermore, the growing inclination towards the adoption of cloud security solutions to meet the rising need for highly secure data is anticipated to fuel the demand for cloud security in Asia-Pacific. Additionally, the increased application of cloud security solutions in the healthcare sector is driving the growth of the cloud security market in Asia-Pacific. Latin America and Middle East & Africa are projected to register a comparatively higher CAGR by the end of the forecast period.
By Security Type
By Industry Verticals
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