Cloud Security Market Anticipated to Hit Around USD 9.8 Billion Globally by 2020
Zion Research has published a new report titled “Cloud Security (Public Cloud, Private Cloud and Hybrid Cloud) Market by Service Type (Data Loss Prevention, Email and Web Security, Cloud Database Security, Cloud IAM, and Others) for Government and Public Utilities, BFSI, IT and Telecommunication, Healthcare and Other Applications – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020” According to the report, global cloud security market was valued at around USD 4.7 billion in 2014 and is expected to reach USD 9.8 billion in 2020, growing at a CAGR of around 12.0% between 2015 and 2020.
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Cloud security operates as sub-domain of computer security which provides more secure network and information. It deals with the broad set of technologies, policies, and help to protect data and different applications of computer. It also provides an overview of the security and privacy challenges suitable to cloud computing. The architecture of cloud security is effective for giving preventive, detective and corrective controls. It improves the security capabilities of cloud providers and evaluates their individual risk.
The cloud security market is expected to witness significant growth due to the increasing popularity of cloud computing worldwide. The major driving factor for cloud security market is enhanced and simplified IT management provided by the cloud security. In addition, increasing demand of SMB cloud computing is expected to have a positive impact on cloud security market. Cloud-based video storage is an emerging trend which is likely to open new market avenues in the near future. However, some restraints like lack of awareness about adoption of cloud computing may hamper the growth of this market.
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On the basis of types, the global cloud security market is divided into public, private and hybrid cloud. The hybrid cloud security type dominated the cloud security market and it accounted for almost 43% share of the total market in 2014. This was mainly due to its number of application such as work management of public, on-premise, and private sector. Hybrid cloud system plays vital role in classification of critical data and store it in different cloud deployments therefore it is the fastest growing segment of cloud security market.
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Based on different services provided by cloud security, this market is segmented into data loss prevention, email and web security, cloud IAM, cloud database security and other services such as network security, virtualization security etc. The data loss prevention service held the majority share in 2014 in terms of revenue.
Government and public utilities, BFSI, IT and telecommunication, healthcare and others are the key applications of cloud security market. IT and telecommunication segment was the largest segment of global cloud security market and accounted for more than 29% share of the entire market in 2014 due to the increasing use of cloud computing in IT operations. Government and public utilities, BFSI and healthcare are also expected to show substantial growth in the coming years.
By geography, North America was the largest market of cloud security in the world due to the wide adoption of cloud security services in IT sector. Moreover, cloud security market has huge scope and opportunity in the emerging markets of Asia Pacific due to growing tendency of BYOD and CYOD policies in this region.
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Some of the leading players include in this market are CA Technologies, Fortinet, Inc., Intel Security Group, IBM Corporation, Panda Security, Symantec Corporation, Symplified, Inc., Sophos Ltd., Cisco Systems, Inc., and Trend Micro.
The report segments the global cloud security market into:
Global Cloud Security Market: Type Segment Analysis
- Public Cloud
- Private Cloud
- Hybrid Cloud
Global Cloud Security Market: Service Type Segment Analysis
- Data Loss Prevention
- Email and Web Security
- Cloud IAM
- Cloud Database Security
- Others (including network security, virtualization security etc.)
Global Cloud Security Market: Application Segment Analysis
- Government and Public Utilities
- IT and Telecommunication
- Others (including retail and hospitality)
Global Cloud Security Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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