The report “Cloud Security Market by Service Type (IAM, DLP, IDS/IPS, SIEM, and Encryption), Security Type, Service Model (IaaS, PaaS, and SaaS), Deployment Type (Public, Private, and Hybrid), Organization Size, Vertical, and Region – Global Forecast to 2022”, The cloud security market size is expected to grow from USD 4.09 Billion in 2017 to USD 12.73 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 25.5%.
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Cloud security helps organizations protect networks, endpoints, and applications from various malicious attacks, sophisticated cybercriminals, ransomwares, & Advanced Persistent Threats (APTs). The major forces driving the cloud security market are the increased adoption of Bring Your Own Device (BYOD) & Internet of Things (IoT) trends, rise in adoption of cloud-based security services, increasing demand for cloud computing & increasing government initiatives, and emergence of smart cities. Therefore, enterprises are deploying advanced cloud security services to secure networks and endpoints from cyber threats.
Cloud security refers to a broad set of policies, technologies, and services deployed to protect applications, data, & associated infrastructure through cloud. It comprises various security services, such as cloud Identity and Access Management (IAM), Data Loss Prevention (DLP), cloud Intrusion Detection System (IDS)/ Intrusion Prevention System (IPS), Security Information and Event Management (SIEM), & encryption. MarketsandMarkets forecasts that the cloud security market size is expected to grow from USD 4.09 Billion in 2017 to USD 12.73 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 25.5%. The sophistication level in the cyberattacks is increasing and creating demands for more comprehensive cloud security services that would enable the protection of complex network infrastructures.
As more and more processes shifts to the cloud, it becomes complex to handle various processes such as intrusion detection and prevention, endpoint security, and identity management. To solve all these issues, companies now prefer cloud-based security services. Both enterprises and Small and Medium size Business (SMBs) are rapidly adopting these services. The prime reason for this acceptance is the lower administration overhead and improved data security services. As the companies are growing the number of employees, data, investment and their global presence is also expanding, which has accelerated the security threats. To secure these private networks companies require advanced managed security services and IAM/IDaaS services, and need to fulfill the advanced regulatory compliances. Cloud-based security services not only manage the identity and access issues but also help the companies meet the regulatory compliances.
All these factors are driving the cloud-based security services market.The total cloud security market is expected to grow from $4.2 billion in 2014 to $8.71 billion in 2019,at an estimated Compound Annual Growth Rate (CAGR) of 15.7% during the forecast period 2014-2019.It is anticipated that the IAM/IDaaS will be the largest market segment followed by the email security and web security (WAF) services.
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