Global Cloud Security Market: Market Research by Knowledge Sourcing Intelligence
The global cloud security market will witness the growth at a CAGR of 19.05% to reach the total market size of US$13.272 billion in 2022, increasing from US$4.661 billion in 2016. The increasing adoption of Internet of Things (IoT) and Bring Your Own Device (BYOD) coupled with increasing demand for cloud-based services is driving the growth of cloud security solutions worldwide. The need for cloud security solutions is on an upward trajectory owing to the emergence of smart cities across the developing nations. The increasing cyber thefts and attacks are creating a massive demand for advanced and robust cloud security services which allows the enterprises to secure and preserve their valuable information and data. These cyber threats are increasing rapidly due to the massive adoption of digitalization, creating a steep rise in demand for advanced cloud security services across the world. However, lack of awareness regarding the benefits of cloud security services will inhibit the cloud security market growth.
The applications of cloud security are widely diversified in various end-user industries which includes government, retail, information and communication technology, healthcare, and banking, financial services and insurance (BFSI) among many others. The applications of cloud security solutions also lie with smart grids and smart cities across developing regions.
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| Sample View of Global Cloud Security Market Forecast, US$ Billion, 2016 To 2022 |
Global Cloud Security Market by Geography:
By geography, the global cloud Security market is segmented as Americas (North America and South America), Europe Middle East and Africa (EMEA), and the Asia Pacific regions. Developed regions such as Europe and North America enjoy a considerable market share. This is due to the early adoption of cloud-based services such as cloud storage, cloud music services and cloud computing and the need for their fortification. The Asia Pacific region is expected to witness considerable growth for cloud security solutions owing to the rising government expenditure on internet infrastructure and increasing adoption of cloud-based services by large, small and medium enterprises. The Middle East and Africa will witness a steady growth for cloud security solutions during the forecast period.
Americas region comprises of North and South America regions, which collectively held a significant market share for cloud security solutions in 2016. Favorable government policies such as HITECH Act of 2009 and Cloud First Policy introduced the following year; the government of the U.S. is facilitating the growth of cloud-computing services and the need for their protection. Companies are investing to develop internet infrastructure and provide robust cloud security solutions for cloud-based services to their clients worldwide. North America holds a larger market share due to rising penetration of smart devices and the growing adoption of cloud-based services across industry vertical. Economic growth, investment in internet infrastructure and rising disposable income will drive the demand for cloud security solutions in South America during the forecast period. The market research provides a detailed analysis of global cloud security market on the basis of various segments like- by type, by geography, etc.
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| Sample View of Global Cloud Security Market Share by Geography, Americas |
Global Cloud Security Market by Type:
On the basis of deployment model, the cloud security market is segmented as private, public, and hybrid. All three models are experiencing phenomenal growth owing to the increasing demand for cloud-based services. Public cloud security services are rapidly increasing as it requires no capital outlay on behalf of users. Moreover, they offer a multi-tenant environment which means that more than one company can store the data on the same server. On the other hand, the private cloud security solution provides only a single-tenant environment. Hybrid clouds are the combination of two or more distinct cloud infrastructures which are unique groups and are bonded together by standardized technology, enabling data and application portability. Nonetheless, hybrid clouds are susceptible to various security concerns including data visibility and others.
Cloud security market for the private cloud deployment is projected to expand at a moderate CAGR of XX.XX% over the forecast period to grow to US$X.XX billion in 2022, increasing from US$X.XX billion in 2016. The slow growth is observed in the private cloud deployment is one of the key factors restraining market growth. Increasing adoption of managed security services, better colocation facilities at low cost, and the need for reducing IT infrastructure costs are some of the additional factors impeding the deployment of cloud security solutions for this segment.
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Rising popularity of cloud computing and cloud storage will drive the demand for cloud security solutions in order to encrypt the data and prevent any data loss.
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