Rising use of cloud for data storage to spur demand for cloud security

Industry Insights

The global cloud security market to reach USD 12.64 billion by 2024, driven by the increasing use of cloud services for data storage and curbing advances of cyber-attacks. It can be a product or solution focused on the security of compliance, governance and data protection.

Cloud-based services for data storage have increased over the past few years. Furthermore, companies are transferring their data to these servers owing to flexibility and cost saving. It is also used in non-traditional sectors such as online gaming and social media due to high storage space.

 Cloud identity & access management were widely used followed by email & web security owing to increasing demand for high-level security of data and identity security in organizations. Public services held 35.6% of the market share in 2016 owing to its strong security track record and transparency of leading cloud providers. However, hybrid deployment is estimated to be fastest growing market owing to cost saving model, improved security, and enhanced organizational performance.

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Demand for safety solutions in government agencies, healthcare, e-commerce, insurance, and banking has been increasing as a result of rising incidence of cyber-attacks. Large scale enterprises are increasingly adopting cloud security services owing to frequent attacks on data centers. Small & medium scale enterprises are estimated to show considerable growth at a CAGR 35.1% over the forecast period as there is increased awareness of security threats.

Hexa Research has segmented the global cloud security market based on type, end user, deployment, vertical and region:

Segmentation by Type, 2014 - 2024 (USD Million)

• Cloud Identity & Access Management 
• Data Loss Prevention (log & SIEM)
• Email & Web Security
• Cloud Database Security (Virtualisation)
• Cloud Encryption
• Network Security (Firewall)

Segmentation by End User, 2014 - 2024 (USD Million)

• Large scale enterprises
• Small & medium scale enterprises

Segmentation by Deployment, 2014 - 2024 (USD Million)

• Public
• Private
• Hybrid

Segmentation by Vertical, 2014 - 2024 (USD Million)

• BFSI 
• IT & Telecom
• Government
• Retail
• Others

Segmentation by Region, 2014 - 2024 (USD Million)

• North America
• Europe
• Asia Pacific
• Central & South America
• MEA

Key players analyzed:

• Trend Micro Inc.
• Intel Security 
• Symantec Corporation

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