Global Cloud Security Market Reflecting a CAGR of 12.0% by 2020
Deerfield Beach, FL -- (SBWIRE) -- 10/02/2017 -- 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. Zion Market 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"
Cloud security works as a sub-domain for computer security, network security, and information security. Cloud service has a significant impact on responsibilities between the customer and the provider to manage security and associated risks. Cloud security market is growing due to the increasing need for data security and prevention of data loss and theft. The architecture of cloud security is effective and offers preventive, detective and corrective control. It also plays important role in modifying the security capabilities of cloud providers and evaluates their individual risk.
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Cloud security market is mainly driven by increasing popularity of cloud computing. This trend was expected to grow on the account of almost all large companies in IT sector to have easy implementation solutions and security. Enhanced and simplified IT management provided by the cloud security is expected to propel market growth over the forecast period. Moreover, increasing demand for SMB cloud computing is expected to have a positive impact on cloud security market. However, lack of awareness about the adoption of cloud computing is major factors that may pose a challenge for market growth in the near future.
On the basis of types, the cloud security market can be classified into the public, private and hybrid cloud. The hybrid cloud security was leading segment owing to its number of applications such as work management of public, on-premise, and private sector and increasing IT priorities among different business.
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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.
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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.
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.
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