As more and more businesses are moving into cloud, cloud security has grown to be more important than ever before. The instances where miscreants attacking the cloud infrastructure of Target retail, Home Depot and other banks, points to the fact that businesses require to take necessary steps before venturing into the cloud. Earlier businesses were of the misconception that cloud in itself is safe and they would not require any additional security to protect their data residing on cloud. However, this belief among companies is now slowly fading and businesses are now adopting cloud security solutions more vigorously than ever before.
USA and European countries have been the frontrunners in adoption of these technologies and main reasons attributed behind this trend is that the cloud adoption here is high and at the same time they form the favorite targets for the attackers. Asian countries like Australia, Singapore, and India are also not far behind in the race and the rate of adoption among them is expected to grow in the coming years. One other country that is making noise in this industry is “Israel”. Israel has fast grown to become the security hub of the world and is home to various emerging cloud security companies. It also houses research and development centers of prominent cloud security players like Symantec, McAfee, IBM and various others.
In a report titled “Global Cloud Security Market till 2018” by ResearchFox Consulting, an international market research company, the cloud security market was valued at USD 3.47 billion in 2013 and is estimated to grow at a CAGR of 16.8% till 2018. The main reasons for the growth of these solutions have been attributed to
- Increase in the incidents related to security breaches and threats to cloud where miscreants carry out targeted attacks for financial or intellectual gains
- Need for increased protection as the attacks are growing more advanced and cloud alone has been incapable of warding off these attacks.
- Improved awareness and trust among businesses about the cloud and as a result more and more businesses moving their resources to cloud thereby creating a need for cloud security.
Apart from the drivers, the cloud security market is witnessing drastic changes where demand for these solutions in some geographic regions is growing rapidly and have recorded above average growth rate. The market demography comprises of seasoned as well as emerging players who offer solutions independently and also combined with cloud provider.
From the user’s perspective, the Information Technology and Financial institutions have been the early adopters of these solutions. This is because, these two industries deal with large amounts of classified user data and as this data is moved to the cloud, protecting them becomes a matter of prime importance. Other than these, the E-commerce sector is also seeing increased adoption of cloud security solutions.
Among different solutions of cloud security, cloud IAM and email security solutions respectively generate most of the revenues followed by web security and cloud encryption. Based on the complexity of the data, the enterprise customers look for advanced security solutions like Identity and Access Management. On the other hand, small businesses mostly look for simpler solutions like email and web security.
In the recent developments in this industry, both the security providers and cloud providers are coming together to develop cloud security solutions in order to offer a safe, reliable and efficient cloud to its customers.
However, issues like poor network connectivity, uncertainty prevailing about cloud, lack of clear data protection and regulations and vendor lock-in is still holding back the market and slowing the growth.
In the future, the developing countries will see more cloud security adoption and the demand for certain cloud security solutions are also set to increase and at the same the industry will entry of various new providers making market more competitive.
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ResearchFox had worked extensively on the Cloud Security and published a report on Global Cloud Security till 2018. To know more, please write us at firstname.lastname@example.org