Cloud Security Market

Global Cloud Security Market : Security Concerns Rise Amid Growing BYOD and
Flexible Operations Environments
With the increasing adoption of cloud-based services by businesses, competition in
the global cloud security market is likely to further intensify, states Transparency
Market Research (TMR) in a new report. Key players in the cloud security market are
expanding their product and service offerings to stay competitive. Savvy players are
also focused on inorganic growth route such as M&As and strategic collaborations to
consolidate their position. For example, in 2014, Trustwave Inc. took over Cenzic Inc.
in a bid to expand its cloud security services. Further, in 2015, the company
acquired Singapore Telecommunications Limited to expand its service offerings.
Top companies operating in the global cloud security market include Symantec
Corporation, CA Technologies Inc., IBM Corporation, Trend Micro Inc., and Intel
Security Group (McAfee Inc.)
Transparency Market Research, in one of its research publications predicts the global
cloud security market to display a brilliant CAGR of 12.8% between 2015 and 2022.
This, will translate the market to attain a value of US$11.8 bn by 2022 increasing
from US$4.5 bn in 2014. North America is the leading region for cloud security in
the global cloud security market. The huge popularity of cloud services in the region
across end-use industries is serving to boost the cloud security market in the region.
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Transfer of Critical Data Stored on Cloud Necessitate Cloud Security Solutions
“Across the world, the IT and telecom sector is a key consumer of cloud services for
computer, software applications, and information technology via a network
connection. The IT and telecom sector handles mammoth volume of critical data that
is shared and transferred over the cloud. This necessitates cloud security solutions to
prevent data theft or data breach.
Cloud security comprises a set of policies, procedures, controls, and technologies that
work in coherence to protect cloud-based data, systems, and infrastructure. Cloud
security solutions are devised to protect data, protect customers’ privacy, support
regulatory compliance, and set authentication rules for individual users and devices.
Such offerings of cloud security is bolstering the cloud security market.
Cloud security has other offerings too. Cloud security solutions can be configured to
serve the exact needs of businesses. Due to the ease of authentication rules to be
configured and managed at one site, cloud security enables to reduce administration
overheads. As a result, IT teams can focus on core business functions.
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Aversion of Businesses for Third-party Services hampers Growth
In today’s business environment, bring-your-own-devices and flexible operations are
common practices. Associates use personal devices and operate from multiple
locations to carry out business responsibilities. To do this, associates leverage business
applications and IT capabilities stored on the cloud. This necessitates cloud security
to offset risk of data theft and data breach while carrying out business
responsibilities. The cloud security market is thus benefitted.
However, skepticism on the part of businesses and aversion of businesses to use
third-party applications and IT capabilities stored on the cloud is hampering the
cloud security market to some extent.
The review presented is based on the findings of the TMR report, titled “Cloud
Security Market (Service Type - Data Loss Prevention, Email and Web Security, Cloud
IAM, Cloud Database Security, Network Security, and Virtualization Security;
Deployment type – Public. Private, and Hybrid; End-use – BFSI, Government and
Public Utilities, IT and Telecommunication, Hospitality and Retail, and Healthcare
and Pharmaceuticals) - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast 2014 – 2022.”