Demand for cloud data encryption creates CASB market growth
The global cloud access security brokers market will expand at a CAGR of 16.7% during the period between 2016 and 2024, according to a new report by Transparency Market Research. The overall market was worth US$3,371.4 mn in 2015 and is expected to reach a valuation of US$13,218.5 mn by 2024.
Cloud access security brokers or CASB refer to cloud-based security solution platforms implemented to protect the critical data of enterprises. While the lack of storage infrastructure has led organizations to store information in cloud silos, the rising incidents of data thefts have increased the importance of cloud access security brokers. This has boosted the growth of the global cloud access security brokers market.
In terms of components, the report bifurcates the global cloud access security brokers market into software and services. The software solutions have been further segmented into on-premise and cloud-based. The key applications of these solutions include risk and compliance management, data leakage prevention, tokenization, control and monitoring, and cloud data encryption. In 2015, the software solutions targeted at data leakage prevention, and control and monitoring held the largest share in the market.
Increased concerns relating security breaches are fuelling the adoption of cloud access security globally. Due to the rapidly changing regulatory environment in the cloud market, cloud storage vendors are increasingly relying on cloud access security brokers to outsource their platforms.
The risk and compliance management segment is anticipated to expand at a CAGR of 18% during the forecast period. The cloud data encryption segment is expected to be the fastest growing software solution segment, expanding at a CAGR of 20.2% during the forecast period.
On the basis of cloud deployment type, the report segments the global cloud access security brokers market into SaaS, PaaS, and IaaS. The IaaS platforms are expected to be the fastest growing platforms due to their flexibility, IT delivery capabilities, and increased scalability. In 2015, the SaaS platform dominated the overall cloud access security brokers market.
Some of the major players in the global cloud access security brokers market are Skyhigh Networks, NetSkope, Zscaler, CloudLock, Bitglass, Adallom, Protegrity USA, and CipherCloud.