Cloud security market in the retail sector expected to grow

The global cloud security market in the retail sector is expected to grow at a CAGR of close to 21% until 2020, according to Technavio.

cloud security market retail

Cloud security is a technology designed to comply with regulatory compliances regulations and protect critical data from security attacks. The unauthorized access to personal data such as credit card information, bank account details, and online transactions has increased in the past 3-5 years.

The year-over-year increase in financial attacks was approximately 20% compared to 2014. Retail companies are one of the top targeted industries because they process large amounts of financial data.

“The Payment Card Industry Data Security Standard has made compliances with a set of security standards to protect cards such as debit, credit, and money card information during transactions and after transactions. Since retailers find themselves targets of cyber-attacks, it is important for them to understand that it is not just about the compliance but about security as well. This standard includes all payment channels such as e-commerce, retail stores, and telephone orders,” says Amrita Choudhury, a lead analyst at Technavio for research on IT security.

Global cloud IAM market in retail sector

With 37.24% in 2015, the cloud IAM segment dominated the global cloud security market in the retail sector. The adoption of cloud IAM solutions is growing among SMBs and large enterprises because of the increasing amounts of critical data being transferred.

These solutions offer enterprises better control over access to applications and sensitive information from remote locations. The increased use of mobile devices for official and personal purposes is also driving the demand for cloud IAM solutions as these devices are highly vulnerable to attacks.

The market share of the cloud IAM segment will decrease in the forecast period, however, it will continue to hold its position at the top.

Global cloud DLP market in retail sector

The market share of the cloud DLP segment will increase significantly, growing at the rate of 26.37% during the forecast period as enterprises in APAC are facing sophisticated cyber-attacks due to the high adoption of public and private clouds such as Amazon Web Services, Box, and Office 365.

Cloud DLP reduces the TCO for organizations as it eliminates the need for hardware and software installation and maintenance. In addition, the cost involved in hiring professional expertise to maintain DLP applications is reduced.

Cloud DLP provides remote access to end-users and, therefore, encourages organizations to simplify network infrastructure. This makes cloud DLP affordable for SMBs. In the forecast period, the adoption of cloud DLP will grow among large enterprises because of the increasing demand for data security and confidentiality.

Global cloud e-mail security market in retail sector

Any sensitive information transmitted through e-mails exposes an organization to cyber-attacks. Organizations face challenges, such as loss and leakage of sensitive data, that cause serious damage to their market reputation. The access to corporate e-mails on various networks both within and outside of an organization has led to an increase in the instances of credential theft, insider fraud, and e-mail spam.

Organizations in North America and Europe are the early adopters of cloud e-mail security because of the availability of adequate infrastructure and high frequency of cyber-attacks.

“Employees in the retail sectors often work remotely or do not work all day at a desk. This compels companies to provide their employees with access to e-mails, databases, and stored documents through the cloud. Organizations need to be cautious while providing these services and access to networks. As a result, they are increasingly adopting cloud e-mail security to enhance the security of corporate networks and sensitive data,” says Amrita.

However, Technavio states that the demand for cloud e-mail security will decline during the forecast period because of market saturation.

The top vendors highlighted by Technavio’s ICT research analysts in this report are: Cisco Systems, IBM, Intel (McAfee), Symantec and Trend Micro.

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Cloud security market in the retail sector expected to grow