As cyber attacks increase, the cloud-based database security market grows
The cloud-based database security market is expected to register a CAGR of 19.5% over the forecast period 2019-2024, according to ResearchAndMarkets.
With the increasing adoption of Big Data platforms and relational databases becoming the prime target for data thieves, the demand for cloud-based database security is expected to gain traction.
- There has been increasing volumes of data being generated from information-escalated applications like storage and mining of huge or commercial data. These applications are flexible and multipurpose in nature. For maintaining the authenticity and integrity of the data and for prevention of cloud-related cyber-attacks, cloud database security is essential.
- The location of the data stored in cloud is not known to organizations which significantly minimizes their control over their data. Consumers do not know the details pertaining to where actual physical machines, networking and storage devices are residing. In case of security breaches, it becomes difficult for them to identify the resource which has been compromised.
Major market trends
Healthcare industry to dominate the market:
- With increasing patient records and multi-cloud, there is a need for greater attention to security, compliance, and privacy.
- In 2018, the healthcare industry continued to be plagued by data breaches involving sensitive patient information, according to 2019 Breach Barometer Annual Report by Protenus.
- As per HIPAA’s Data Breach Report, healthcare data breaches continued to be reported at a rate of one a day in March 2019.
- Google has a strong history in big data, analytics, and machine learning, culminating in the launch of their Google Health API.
- As multi-cloud access increases, we can expect healthcare organisations to use Google Cloud’s expertise while also consuming services such as Amazon Simple Storage Service and Amazon Elastic Compute Cloud for computing and data storage to meet the unique needs of their business.
Asia-Pacific to witness the highest growth:
- In Asia-pacific, great strides are being made in digital economy. But it is also causing more threat-related opportunities. According to Cisco, companies receive 6 threats every minute in APAC and 51% of all cyber attacks resulted in a loss of more than USD$1 million.
- The growing penetration of the internet and shift toward digitization of the internal processes have been instrumental in driving the adoption of cloud-based services. Alongside the digital transformation in the region, owing to ineffective cyber laws and lack of cybersecurity awareness, companies in Asia-Pacific have been found to be 80% more likely to be targeted by hackers as compared to other regions.
- In addition to financial losses, cybersecurity incidents are also undermining Asia Pacific organizations’ ability to gain confidence with their consumers and other stakeholders.
Major companies are setting their footprint in APAC, for instance, Google expanded the number of Google Cloud Platform regions in APAC from three to six in 2018.
The market for cloud-based database security is fragmented due to the rise in cyber attacks over the years. Enterprises are more aware and careful regarding their data stored in cloud and thus are availing offerings from companies like IBM, McAfee and Intel Security for cloud protection.
- May 2019 – In a move expected to augment its cloud-based architecture and people-centric security platform, Proofpoint announced that it has entered into an agreement to acquire zero trust network access innovator Meta Networks.
- January 2018 – Amazon’s cloud business acquired Sqrrl, a security start-up with NSA roots. The founders of Sqrrl had previously worked for the US National Security Agency. This acquisition by the company is aimed at attaining business from US intelligence agencies.
- January 2018 – IBM and Salesforce expanded their partnership, by bringing together artificial intelligence and cloud computing platforms. This partnership is expected to expand IBM’s customer base in the cloud solutions segment.