Worldwide cloud security market to reach $20.9 billion by 2027
The global cloud security market is projected to account for $20.9 billion by 2027, according to a report by Million Insights and is expected to grow with 14.6% CAGR from 2020 to 2027. Growing investment in cloud infrastructure and an increasing number of cyber attacks are expected to drive the market growth.
The cloud infrastructure is gaining popularity due to several benefits such as scalability, flexibility, cost-effectiveness, and on-demand services.
Additionally, the emergence of hybrid cloud to a tussle between private and public cloud has given several frameworks and platforms to cloud users to choose from. The adoption of cloud has been gaining traction in recent years, thereby security concerns among cloud users have been increased.
What fuels demand for cloud security?
The demand for cloud security is expected to increase during the forecast period due to the rising number of cyber attacks, and data breaches.
In addition, industry players are also playing an important role in implementing compliance laws and regulations according to industry-wide standards. Increasing policy implementation and demand for security services are expected to drive the cloud security market growth in the next few years.
Moreover, diverse threat vectors and versatility of data lead to security-as-a-service offerings. Sharing responsibility between cloud end users and cloud service providers for data security is expected to witness a significant impact on market growth.
Further, technologies like convergence and virtualization coupled with initiatives like computer emergency readiness teams (CERTs) is expected to support for implementing security at a high level for cloud infrastructure.
Growing sophistication in hacking techniques, as well as technological advancements in cyber espionage, are unleashing new attacks like advanced persistent threats (APTs), ransomware, zero-day threats, malicious insider, DDoS. As a result, industry players are focusing on partnerships and collaborations to tackle such cyber attacks.
Further key findings
- Self-mutating codes, evasion techniques, and polymorphic have changed the convectional endpoint protection mechanisms and security technologies.
- In the past few years, the number of data theft has increased including Anthem, Home Depot, and Ashley Madison.
- In 2019, North America accounted for the largest market share due to growing awareness about cyber attacks and corporate espionages.
- Several regions and countries like the European Union have implemented cyber regulations to protect information and data. For instance, Germany is striving for greater data privacy wherein other countries like France and U.S. are looking for better visibility in internet traffic.
- Numerous industry specific regulations like Payment Card Industry Data Security Standard (PCI DSS) for financial sector, Health Insurance Portability and Accountability Act of 1996 (HIPAA) for the healthcare sector and international laws such as Safe Harbor Act & European Union Data Protection Directive are expected to drive the cloud security market growth.
- Key players such as CA, Intel, IBM, Trend Micro and Symantec are concentrating on partnerships, collaborations, and alliances to strengthen their market position.