The report, now available on ASDReports, "Cloud Security Market by Service Type (IAM, DLP, IDS/IPS, SIEM, and Encryption), Security Type, Service Model (IaaS, PaaS, and SaaS), Deployment Type (Public, Private, and Hybrid), Organization Size, Vertical, and Region - Global Forecast to 2022", The cloud security market size is expected to grow from USD 4.09 Billion in 2017 to USD 12.73 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 25.5%.
Cloud security helps organizations protect networks, endpoints, and applications from various malicious attacks, sophisticated cybercriminals, ransomwares, & Advanced Persistent Threats (APTs). The major forces driving the cloud security market are the increased adoption of Bring Your Own Device (BYOD) & Internet of Things (IoT) trends, rise in adoption of cloud-based security services, increasing demand for cloud computing & increasing government initiatives, and emergence of smart cities. Therefore, enterprises are deploying advanced cloud security services to secure networks and endpoints from cyber threats.
The web and email security segment is expected to have the largest share in the cloud security market in 2017
The web and email security segment is expected to have the largest market share and dominate the cloud security market from 2017 to 2022, as more and more companies are adopting cloud-based security services to secure their business infrastructures. The major factors responsible for the growth of web and email security segment are increased usage of cloud-based web and email applications in the organizations and the need to protect these applications from advanced threats, such as ransomwares, APTs, zero-day attacks, malwares, & unauthorized accesses.
The retail vertical is expected to grow at the highest CAGR in the cloud security market
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to contribute to the largest market share in the cloud security market. The increasing digital identities in all size of organizations and the growing trends of BYOD and IoT result in a massive growth in advanced cyberattacks, thus creating the need for adopting cloud-based security services. The retail vertical is projected to grow at the highest CAGR from 2017 to 2022 in the cloud security market, because retail industries are continuously deploying cloud security services to protect customer-sensitive data and the digital identities associated with each customer stored on the cloud.
North America is expected to contribute to the largest market share, whereas Asia-Pacific (APAC) is projected to grow at the highest CAGR
North America is expected to have the largest market share and dominate the cloud security market from 2017 to 2022, due to the presence of a large number of cloud security vendors across this region. APAC, on the other hand, offers potential growth opportunities in the cloud security market, as there is a wide presence of small and medium enterprises in this region that is turning toward cloud security services to defend against APTs.
The major vendors in the cloud security market include Trend Micro, Inc. (Tokyo, Japan), Intel Security (California, U.S.), Symantec Corporation (California, U.S.), IBM Corporation (New York, U.S.), Cisco systems (California, U.S.), CA Technologies, Inc. (New York, U.S.), CSC (Virginia, U.S.), and Fortinet, Inc. (California, U.S.).
Source: ASDReports - Market Research
Date: May 2, 2017