Cloud Security Market Size Hit USD 32.39 Billion at a CAGR of 22.6% in 2027 | IBM Corporation, Cisco Systems Inc.
Surging demand for cloud computing and the growing adoption of cloud in SMEs are among the significant factors influencing the market growth. Market Size – USD 6.15 billion in 2019, Market Growth - CAGR of 22.6%, Market Trends – Escalating BYOD trend The global cloud security market is expected to reach USD 32.39 Billion by 2027. Escalating BYOD (Bring Your Own Device) trend in various organizations is driving the growth of the cloud security market. BYOD helps in reducing hardware procuring and maintenance, which is beneficial in reducing organizational cost. Nevertheless, the key challenge with BYOD is providing security to a wide variety of devices, thereby persuading enterprises to opt for SaaS solutions as they have the capability to offer enhanced data security and reducing the chances of user error. According to a study conducted in 2018, around 59.0% of firms allow employees to bring their own devices at work, and around 13.0% propose to go for it in the future. According