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 to another study, about 87.0% of companies let employees access business apps via their personal devices.

A rise in the rate of cybercrimes, owing to a growth in digitalization, is driving the market demand. Cybercrimes have witnessed a rapid growth, thus, leading to a growing need for cloud security solutions. Moreover, the instances data theft cases have seen an exponential rise in the last couple of years, attributed to an increased digital content generation and inappropriate security measures to protect corporate and financial data. Financial Intuitions and IT & telecom are the industries that are most targeted by cybercriminals.

Key participants include IBM Corporation, Cisco Systems Inc., Fortinet Inc., BMC Software Inc., Intel Corp., McAfee, Sophos Ltd., Symantec Corporation, VMware, and Trend Micro Inc., among others.

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Market Overview:

The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2020-2028. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.

The Supercomputer Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Supercomputer Market.

Further key findings from the report suggest

• By service model, software-as-a-service (SaaS) contributed to the largest market share in 2019 and is expected to grow at a rate of 22.1% in the forecast period. SaaS solutions exist in cloud environments that are integrated with other SaaS offerings and can be scaled. Also, it removes the upfront cost associated with purchase/installation, along with on-going expenses such as maintenance and upgrades.
• By service type, application security is projected it witness the fastest growth rate of 24.3% in the forecast period. Increasing cyber threats and organizational employees' often storing and sharing data in cloud applications is driving the demand for this service type.
• By deployment type, public cloud dominated the market in 2019. The key benefits of government public cloud is that big players in the market offer excellent security available in the market, modern technology, controlled access, and regular penetration testing, among others.
• By organization size, large organization held a larger market share of over 60.0% in 2019.
• By application, the BFSI industry contributed to the largest market share in 2019 and is estimated to grow at a rate of 22.3% in the forecast period. A rise in cyber-threat is driving the demand for cloud security for financial institutions, as well as the breached data exposes opportunities for instant and future crimes. The cloud security offers a very high level of data protection, particularly for sensitive data that comprises customer information.
• The market in the Asia Pacific region is projected to grow at the fastest rate of 23.9% in the forecast period, attributed to a growing deployment of the technology in several applications due to several factors such as the prevalence of BYOD trend in several enterprises in the region.
• In December 2019, Fortinet announced to extend its cloud security service offerings into AWS (Amazon Web Services). Fortinet would integrate its FortiGate-VM with the AWS CloudFormation third-party resource provider framework, allowing Fortinet-managed rulesets for AWS WAF (Web Application Firewall).

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For the purpose of this report, Reports and Data have segmented the global cloud security market on the basis of service model, service type, deployment type, organization size, application, and region:

Service Model Outlook (Revenue, USD Million; 2017-2027)

• Infrastructure-as-a-Service (IaaS)
• Software-as-a-Service (SaaS)
• Platform-as-a-Service (PaaS)

Service Type Outlook (Revenue, USD Million; 2017-2027)

• Application Security
• Endpoint Security
• Database Security
• Network Security
• Web & Email Security

Deployment Type Outlook (Revenue, USD Million; 2017-2027)

• Private Cloud
• Public Cloud
• Hybrid Cloud

Organization Type Outlook (Revenue, USD Million; 2017-2027)

• Small & Medium Sized Enterprises
• Large Enterprises

Application Outlook (Revenue, USD Million; 2017-2027)

• BFSI
• IT & Telecom
• Government
• Healthcare
• Education
• Media & Entertainment
• Others

Regional Outlook (Revenue, USD Million; 2017-2027)

• North America
• U.S
• Europe
• U.K
• France
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• MEA

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 Key Advantages of Cloud Security Report:

• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the Cloud Security industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Cloud Security Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

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