One of the biggest drivers of growth for the cloud security market is the booming number of cyber-attacks on the cloud. Additionally, the increasing usage of cloud services by organizations to store key and confidential data, growth of the online market, and the rising mobility of employee are expected to boost the global market. Also, another factor that is influencing the growth of the market is the emerging trend of BYOD (bring your own device) in office premises.
The report published on the global cloud security market revealed the growth to be at an estimated pace of 17%. The valuation of the cloud security market was further stated to reach USD 13 billion by the end of the forecast period in 2022, thereby surpassing its 2016 valuation of USD 5 billion.
However, it is worth mentioning that the lack of awareness concerning cloud security technology among small and medium sized organizations and an increasing fear among organizations about data confidentiality can limit the overall projected growth of the market.
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The global market for cloud security has been segmented in terms of type, deployment, end-users, and industry.
By deployment, the market can be divided into private, public, and hybrid.
By type, the market segments into cloud database security, network security, virtualization security, data loss prevention, and email & web security.
By industry, the market includes large-sized enterprises and small and medium-sized enterprises.
By end-users, the market has healthcare, IT & telecom, retail, government utility, and BFSI. The IT & telecom sector is making the highest contributions to the growth of the cloud security market. It is being reported that IT businesses are consistently adopting cloud services in order to transfer huge loads of data. Additionally, there has been an increasing adoption of internet among smartphones to gain access to the data on cloud. In order to secure this data transferred by the IT and telecom sector, there is an imperative need for cloud security.
The global market for cloud security is regionally segmented into Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa. North America is anticipated to dominate the market for cloud security in the coming years, especially due to the presence of various large scale organizations boasting huge database. The rising need for security solutions to ensure optimal safety for the huge existing database of these organizations in North America is majorly contributing to the growth of the regional market.
Elsewhere, the European region has a highly developed network infrastructure. Herein, the improving healthcare sector has prompted a demand for security over cloud technology. In Asia Pacific, the region is promoting the concept of BYOD, particularly across small organizations, thereby increasing the potential threat of cyber-attacks for data on-cloud. In order to protect these huge loads of data from any unauthorized access and potential threats of cyber-attacks, companies are looking towards cloud security options.
The global cloud security market comprises a host of key players. This includes names like Okta, Inc. (U.S.), Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), CA Technologies, Inc. (U.S.), Symantec Corporation (U.S.), Cloud Passage Company (U.S.), Trend Micro Inc. (Japan), Microsoft Corporation (U.S.), Intel Corporation (U.S.) and Fortinet, Inc. (U.S.) among others.
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