Cloud Security Market
The growing trend of BYOD and the upsurge in the adoption of cloud adoption across diverse verticals, such as healthcare, government, retail, IT & telecommunications, BFSI, and others, have fueled the growth of the market.
In addition, a rising number of cyber-attacks & threats alike fuel the growth of the cloud security market. The cloud security market is expected to thrive in the future due to increasing dependency on cloud-based applications & services for payments & financial transactions, data storage, social media, and others.
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The global cloud security market is segmented into type, end-user, vertical, deployment, and geography. Based on end-user, the market is segmented into large enterprises and small & medium enterprises.
Large enterprises segment dominates the market, owing to increased adoption of cloud services and cloud security services.
However, small & medium enterprises have witnessed a significant increase in the adoption of cloud security services and the segment is expected to grow at a CAGR of 25.7% during the forecast period (2015 – 2020).
Cloud security has applications in various verticals namely, BFSI, retail, IT & telecom, government agencies, healthcare, and others.
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In 2014, IT & Telecom was the highest revenue-generating segment in terms of revenue. However, the retail sector is expected to grow rapidly, registering a CAGR of 26.3% during the forecast period.
The prominent companies profiled in this report include Symantec Corporation, Intel Corporation, Hewlett Packard (HP) Company, Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, Kaspersky Labs, and Dell Inc.
Favorable regulations and policies along with proactive e-commerce & e-governance initiatives have fostered the growth of thecloud security market. Several companies have focused on innovative product development to cater to the growing needs of the industry.
Market players have adopted product launch, partnership, and acquisitions as their key strategies to enhance their product portfolio and improve their market foothold.
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Key Findings of Cloud Security Market:
• Retail, government, and healthcare sectors offer lucrative growth potential in the cloud security market.
• The Asia-Pacific region is projected to be the most lucrative market. The region is expected to witness the highest CAGR of 27.4% during the forecast period.
• The hybrid type of deployment is projected to grow rapidly, owing to the increase in adoption of hybrid cloud in large and small & medium-sized enterprises.
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