Dublin, July 22, 2021 (GLOBE NEWSWIRE) — The “Cloud Security Software Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The cloud security software market was valued at USD 29.5 billion in 2020 and is expected to reach a market value of USD 37.37 billion by 2026, registering a CAGR of 5.25% over the forecast period (2021 – 2026). The growing data generation and increasing complexity of technologies have resulted in a heavy dependence of organizations on cloud services for operations and data management. This growth in the adoption of cloud services has a direct impact on the demand for cloud security solutions. According to a study published by CenturyLink, Cloud computing is expected to generate USD 411 billion by 2020.
Cloud technology and cloud-based resources help in mitigating the rise in lethal cyber-security threats. Cloud security adheres to a set of policies and controls, which are vital for the security of applications, data, and infrastructure. Threats, such as data breaches, data loss, and insecure application programming interfaces (API), are frequent on the cloud computing platform. The evolution of the cyber environment and related technologies paved the way for new threats. Cyber-attacks are highly targeted, persistent, and technologically advanced.
Although the area of cloud computing is witnessing rapid growth since the past few years, data privacy and software security are rising concerns. According to the 2019 state of security operations report, 4.1 billion data records are exposed to data breaches and cyber-attacks. The most common cloud-focused threats involved brute-force or stolen credentials targeted IoT or aimed for Web applications with SQL injection, cross-site request forgery attacks, etc.
According to Checkpoint and cybersecurity insiders Cloud Security Report 2019, the top four public cloud vulnerabilities include unauthorized cloud access (42 percent), insecure interfaces (42 percent), misconfiguration of the cloud platform (40 percent), and account hijacking (39 percent). Also, Flexera Software reported that security was a significant challenge in cloud computing technology.
The BFSI sector is one of the most active users within the cloud, owing to the rise of mobile banking, Fintech, and virtual transaction services of PayPal, Google, etc. Banks are dealing with sensitive data places, which increases the risk of data leaks and cyber-attacks. According to IBM’s cost of data breach report 2019, the average cost of data breach incurred by the United States company is USD 8.19 million.
Vendors offering security solutions are actively looking forward to collaborating their solutions with other managed security services providers. For instance, in January 2020, one of the key providers of endpoint security, SentinelOne, announced a partnership with CriticalStart, for integrating its endpoint protection capabilities into SentinelOne’s EDR services. This has enabled the company’s endpoint protection platform to centralize, ingest, and correlate security logs. Such partnerships are expected to continue in the future.
Key Market Trends
Healthcare Sector to Witness the Significant Adoption of Cloud Security Market
Healthcare organizations have become more distributed, owing to remote clinical offices, trial sites, rehab facilities, outsourcing, and off-site workers, leading each office and individual to require unique yet seamless access to applications and resources via. a plethora of different devices. Healthcare organizations recognize the benefits provided by cloud technology, such as greater flexibility, scalability, and availability of systems and applications
With the advancements in healthcare, such as electronic medical records and other patient details being registered with the respective hospitals, the potential vulnerability for the data has been increasing, owing to which the implementation of network security has been of primary importance.
Significant breaches in the healthcare industry, such as those at Premera Blue Cross and Anthem Inc., impacted the popularity of cloud, in terms of data privacy, as protection of medical data is mandatory and essential. Healthcare records are an attractive target, because sensitive information can be utilized for identity theft or insurance fraud. Such factors are further expected to provide ample opportunities for the market’s growth.
According to the Protenus’ Annual Breach Barometer Report 2019, the number of breached patient records tripled in 2018, to the tune of some 15 million patient records. The increase in incidents, from 5,579,438 records in 2017 to 15,085,302 records in 2018 is modest uptick in health data breaches, from 477 in 2017 to 503 in 2018.
The use of AI and data-driven security monitoring, along with behavioral analytics, made cloud-based security more effective. For instance, Microsoft’s integrated intelligent security graph collects billions of data points on a day-to-day basis and uses machine learning and AI, to analyze and identify evolving cybersecurity attacks.
Moreover, data from the SentinelOne shows that from February 23 to March 16 2020, with the onset of Coronavirus outbreak, there was an upward trend of attempted attacks in healthcare sector with peaks at 145 threats per 1,000 endpoints, compared to 30 or 37 at the start of that period.
Asia-Pacific to Witness the Highest Growth
In Asia-Pacific, significant strides are being made in the digital economy. But, it is also causing more threat-related opportunities. According to Cisco, companies receive six threats every minute, in APAC, and 51% of all cyber-attacks resulted in a loss of more than USD 1 million
In addition to financial losses, cybersecurity incidents are also undermining the Asia-Pacific organizations’ ability to gain confidence with their consumers and other stakeholders. According to the Quick Heal Annual Threat Report 2019, the metropolitans cities in India, such as Mumbai, Delhi, Bengaluru, and Kolkata, are the most attacked cities in terms of online attacks.
Also, 973 million instances of attacks were registered throughout 2019, which can be roughly equated to 1,852 Windows machines being affected every minute of the year in India, according to Quick Heal Annual Threat Report 2019.
Moreover, the various government in the region are imposing new laws pertaining to Cybersecurity to reduce the impact of cyber phishing, malware, and other cybersecurity threats. For instance, in India, Niti Aayog drafted a new policy that would address all the issues related to Cyber ecosystems such as standardization, testing, auditing, and capacity building to protect critical infrastructure from attacks, damage, misuse, and economic espionage.
Major companies are setting their footprint in Asia-Pacific. For instance, in March 2020, Singapore-based cybersecurity firm Horangi raised USD20 million in a Series B funding round. The company will use the new proceeds to expand its business reach in Southeast Asia and strengthen its cloud security product Warden in the region. Warden protects organizations using public cloud infrastructure from critical security threats and compliance violations in the cloud.
The market for cloud security software is fragmented due to the rise in cyber-attacks over the years. Enterprises have become more aware and careful regarding their data stored in the cloud, and thus, are availing offerings from companies, such as NortonLifeLock Inc. (Broadcom Inc.), CA Technologies (Broadcom Inc.), Microsoft Corporation, Armor Defense Inc., among others.
May 2020 – IBM Corp. has partnered with Alert Logic to offer Alert Logic’s managed detection and response (MDR) security services to its cloud customers.
May 2020 – McAfee has collaborated with Atlassian to bring advanced data security and threat protection to customers looking to accelerate their move to the cloud. With the collaboration, Atlassian customers leverage the power of McAfee MVISON Cloud to apply their security policies. MVISION Cloud provides visibility and control for Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and Infrastructure-as-a-Service (IaaS) environments, across Content Management systems and DevOps environments, through a unified security platform that helps customers get comprehensive control over cloud services from managed and unmanaged devices.
April 2020 – Rapid 7 acquired DivvyCloud Corp., with USD 145 million deal, which will helps the company to secure data and applications running on remote computer systems. The DivvyCloud platform combines deep visibility with automated prevention and real-time risk remediation for multi-cloud environments, protecting against misconfiguration, policy violations, external and internal threats, and identity and access management challenges.
Reasons to Purchase this report:
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Number of Cloud-related Cyber-attacks is Augmenting the Market Growth
4.4 Market Restraints
4.4.1 Migration of Processes from On-premise to Cloud is a Major Challenge
4.5 Industry Attractiveness – Porter’s Five Forces Analysis
4.6 Industry Value Chain Analysis
5 MARKET SEGMENTATION
5.2 End-user Industry
5.3 Deployment Model
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 NortonLifeLock ( Broadcom Inc.)
6.1.2 Netskope Inc.
6.1.3 Broadcom Inc. (CA Technologies)
6.1.4 McAfee Inc.
6.1.5 IBM Corporation
6.1.6 Microsoft Corporation
6.1.7 Armor Defense Inc.
6.1.8 Avid Secure (Sophos Ltd)
6.1.9 Lacework Inc.
6.1.10 Lookout Inc.
6.1.11 Trend Micro, Inc.
6.1.12 Fortinet Inc.
6.1.13 BetterCloud Inc.
6.1.14 Check Point Software Technologies
6.1.15 CyberArk Software Ltd
6.1.16 Oracle Corporation
6.1.17 Palo Alto Networks Inc.
6.1.18 Cisco Systems Inc
6.1.19 Censornet Ltd
6.1.20 Proofpoint Inc.
6.1.21 Bitglass Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/yawcvw
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