Market Research Report
Global Cloud Security Software Market - Segmented by Type, Deployment Model, Industry, and Region - Growth, Trends, and Forecast
|Published by||Mordor Intelligence LLP||Product code||546753|
|Published||Content info||109 Pages
Delivery time: 1-2 business days
|Global Cloud Security Software Market - Segmented by Type, Deployment Model, Industry, and Region - Growth, Trends, and Forecast|
|Published: April 26, 2018||Content info: 109 Pages||
The global cloud security software market was valued at USD 25.1 billion in 2017 and is expected to reach a market value of USD 33.6 billion by 2023, registering a CAGR of 4.94% during the forecast period (2018 - 2023). 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. The cloud industry has experienced a rapid growth in its adoption in the last decade from technology-based companies. This trend is also followed by other industries, due to their realization of the advantages offered by the cloud systems. This is creating an environment where cloud services are acting as the backbone of many business operations. This growth in the adoption of cloud services is having a direct impact on the demand for cloud security solutions.
The report is segmented on the basis of types of cloud security software and deployment models. The report is also segmented by industry and region.
According to a recent survey, big companies spend around 11% of their IT budgets on security, whereas small businesses spend nearly 15%. Non-complex or weak network access are common problems in network security in recent times. Since hackers are motivated by scoring political points and embarrassing the companies, they are focusing on stealing unstructured data, such as email and other important documents. Loss of such data might adversely affect the business of an organization due to loss of reputation, like in the case of Sony. The purpose of IT spending on security measures is to manage security breach and to ensure its reduction at a significant level. As phishing attacks have increased in number, an intrusion prevention software can help both the targeted users and the organizations as a whole.
Recent data breaches of the top companies around the world have led to the increased adoption of the cloud security systems. The increase in the number of cyber-attacks in the last few years has created demand for improved security. Banking services are becoming a primary target of the hackers, as they have critical user information. The aforementioned reasons are pushing investments from these industries in cloud security. Thus, growing need for security and increasing IT spending on security solutions is driving the growth of the market.
Cloud intrusion detection & prevention software is one of the primary security software employed in cloud security. Intrusion detection software (IDS) and intrusion prevention software (IPS) systems are deployed as the gatekeepers for cloud systems. The IDS/IPS continuously monitor the data flow and operations of the cloud system. The system monitors the network for malicious activity that could be a part data breach attempt. The system also scans for data sets that could be in violation of the standards set by the security system. Any detected activity by the IDS/IPS is reported to the administrator to take necessary steps to deal with the attack. Advanced IDS systems collect the data and send to the centralized security systems employed to take care of the attacks. These systems perform various operations in the cloud network depending on the need.
Based on different consumer requirements, the software works as an anti-virus to eliminate the malicious files in the hierarchal systems. Network monitoring of the data center network is one of the growing needs for the cloud-based service systems. With the increasing complexity of cloud systems and the integration of hybrid systems, the networks are filled with vulnerabilities that could be exploited. The growing hacking trend has resulted in the network security becoming a primary concern for the companies and organizations. Network IDS and hosted IDS systems are witnessing an increasing growth in the cloud industry. Banking sector and the telecommunication industry, which are highly dependent on the network-based systems, are increasing security budgets to provide improved security. Thus, the overall cloud IDS/IPS systems are experiencing a growing demand in the market and are projected to witness a healthy growth over the forecast period.
The US's status as the largest consumer for cloud security software could be attributed to the presence of large enterprises, growing frequency of cyber-attacks, and the increasing number of hosted servers in the United States region. Many companies providing cloud security are headquartered in the United States. Most of the companies pilot new services in the country before global launches and deployment. The fast adoption of new technology in this country and the growing focus on security is pushing the market forward. The presence of large cloud service providers, such as Microsoft and Amazon, is playing a significant role in the growth of cloud security software market in the country.
Industries, such as banking, healthcare, and government organizations, that hold databases of sensitive information, are preferred targets for hackers as they have a wealth of information. Credit card data and social security numbers of individuals are the targeted information attacked by the hackers. To safeguard such critical data, there is a need for robust cloud intrusion protection and security solutions, along with suitable network security solutions. After recent email leaks and DNC hacks witnessed by the nation during the election period, it is expected that organizations will opt to reinforce the security of their data. The government in this region has tightened the security norms to provide better cloud security. Cloud services are in high demand and are experiencing a high adoption rate with the rise in demand for IoT systems. The recent hack into Sony Pictures has become an example that is driving the need for cloud intrusion protection software. The overall growing adoption of cloud services and the growing threats faced by the organizations in this region is pushing the deployment of cloud security software. The investments in this sector are also expected to grow exponentially over the forecast period. The United States is expected to maintain its dominance on the market over the forecast period.
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
List not Exhaustive