Cloud Security Market to Grow to $13.93 Billion by 2024
Cloud security is one of the fastest growing market segments today. The latest report from Grand View Research Inc further accentuates this trend, as it predicts the cloud security market to grow to $13.93 billion by 2024.
Even if this sounds phenomenal, it’s still possible because of a host of factors. Firstly, more companies are moving to the cloud because of the many benefits that come with it. At the same time, the last few years has seen an increasing number of cyber attacks and data breaches that have resulted in millions of dollars of loss for companies. To counter this problem, cloud security strategies will be put in place. Already, many cloud service providers and client companies are working on addressing cloud security flaws, and this is only expected to increase over the coming years.
Secondly, many cloud service providers are investing heavily in security infrastructure in the form of additional infrastructure, research and innovation. Some are even acquiring other companies that have made remarkable progress in cloud security. All these investments are sure to bring in more customers, thereby increasing the size of cloud security market.
Thirdly, cloud computing is erasing geographical boundaries with its widespread reach. As more companies take to the cloud, this market will grow. Along with it, the security market will also grow to keep pace with the growing security needs of customers.
Another important factor that will fuel the growth of cloud security market is the changing government regulations. As cloud computing becomes a mainstream part of businesses, governments are forced to come up with regulations that will protect the interests of businesses and individual consumers. These regulations are more likely to make cloud access and security more stringent, and this in turn, will fuel the cloud security market.
For example, Germany and other countries in the EU are option for high data privacy by enacting legislation to keep data only within their geographical borders. In other words, data pertaining to German businesses and residents should be stored only within the territorial boundaries of Germany. Other countries like the U.S and France are striving to get greater visibility on Internet traffic. With such regulations in place, cloud security is sure to grow.
Along with government regulations, industry specific regulations such as Health Insurance Portability and Accountability Act (HIPAA) for the healthcare industry, Payment Card Industry Data Security Standard (PCI DSS) for the financial sector, Safe Harbor Act and European Union Data Protection Directive are likely to make enhance cloud security, and this could eventually help the cloud security industry to grow.
Due to these factors, the cloud security industry is well on its way to some astounding growth over the next decade.
According to the report, the major players in this market segment are CA Technologies Inc, Cisco Systems, IBM Corp, Intel Corp, TrendMicro and VMWare. Other companies that are vying for a market share in this industry are Whitehat Virtual Technologies, Snoopwall Inc and BMC Software.