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(MoneyNewsWire.Net, March 01, 2018 ) The cloud security market size is expected to grow from USD 4.09 Billion in 2017 to USD 12.73 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 25.5% during the forecast period. The major growth drivers of the market include increased adoption of Bring Your Own Device (BYOD) and Internet of Things (IoT) trends, rise in adoption of cloud-based security services, increasing demand for cloud computing & increasing government initiatives, and emergence of smart cities. The cloud security market is segmented by service types, security types, service models, deployment types, organization sizes, industry verticals, and regions. Identity and Access Management (IAM) is expected to dominate among the service types segment during the forecast period. The reason behind the high growth rate is the increasing number of in digital identities within small and large enterprises. This results in increase in cyberattacks and creates demands for more comprehensive cloud-based security services that would help customers secure their Information Technology (IT) infrastructure.
Browse Market Data Tables and In-Depth TOC of the Cloud Security Market to 2022 @ https://www.researchcosmos.com/reports/global-cloud-security-market-analysis-and-forecast-to-2022-growth-opportunity-assessment/7653056
The application security segment is expected to grow at the highest CAGR during the forecast period. However, the web and email security segment accounts for the largest share of the cloud security market in 2017. The hybrid cloud deployment type is expected to grow at the highest CAGR during the forecast period. The large enterprises segment is expected to account for the largest market size in 2017. Moreover, the Small and Medium-Sized Enterprises (SMEs) segment is expected to grow at the highest CAGR during the forecast period.
Cloud security services have been deployed across various industry verticals, including Banking Financial Services, and Insurance (BFSI), aerospace & defense, automotive, energy & utilities, government & public utilities, healthcare & life sciences, IT & telecom, manufacturing, retail, and others. The retail vertical is expected to grow at the highest CAGR during the forecast period. However, the BFSI vertical is estimated to have the largest market size in 2017.
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The global cloud security market has been segmented on the basis of regions into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America to provide a region-specific analysis in the report. The North American region, followed by Europe, is expected to become the largest revenue-generating region for cloud security service vendors in 2017. This is mainly because, in the developed economies of the U.S. and Canada, there is high focus on innovations obtained from Research & Development (R&D) and security technologies. The APAC region is expected to be the fastest growing region in the cloud security market. The growth in this region is primarily driven by the increasing adoption of IoT devices and BYOD technologies within organizations.
However, stringent government rules and regulations may restrict the cloud security market’s growth. Major vendors that offer cloud security services across the globe are Trend Micro, Inc. (Tokyo, Japan), Intel Security (California, U.S.), Symantec Corporation (California, U.S.), IBM Corporation (New York, U.S.), Cisco systems (California, U.S.), CA Technologies, Inc. (New York, U.S.), CSC (Virginia, U.S.), and Fortinet, Inc. (California, U.S.). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships & collaborations, and acquisitions, to expand their offerings in the cloud security market.
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