Transparency Market
Research, in a report titled “Cloud Security Market - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 -
2022,” states that expanding at a strong CAGR of 12.80% from 2014
to 2022, the value of the global cloud security market is projected
to increase from US$4.5 bn in 2014 to US$11.8 bn by 2022.
The global cloud
security market is driven by the rising demand for cloud computing by
small and medium-sized businesses, the ease and flexibility in
managing cloud security solutions, the proliferation of handheld
devices, and the ongoing trend of choose your own device (CYOD) and
bring your own device (BYOD). However, the lack of awareness and
skepticism of enterprises towards the adoption of cloud services are
anticipated to impede the cloud security market. Trends such as the
rising businesses of cloud security service providers via inorganic
growth and the increasing demand for integrated security suites
present lucrative opportunities for players competing in this space.
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The cloud security market has been studied on four fronts: deployment
type, service type, end-use industry, and geography.
By deployment type,
the cloud security market is segmented into private cloud, public
cloud, and hybrid cloud. Of these, hybrid cloud security held the
biggest share in 2014, driven primarily by its flexibility in storing
data.
By service type, the
cloud security market is divided into email and web security, cloud
database security, virtualization security, data loss prevention,
cloud IAM, network security, and others. In 2014, data loss
prevention held the largest share in 2014. This service monitors
instant messages, emails, web pages viewed, documents accessed, and
keywords typed by the employees, thereby protecting all forms of data
and preventing the loss of vital information.
By end-use industry,
the cloud security market is categorized into government and public
utilities, hospitality and retail, BFSI (banking, financial services,
and insurance), IT and telecommunication, healthcare and
pharmaceuticals, and others. The IT and telecommunications sector
dominated the overall cloud security market in 2014 owing to the
surge in the outsourcing of IT services and the rising adoption of
Android-based smartphones.
By geography, the
global cloud security market covers Asia Pacific, North America,
Latin America, Europe, and the Middle East and Africa. In 2014, North
America dominated the worldwide cloud security market, propelled by
the high adoption rate of cloud security services in various
enterprises. The Asia Pacific market is anticipated to expand at a
rapid pace in the coming years, fueled by the rising trend of CYOD
and BYOD policies.
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Panda Security SL,
Cisco Systems, Inc., IBM Corporation, Fortinet, Inc., Intel Security
Group (McAfee, Inc.), Symantec Corporation, Trustwave Holdings, Inc.,
CA Technologies, Inc., Sophos Ltd., and Trend Micro, Inc. are some of
the leading companies competing in the cloud security market. These
players are reviewed in the report based on aspects such as company
and financial overview, recent developments, and business strategies.
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