PUNE, India, April 28, 2017 /PRNewswire/ --
The cloud security market size is expected to grow from $4.09 billion in 2017 to $12.73 billion by 2022, at a CAGR of 25.5%. Growth drivers of Cloud Security market include increased adoption of BYOD & IoT trends, rise in adoption of cloud-based security services, increasing demand for cloud computing.
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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%. The cloud security market is driven by factors, such as increased adoption of Bring Your Own Device (BYOD) and Internet of Things (IoT0 trends, rise in adoption of cloud-based security solutions, increasing demand for cloud computing &increasing government initiatives, and emergence of smart cities. However, stringent government rules ®ulations, risk of information loss, and lack of trust on cloud service providers may restrict the cloud security market's growth.
Organizations are deploying various cloud-based applications on their endpoints, resulting in the growth of high-profile attacks on applications. To secure the web and on-premises applications, organizations are continuously deploying cloud-based application security solutions. Thus, the application security type is expected to grow at the highest CAGR during the forecast period. However, the web and email security type is expected to have the largest market size in 2017.
Software-as-a-Service (SaaS) service model is expected to dominate the cloud security market from 2017 to 2022 with the largest market share, due to the growing demand for cloud-based applications. Infrastructure-as-a-Service (IaaS) is expected to play a key role in the cloud security market and may grow at the highest growth rate during the forecast period, as it provides security capabilities on its own infrastructure.
APAC includes emerging economies, such as China, Australia, Singapore, and India, which are rapidly deploying cloud security solutions. APAC is expected to grow at the highest CAGR during the forecast period. This is mainly due to the increasing adoption of IoT and BYOD trends in many industry verticals, such as Banking, Financial Services, and Insurance (BFSI),government, Information Technology (IT)& telecom, manufacturing, healthcare, and retail. Furthermore, North America is expected to have the largest market size in 2017.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation & technology directors, and executives from various key organizations operating in the cloud security market.
- By Company Type: Tier 1: 50%, Tier 2: 30%, and Tier 3: 20%
- By Designation: C-Level: 60%, Director Level: 20%, and Others: 20%
- By Region: North America: 15%, Europe: 15%, APAC: 40%, and RoW: 30%
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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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