Cloud Application Security Market worth $13.67 B by 2022
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According to a new market research report “Cloud Application Security Market by Component (Solutions (Cloud Application Discovery, Data Protection, Threat Protection, and Analytics & Reporting), and Services), Organization Size, Industry Vertical, and Region – Global Forecast to 2022”, published by MarketsandMarkets, the market is expected to grow from USD 6.78 Billion in 2017 to USD 13.67 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.1-percent.
The major forces driving the Cloud Application Security Market are strong regulations and compliance requirements, easy integration of cloud application security solutions with organizations’ existing security infrastructure, and rise in security breaches targeting business-critical cloud applications.
In the era of rapid expansions of businesses and increased complexities in the IT infrastructure, the security of business-critical cloud applications has become the prime objective of the organizations. Thus, the adoption of cloud application security solutions and services is said to be high among private and public organizations across different industry verticals. The cloud application security vendors provide various solutions, such as, cloud application database, risk assessment, application governance, Data Loss Prevention (DLP), Identity and Access Management (IAM), encryption, tokenization, malware detection and protection, Security Information and Event Management (SIEM), log management, and cloud usage analytics and anomaly detection along with the professional services, namely, support services, training and education services, and consulting services. As the frequency of sophisticated cyber-attacks on sensitive cloud applications is growing, the Cloud Application Security Market is expected to gain traction in the next 5 years.
The data protection is estimated to have the largest market share in the Cloud Application Security Market in 2017
The data protection solution type is expected to have the largest market share and dominate the Cloud Application Security Market from 2017 to 2022. Data protection solutions are employed to protect data stored on cloud application. The set of data protection solutions includes DLP, IAM, encryption, and tokenization. These solutions enable enterprises, to prevent a loss of data and manage identities and relationships between various cloud applications. As SMEs and large enterprises across globe are increasingly adopting cloud applications, the market for data protection is expected to witness high growth in the overall Cloud Application Security Market.
The support services segment is expected to have the largest market shares and hold the highest CAGR in the Cloud Application Security Market
The services are broadly classified into support services, training and education services, and consulting services. The support services segment is expected to dominate the services market with the largest market shares and highest CAGR during the forecast period. These services play a crucial role in the Cloud Application Security Market. Support service providers help enterprises in providing installation, maintenance, and other support activities, such as data migration and replication. The demand for support services is increasing with the deployment of advanced cloud application security solutions to protect and secure applications from advanced threats.
IT and telecom industry vertical is expected to grow at the highest CAGR in the Cloud Application Security Market
The IT and telecom sector is expected to grow at the highest CAGR during the forecast period. There has been a strong adoption of advanced cloud applications in the IT and telecom sector in the recent years. These cloud applications used in these sectors are becoming the prime targets for cybercriminals to access the sensitive data. Therefore, the adoption of cloud application solutions and services is increasing in IT and telecom sectors.
North America is expected to have the largest market share and dominate the Cloud Application Security Market from 2017 to 2022, due to the high number of early technology adopters in this region. The organizations in this region are focusing on securing their applications on cloud by using various cloud security solutions. The other drivers for the increasing demand for cloud security solutions include the need for regulatory compliance and security concerns and easy integration of cloud application security solutions with organizations’ existing security infrastructure.
The major force driving the adoption of cloud application security solutions and services in APAC is the increasing instances of Advanced Persistent Threats (APTs), malware injections, and Distributed Denial of Service (DDoS) attacks, which is highly affecting the performance of business-critical cloud applications. The economies in the region are rapidly digitizing and adopting advanced applications to make the business operations effective. Cybercriminals attack these applications to access the confidential data for personal gains. The threat landscape in APAC is expected to be increasing at an alarming rate, and so is the spending on cloud application security solutions.
The major vendors in the Cloud Application Security Market include Cisco Systems (US), Fortinet (US), Microsoft (US), Oracle (US), Palo Alto Networks (US), Proofpoint (US), Symantec (US), Bitglass (US), CensorNet (UK), CipherCloud (US), Netskope (US), and Skyhigh Networks (US). (PR Newswire)