Cloud Security Market To Reach USD 32.39 Billion By 2027 | Reports And Data
May 22, 2020
Surging demand for cloud computing and the growing adoption of cloud in SMEs are among the significant factors influencing the market growth.
New York City, United States - May 21, 2020 /MarketersMedia/ —
The global cloud security market is expected to reach USD 32.39 Billion by 2027. Escalating BYOD (Bring Your Own Device) trend in various organizations is driving the growth of the cloud security market. BYOD helps in reducing hardware procuring and maintenance, which is beneficial in reducing organizational cost. Nevertheless, the key challenge with BYOD is providing security to a wide variety of devices, thereby persuading enterprises to opt for SaaS solutions as they have the capability to offer enhanced data security and reducing the chances of user error. According to a study conducted in 2018, around 59.0% of firms allow employees to bring their own devices at work, and around 13.0% propose to go for it in the future.
COVID-19 Impact
The prevalence of COVID-19 has caused people across the globe to work from home, where possible presenting a unique challenge for both the backend and frontend technologies supporting them. Several employees working from home are facing distractions from emails created a storm for email scammers to attack. There are numerous active COVID-19 scams that include phishing, ransomware, and other types of attacks, which work on making the victim believe that the email is a legitimate one from reasons such as status update from the company.
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Competitive Landscape
The companies operating in the market can be segmented on offering of service types such as application security, endpoint security, database security, network security, and web & email security. Key companies in the market comprise IBM Corporation, Cisco Systems Inc., Fortinet Inc., BMC Software Inc., Intel Corp., McAfee, Sophos Ltd., Symantec Corporation, VMware, and Trend Micro Inc., among others.
For the purpose of this report, Reports and Data have segmented the global cloud security market on the basis of service model, service type, deployment type, organization size, application, and region:
Service Model Outlook (Revenue, USD Million; 2017-2027)
• Infrastructure-as-a-Service (IaaS)
• Software-as-a-Service (SaaS)
• Platform-as-a-Service (PaaS)
Service Type Outlook (Revenue, USD Million; 2017-2027)
• Application Security
• Endpoint Security
• Database Security
• Network Security
• Web & Email Security
Deployment Type Outlook (Revenue, USD Million; 2017-2027)
• Private Cloud
• Public Cloud
• Hybrid Cloud
Organization Type Outlook (Revenue, USD Million; 2017-2027)
• Small & Medium Sized Enterprises
• Large Enterprises
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Further key findings from the report suggest
• By service model, software-as-a-service (SaaS) contributed to the largest market share in 2019 and is expected to grow at a rate of 22.1% in the forecast period. SaaS solutions exist in cloud environments that are integrated with other SaaS offerings and can be scaled. Also, it removes the upfront cost associated with purchase/installation, along with on-going expenses such as maintenance and upgrades.
• By service type, application security is projected it witness the fastest growth rate of 24.3% in the forecast period. Increasing cyber threats and organizational employees' often storing and sharing data in cloud applications is driving the demand for this service type.
• By deployment type, public cloud dominated the market in 2019. The key benefits of government public cloud is that big players in the market offer excellent security available in the market, modern technology, controlled access, and regular penetration testing, among others.
• By organization size, large organization held a larger market share of over 60.0% in 2019.
Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Europe
• Asia Pacific
• MEA
• Latin America
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To summarize, the global Cloud Security market report studies the contemporary market to forecast the growth prospects, challenges, opportunities, risks, threats, and the trends observed in the market that can either propel or curtail the growth rate of the industry. The market factors impacting the global sector also include provincial trade policies, international trade disputes, entry barriers, and other regulatory restrictions.
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