Cloud security market ‘to reach $12 billion by 2024’
An increase in cloud services for data storage and a rise in the sophistication of cyber criminals will result in the cloud security market rising from $1.4 billion (£1 billion) last year to $12 billion (£9.2 billion) in 2024, according to new research.
The report, by Hexa Research, said that businesses are increasingly transferring their data to cloud servers because of the flexibility and cost savings they offer. This means that companies have more to protect in their respective clouds.
The cloud security market includes products and services providing security in compliance, governance, and data protection.
According to Hexa Research, cloud identity and access management tools were the most widely used, comprising the largest market share, at some $287.3 million (£222.3 billion). Email and web security were second, with these solutions increasingly adopted across a number of enterprises due to the rise of malware, particularly ransomware.
Data loss prevention is another segment of the market that is predicted to grow the forecast period. This is down to strict regulatory policies by various governments, intended to ensure organisational and individual data protection.
In 2016, public cloud services made up the largest section of the market share, with nearly 36 per cent. This was due to both their strong security track record and the transparency offered by leading cloud providers, Hexa Research said.
However, the report predicted that hybrid cloud deployments will likely be the fastest growing market, largely because of their cost-saving model, as well as their improved security, and superior organisational performance.
In terms of barriers to its further growth, the report revealed, the global cloud security market continues to be constrained by a lack of awareness about security, inconsistent network connections in developing countries, and a lack of proper standards.
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The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.