Cloud security market ‘to reach $12 billion by 2024’

Cloud security market ‘to reach $12 billion by 2024’ [Image: maxkabakov via iStock]

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.