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In 2013, the market for cloud security solutions was USD 3.47 billion and is estimated to grow at a healthy rate of16.8% till 2018. The main reasons for the growth of these solutions have been attributed to the following:
- Increase in the incidents related to security breaches and threats to cloud where miscreants carry out targeted attacks for financial or intellectual gains
- Need for increased protection as the attacks are growing more advanced and cloud alone has been incapable of warding off these attacks.
- Improved awareness and trust among businesses about the cloud and as a result more and more businesses moving their resources to cloud thereby creating a need for cloud security.
Geographically, cloud security is seen to be more mature and yet growing in the North American and European markets. Enterprises are the top contributors to the revenue and interms of type of security services, cloud IAM, email and web security and encryption are expected to grow as both enterprise level companies and the small and medium businesseswill see more adoption of these solutions. The service provider market is a mixture ofpure security providers, IT and telecommunication providers as well as the cloud service providers.
Going forward, as the confidence in public cloud grows among organizations, cloud security solutions protecting public clouds will gain more demand than the privatecloud security. Among the verticals, IT, Banking & Finance and E-commerce will see increased adoption.
The biggest challenge that lies ahead for service providers in this industry has been educating and convincing the customers that cloud in itself is not safe and would require additional cloud security to secure the data present on the cloud. Along with this, improper rules and regulations, increased employee mobility and enhanced attacks will bethe reasons affecting this industry.
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