According to a new report published by Allied Market Research titled, “World Cloud Security - Market Opportunities and Forecasts, 2014–2020,” the world cloud security market is expected to generate $8.9 billion by 2020, registering a CAGR of 23.5% from 2015 to 2020. North America dominates the world cloud security market, owing to growing adoption of cloud services in several industries in the region. However, Asia-Pacific region is expected to grow rapidly during the forecast period.
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Growing trend of BYOD and upsurge in the adoption of cloud adoption across diverse verticals, such as healthcare, government, retail, IT & telecommunications, BFSI, and others, have fueled the growth of the market. In addition, rising number of cyberattacks & threats alike fuel the growth of the cloud security market. The world cloud security market is expected to thrive in future due to increasing dependency on cloud-based applications & services for payments & financial transactions, data storage, social media, and others.
The world cloud security market is segmented into type, end user, vertical, deployment, and geography. Based on end user, the market is segmented into large enterprises and small & medium enterprises. Large enterprises segment dominates the market, owing to increased adoption of cloud services and cloud security services. However, small & medium enterprises have witnessed significant increase in the adoption of cloud security services and the segment is expected to grow at a CAGR of 25.7% during the forecast period (2015-2020).
Among cloud security services, the email & web security solutions segment accounted for the largest share of 24.5% of the overall market revenue in 2014, owing to their widespread adoption among large, medium, and small enterprises. Additionally, cloud security network security solution & cloud identity and access management segments are expected to exhibit significant growth throughout the forecast period.
Cloud security has applications in various verticals namely, BFSI, retail, IT & telecom, government agencies, healthcare, and others. In 2014, IT & Telecom was the highest revenue-generating segment in terms of revenue. However, the retail sector is expected to grow rapidly, registering a CAGR of 26.3% during the forecast period.
Key findings of the study:
Retail, government, and healthcare sectors offer lucrative growth potential in the world cloud security market
The Asia-Pacific region is projected to be the most lucrative market. The region is expected to witness the highest CAGR of 27.4% during the forecast period
The hybrid type of deployment is projected to growth rapidly, owing to increase in adoption of hybrid cloud in large and small & medium sized enterprises
The prominent companies profiled in this report include Symantec Corporation, Intel Corporation, Hewlett Packard (HP) Company, Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, Kaspersky Labs, and Dell Inc. Favorable regulations and policies along with proactive e-commerce & e-governance initiatives have fostered the growth of the world cloud security market. Several companies have focused on innovative product development to cater to the growing needs of the industry. Market players have adopted product launch, partnership, and acquisitions as their key strategies to enhance their product portfolio and improve their market foothold.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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