The global cloud security market is
expected to reach USD 13.93 billion by 2024, according to a new report by Grand
View Research, Inc. The cloud infrastructure has witnessed a significant growth
in recent years and its popularity can be attributed to the on-demand services,
scalability and flexibility, and the cost effective solutions it offers to
organizations. In addition to the tussle between public and private cloud the
emergence of hybrid cloud has given cloud users numerous different platforms
and frameworks to choose from. As the adoption of cloud reaches new levels, the
security issues concerning cloud users and vendors have come to the forefront.
Increasing threats
to data and information stored on the cloud, emphasized by the data breaches of
recent years are anticipated to create a greater demand for the cloud security
solutions. The industry is also expected to see greater efforts at creation of
regulations and compliance laws as the need for an industry-wide standard is
eminent. The demand for security services and policy implementation is also
expected to increase driving the overall cloud security market.
The dynamic
nature of industry may result in increasing adoption of open source platforms,
whereas the versatility of data and diverse threat vectors will lead to
security-as-a-service offering gaining traction among the vendors as well as
the users. The sharing of responsibility between Cloud Service Providers (CSPs)
and cloud users for protecting the data will impact the security landscape
positively. In addition, technologies such as virtualization, convergence and
hybrid cloud are predicted to help in implementing security at different levels
of cloud infrastructure.
The
increasing sophistication of the hacking techniques and the technological
advancement in malicious software is expected to unleash new generation of
attacks such as advanced persistent threats (APTs), ransomware, malicious
insider, distributed denial of service (DDoS) and zero day threats among
others. With growing threats and malicious hackers, industry wide
collaborations and partnerships to tackle emerging threats may pave the way for
future industry developments.
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Further key findings from the study suggest:
- As an increasing number of organizations adopt cloud cyber-attacks and data breaches have increased dramatically with highly sophisticated attacks targeted at confidential data. Last two years have seen many high level data breaches such as the attack on Ashley Madison, Home Depot, Anthem and even some security providers such as Kaspersky Labs.
- Cloud computing has been erasing traditional geographic boundaries with its world wide spread but the changing cloud regulations and government roles may complicate the market. While some countries such as Germany are opting for greater data privacy, other countries are striving for greater visibility in the internet traffic (such as U.S. and France).
- The cloud security is also affected by industry specific regulations such as Health Insurance Portability and Accountability Act of 1996 (HIPPA) for healthcare, Payment Card Industry Data Security Standard (PCI DSS) for financial sector as well as international laws like Safe Harbor Act and European Union Data Protection Directive.
- CA Technologies Inc., Cisco Systems, Fortinet Inc., IBM Corp., Intel Corp., TrendMicro, VMware and Symantec Corp. some of the major industry players in this domain. Other key vendors include BMC Software, Bitium Inc., CloudPassage, Netskope, SkyHigh Networks Inc., Snoopwall Inc., Sophos, and Whitehat Virtual Technologies.
- Key industry players such as CA Technologies, TrendMicro, Symantec Corp., Intel Corp. and IBM Corp. use technological alliances, partnerships and collaborations with other industry players to maintain market competencies.
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