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Global Cloud Security Software Market Size, Share, Trends, Security Types, CAGR by Technology, Key Players, Regions, Cost, Revenue and Forecast to 2024

Cloud Security Software Market-Growth, Trends, and Forecast (2019-2024)

This report helps to analyze competitive developments such as Joint Ventures, Strategic Alliances, Mergers and Acquisitions, New Product Developments, And Research and Developments in the “Global Cloud Security Software Market”.

What does this “Cloud Security Software Market” report offers:

– The market estimate (ME) sheet in Excel format

– Report customization as per the client’s requirements

– 3 months of analyst support

Market Overview

The Cloud Security Software Market was valued at USD 28.1 billion in 2018 and is expected to reach a market value of USD 35.6 billion by 2024, registering a CAGR of 4.98% during the forecast period 2019 – 2024. The growing data generation and increasing complexity of technologies have resulted in a heavy dependence of organizations on cloud services for operations and data management. This growth in the adoption of cloud services is having a direct impact on the demand for cloud security solutions.

– An increasing number of cloud-related cyberattacks is the major driving factor for this market. A recent report by cloud security provider Armor suggests that cloud customers were hit with 681 million cyber attacks last year According to the 2018 Cost of a Data Breach Study by Ponemon Institute, the average cost of a data breach in 2018 was USD 3.86 million, which is a 6.4% increase on the 2017 cost of USD 3.62 million.

– Migration of processes from on-premise to cloud is a major challenge since most of the company’s processes like billing and CAPEX are based on subscription-based models. Thus however powerful cloud security solutions are adopted by the company, some of the processes can’t be protected.

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Scope of the Report
The cloud industry has experienced rapid growth in its adoption in the last decade from technology-based companies. This trend is also followed by other industries like BFSI and Healthcare, due to their realization of the advantages offered by the cloud systems. This is creating an environment where cloud services are acting as the backbone of many business operations.

Key Market Trends

Intrusion Detection and Prevention to Register Significant Growth

– An Intrusion Detection and Prevention Software (IDPS) monitors network traffic for signs of a possible attack. When it detects potentially dangerous activity, it takes action to stop the attack. Often this takes the form of dropping malicious packets, blocking network traffic or resetting connections. The IDPS also usually sends an alert to security administrators about the potential malicious activity.

– The two main contributors to the successful deployment and operation of an IDS or IPS are the deployed signatures and the network traffic that flows through it.

– According to Insider Threat 2018 report, most insider exploits are detected through IDPS. This indicates the popularity of IDPS and why majority of the vendors are offering this service.

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Asia-Pacific to Witness the Highest Growth

– In Asia-pacific, great strides are being made in digital economy. But it is also causing more threat-related opportunities. According to Cisco, companies receive 6 threats every minute in APAC and 51% of all cyber attacks resulted in a loss of more than USD$1 million

– In addition to financial losses, cybersecurity incidents are also undermining Asia Pacific organizations’ ability to gain confidence with their consumers and other stakeholders.

– Major companies are setting their footprint in APAC, for instance, Google expanded the number of Google Cloud Platform regions in APAC from three to six in 2018.

– To retain the data authenticity generated by any industry (for instance, customer shopping data for personalization in retail), move towards cloud and hence its security is of utmost importance.

Competitive Landscape

The market for cloud security software is fragmented due to the rise in cyber attacks over the years. Enterprises have become more aware and careful regarding their data stored in the cloud and thus are availing offerings from companies like CA Technologies, McAfee and RSA Security for cloud protection.

– April 2019 – Trend Micro announced enhancements to its Deep Security and Cloud App Security products designed to extend protection to virtual machines on the Google Cloud Platform, Kubernetes platform protection, container image scanning integration with the Google Kubernetes Engine (GKE) and Gmail on the G Suite.

– April 2019 – McAfee announced its support for Google Cloud Platform (GCP) Cloud Security Command Center (Cloud SCC). McAfee MVISION Cloud now integrates with GCP Cloud SCC to help security professionals gain visibility and control over their cloud resources and detect and respond to threats.

– March 2019 – RSA unveiled the newest version of its market-leading SIEM, RSA NetWitness Platform, which features machine learning models based on deep endpoint observations to rapidly detect anomalies in user’s behavior to uncover evolving threats.

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Major Point of TOC:
Chapter One: INTRODUCTION
Chapter Two: RESEARCH METHODOLOGY
Chapter Three: EXECUTIVE SUMMARY
Chapter Four: MARKET DYNAMICS
Chapter Five: MARKET SEGMENTATION
Chapter Six: COMPETITIVE LANDSCAPE
Chapter Seven: INVESTMENT ANALYSIS
Chapter Eight: MARKET OPPORTUNITIES AND FUTURE TRENDS

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