Demand for Cloud Security Will Exceed $12 Billion by 2025

Aishwarya Vijay

By Aishwarya Vijay, Grand View Research

When cloud technology first came into the picture, there was both a sense of anticipation and major questions about security. The hyperactive cybercrime industry kept some end users conflicted about adopting cloud technology. Still, the technology has come a long way since its inception in overcoming concerns related to security.

Several techies and end-use industry participants have come to agree that cloud services are just as secure, if not more so, than any private communication and IT network linked to the internet. Moreover, increasing numbers of end users worldwide are acknowledging its benefits, such as cost effectiveness, scalability and flexibility, which is playing a vital role in the development of the cloud security market.

Secure Cloud Network Important for Smooth Communications

A reliable solution for securing cloud services that is also gaining high visibility among enterprises for improving security and performance across wide area network (WAN) is software-driven WAN (SD-WAN). While adoption of cloud management services is higher among large enterprises due to extensive operations, demand for these services in SMEs is catching up.

With rapid technological advancements, SD-WAN has been effective in linking businesses to a global network, which is fortified by enterprise-grade security services. It is a notch above hub-and-spoke architectures and thus eliminates the need to manage several security devices and products by enforcing a unified policy that helps in providing visibility across entire WAN. It also helps network managers to respond to threats rapidly and ensure data protection.

Cloud technology has, especially, been a hit in communications-related operations. It ensures increased mobility, speedier access to new platforms and upgrades at reduced costs, high levels of scalability, flexibility and hassle-free deployment, rendering a strong case to incorporate cloud communications. With this, unified communications-as-a-service (UCaaS) rose to prominence and has now become an integral part of enterprise communications in several organizations across the globe.

UCaaS integrates SMS, video conferencing, team messaging, fax, and phone services to a single cloud platform. It provides the flexibility of being accessed from any device and also augments productivity and security, along with ease of use. It enables IT departments to boost economic value and achieve greater scalability. Therefore, with growing adoption of UCaaS and SD-WAN to achieve smoother networking and communications, the need for cloud security is likely to skyrocket.

End-Use Industries to Take Advantage

As much as cloud technology is becoming an indispensable part of several industries, including IT, telecommunication, health care and government, the need for security solutions also …

… stands strong.

What’s Driving the Growth?

Based on our research, we expect the global cloud security market to reach USD $12.63 billion by 2024. The rising threat of targeted attacks and cybercrimes is one of the primary factors fuelling the demand for cloud security solutions. Burgeoning trends such as Bring Your Own Application (BYOA) and Bring Your Own Device (BYOD) are also rendering data more prone to exposure.

The growing popularity of cloud infrastructure is boosting investments in the market, which is opening new avenues for cloud security solution providers. For instance, in August 2018, Twistlock received an investment of $33 million in Series C funding, which brings its total funding received so far to $63 million. The company offers a unified security platform, which can replace multiple tools such as application firewalls and vulnerability assessment. It will scale its operations with the funding received.

North America will maintain a lead in the global arena, owing to robust internet infrastructure and rapid technological advancements. At the same time, there will be rapid growth in countries in Asia Pacific, thanks to rapidly improving internet infrastructure and the increasing implementation of cloud technology.

Aishwarya Vijay is a content creation executive at Grand View Research, with over two years of experience in business writing. She has written several guest blogs and has a keen eye for technological advancements and breakthroughs in different sectors.