Cisco, Fortinet, VMware 'Major Players' in Skyrocketing Cloud Security Market

Players in the cloud security market can expect an influx of revenue and regulations in the upcoming years.

A study by Grand View Research concludes that the industry’s revenue will reach $13.9 billion by 2024.

The report says that more and more cloud-operating businesses will turn to security providers as a result of increased data breaches and compliance measures.

“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 cloud security solutions,” the study’s authors wrote. “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.”

Prevalent adoption of cloud among companies has been followed by high profile cyber-attacks, like those on Ashley Madison, Home Depot and Anthem.

The study also noted that industry regulations, including the Health Insurance Portability and Accountability Act (HIPPA) and Payment Card Industry Data Security Standard (PCIDSS), add complexity to the market.{ad}

“Major players” in the space noted by the report are CA Technologies, Cisco, Fortinet, IBM, Intel Corp, TrendMicro, VMware and Symantec Corp.

The $13.9 billion revenue is approximately double what the market was three years ago. Infonetics Research reported it to be $7.2 billion in 2014.