Cloud security to get a boost with BYOD and CYOD gaining traction
Cloud security technology to prevent data breaches & data loss across organizations and would be driven by growing adoption of various cloud services models
Need for Cloud Security
The adoption of cloud computing technology fast becoming norm across organizations and enterprises of all sizes. The dominant concern is not what benefits will cloud security will offer that will boost the adoption rate since these are too obvious; rather, the prominent question that concerns companies is how to secure the network every time data is put on cloud. Cloud security consists of policies and controls, related to securing data on the cloud and their transfer by protecting applications and infrastructure. Threats such as data breaches, data loss, and different application programming interfaces (API) that need security are the factors that would give rise to imminent need of a comprehensive security solutions.
Drivers, Restraints & Opportunities
Rapidly increasing adoption of cloud services by enterprises, vendors offering high-end affordable cloud service models to SMEs, trend of BYOD and CYOD gaining traction are some of the factors fostering the growth of the cloud security market. Furthermore, demand for managed security services gaining prominent, emergence of hybrid cloud models, emerging adoption of IoT by enterprises are the factors that would help unlocking abundant growth opportunities for the market players. However, low awareness about different cloud services may hinder the market.
According to a report by IDG, 25% of IT budgets are estimated to be allocated to cloud within the next year wherein the mix of deployment solutions include 51% SaaS, 19% PaaS and 30% IaaS. As predicted by Research firm Gartner the IoT market will burgeon to 26 billion units installed by 2020, giving rise to a spectrum of security issues for enterprises who look forwards reaping huge benefits by using cloud services. These developments are expected to boost the cloud security market and will lead vendors to offer enterprises a spectrum of product offerings such as encryption software and cloud firewall along with right tools to secure their VPN connections. In addition, storage and processing of various data points enabled by application IoT devices will complicate the security landscape. This will necessitate organization to have a coherent and consistent framework and policies in place to address cloud security for their employees.
According to a recent report by Allied Market Research titled, “World Cloud Security - Market Opportunities and Forecasts, 2014–2020,” the world cloud security market would garner a revenue of $8.9 billion by 2020, registering a CAGR of 23.5% from 2015 to 2020. North American region is forecast to dominate the world market, owing to increased adoption of cloud services across various industries; however, Asia-Pacific is forecast to grow rapidly. The technology has potential applications in industries such as healthcare, BFSI, retail, IT & telecom and healthcare.