Cloud Security Market Size Worth USD 13.93 Billion by 2024

Grand View Research, Inc.

SAN FRANCISCO, February 27, 2017 /PRNewswire/ --

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.

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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.