The competitive landscape of the global cloud security market is likely to become more intense over the coming years, owing to the increasing demand for cloud computing solutions and the entrance of new players due to surmountable entry barriers. According to a research report released by Transparency Market Research, the leading players in the global cloud security market – including Symantec Corporation, Intel Security Group, and CA Technologies, Inc. – are consolidating their position by expanding their roles and offerings.
According to the TMR report, the leading players in the global cloud security market are also focusing on inorganic growth through mergers and acquisitions. The larger players in the market take up assets and roles of the smaller ones in order to expand their own offerings and business scope across a wider geographic presence. Trustwave Holding, Inc., for example, offers a host of cloud security services such as network access, web, SIEM, email, and encryption software. Trustwave Inc. acquired Cenzic, Inc., in 2014 in an attempt to solidify its cloud security business. In April 2015, the company acquired Singapore Telecommunications Limited (Singtel) to boost its business and expand market share of the company in the cloud security market over the coming years.
The cloud security market is expected to reach US$11.8 bn by the end of 2022. It is expanding at a brilliant CAGR of 12.80% within a forecast period from 2015 to 2022, after being calculated at US$4.5 bn in 2014.
North America Dominates Global Cloud Security Demand and Revenue Pools
North America was the leading region in the global cloud security market for 2014, a factor attributed to the large scale and early adoption of cloud services by industries in this region. It is likely for North America to remain a fruitful location for players of all sizes in the global cloud security market, while Asia Pacific shows a significant spike in demand for these services. The gain in demand for cloud security services in APAC is extremely likely to continue surging over the coming years.
The IT and telecom industries have been the key industries making use of cloud security services in a large scale, and will continue doing so over the coming years. Data loss prevention was found to be the leading segment in the global cloud security market on the basis of service type, in 2014.
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BYOD Cultures Spurs Demand for Tighter Security Services and Policies in Companies
“The IT and telecom industries and their associated enterprises are swiftly adopting cloud platforms for all sorts of functions and processes. The advantages of using cloud computing far outweigh the negatives and risks of it as far as small and medium sized businesses are concerned, but that does not allow cloud service providers to be lax on security measures. To counter the growth issues of loss of data integrity and data theft, data security providers are stepping up to the plate. The need for cloud security today is being compounded by the growing demand for flexible operations as well as the massively popular bring-your-own-device culture,” states a TMR analyst.
Client Skepticism Continues to Hamper Uptake of Cloud Security Services
Two of the key factors inhibiting the cloud security market at the moment, are the lack of awareness among companies and clients regarding the need for security services such as data loss prevention. The second factor is the as of yet skeptical nature of clients that are in the know, regarding the use of cloud computing platforms. Several companies, regardless of economic nature, are showing a high level of aversion to using third party applications and servers, despite knowing the savings in space and cost they could gain. This is consequently hindering the uptake of cloud security services.