The worldwide cloud security market is expected to grow from $42.01 billion in 2016 – with a Compound Annual Growth Rate (CAGR) of 13.86% – to $175.32 billion by 2023. This growth is largely driven by increasing level of cyber threats and adoption of cloud computing among various industry verticals.
With more firms transferring their data and applications to the cloud to achieve greater elasticity, cost-savings and mobility to accommodate remote work, the need for strong security measures has never been higher.
The rapid growth in cyberattacks, data breaches, and ransomware attacks focused on cloud infrastructure demonstrates the importance for advanced protective controls. Businesses are pouring money into end-to-end security protections to protect sensitive data and to keep operations running the way they’re supposed to.
Prominent forces driving this market expansion are the need for regulatory compliance such as GDPR and CCPA which require strict data protection guidelines. Joining the trend is the ever-growing complexity of cloud environments that are not only multi-cloud but also hybrid 2, requiring a unified and flexible security infrastructure.
Solutions in the areas of Identity & Access Management (IAM), Data Loss Prevention (DLP), Security Information and Event Management (SIEM) and advanced encryption are receiving greater utilization.
Among the cloud security market, cloud database security has become the market leader as the data increase is huge and there is critical need to protect the data. Cloud encryption, however, is expected to witness the fastest growth as organizations continue to fret over maintaining data security and work to adhere to compliance rules.
There is a very clear momentum going on in the market towards AI-powered threat detection and response as well.” Artificial intelligence, machine learning are the new frontier for real-time analysis of massive data, identifying threats and taking corrective measures ahead of time and making humans secondary in control mission.
This evolution toward intelligent, automated security is revolutionizing the industry so that we can better rely on the flexible and responsive cloud that we have come to depend on in the face of a constantly changing landscape of cyberthreats.
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