Cloud security market worth $8.71 billion by 2019

The MarketsandMarkets (www.marketsandmarkets.com) research group says that the cloud security market will be worth US$8.71 billion by 2019.

The increase in adoption of cloud computing, and growing demand for managed security services are playing a major role in shaping the future of cloud-based security services market. Even though there are various on-premise solutions available for all types of security, cloud security has become the prime importance for business who want to reduce CAPEX and support growing number of remote work force, according to MarketsandMarkets.

Cloud vendors provide better security solutions and are compatible with the complex cloud processing. It also enables the companies to become cost-efficient, scalable and increase the business agility. The biggest players in this market which contribute to the major market share are CA Technologies, IBM, Symantec, Symplified, Fortinet, McAfee, Sophos, Trend Micro, Zscaler, and Panda Security.

MarketsandMarkets has segmented the global cloud security market by services: cloud IAM/IDaaS, data loss prevention, web security (WAF), email security, cloud IDS/IPS, SIEM (log management and analysis), encryption, BCDR, network security, cloud database security, and virtualization security; by deployment: public, private, and others (hybrid and community); by industry verticals: government and public utilities, IT and telecommunication, healthcare and life sciences, BFSI, retail, manufacturing, transportation and others; and by regions: North America (NA), Asia Pacific (APAC), Europe (EU), Middle East and Africa (MEA), and Latin America (LA).

The major forces driving this market are accelerated adoption of cloud computing, growing cloud specific attacks, absence of strict regulations on Cloud Service Providers (CSPs) and increase in need of identity and access management, says the research group. The prime opportunity which is expected to boost this market is increase in adoption of cloud computing by Small and Medium Size Businesses (SMBs).

There are three types of vendors operating in Cloud Security market including pure play security vendors, traditional security solution providers and diversified IT vendors. However diversified IT vendors hold the majority of market share. These companies serve to diversified base of end users, says MarketsandMarkets.

Also these vendors have strong technological leadership and reseller networks. Although, these vendors may not have expertise in niche security areas, but they tend to acquire emerging companies to gain entry in to the market and eventually gain technological expertise in various security domains. Some of the well known companies in this segment are IBM, Novell and Symantec.