Cloud Workload Protection Market Size

Cloud Workload Protection Market Analysis

The cloud workload protection market is expected to reach a CAGR of 24.2% during the forecast period (2021 - 2026). The growth of the market is attributed to the increasing cloud workload. According to Cisco Systems, the cloud workloads will be 94% of total data center workloads in 2021 compared to 86% in 2017. Factors such as the growing adoption of multi-cloud strategy among enterprises, the rising need to fortify enterprise workloads against unauthorized strikes, and centralized policy enforcement are expected to drive the growth of the market across the globe.

• According to NTSC, the cloud industry is growing exponentially and is expected to rise from USD 227 Billion in 2019 to USD 354 Billion by 2022. Currently, more than 90% of enterprises use cloud service. The growing adoption of private and public cloud computing models has led to an increase in cyber attacks targeting resources and sensitive data residing within these platforms. While more organizations move to the cloud, the awareness regarding the security of data is driving the market growth.
• Moreover, unauthorized cloud access, insecure interfaces, misconfiguration of the cloud platform, and account hijacking are boosting the demand for the market. A misconfigured cloud environment is considered to be the leading cause of data theft incidents. For instance, in April 2019, unprotected Amazon servers exposed 540 million records of Facebook users through third-party apps.
• Enterprises need to secure cloud-based workloads, using a protection approach. Many vendors offer Cloud worload protection platform solutions that vary widely in their capabilities, as every cloud workload does not require similar protection. Some cloud workloads have less confidential data and require controls rarely, while others hosting sensitive data are likely to use more controls. Whereas, workload within the host may need less protection from due to the presence of network-based controls, such as intrusion protection systems (IPSs) and firewalls. The cloud workload protection platform enables encryption of both persistent data and data in motion for data assurance.
• With the outbreak of COVID-19, there is a significant impact on the market. According to McAfee's report, the use of cloud services increased by 50 percent between January and April in 2020. It also confirmed that the cybercriminals had been steadily working to exploit the increase in remote work during the COVID-19 pandemic with remote attacks on cloud services, which rose by 630%. Hence the market is likely to grow over the forecast period.