Market Overview

The cloud security software market was valued at USD 28.1 billion, in 2018, and is expected to reach a market value of USD 35.6 billion, by 2024, registering a CAGR of 4.98%, during the forecast period, 2019 - 2024. The growing data generation and increasing complexity of technologies have resulted in a heavy dependence of organizations on cloud services for operations and data management. This growth in the adoption of cloud services has a direct impact on the demand for cloud security solutions.

• An increasing number of cloud-related cyber-attacks is the major driving factor for this market. A recent report by a cloud security provider, Armor, suggested that cloud customers were hit with 681 million cyber-attacks, last year. According to the 2018 Cost of a Data Breach Study by Ponemon Institute, the average cost of a data breach in 2018 was USD 3.86 million, which is a 6.4% increase on the 2017 cost of USD 3.62 million. 
• The migration of processes from on-premise to cloud is a major challenge, since most of the company's processes, like billing and CAPEX, are based on subscription-based models. Thus, however powerful cloud security solutions are adopted by the company, some of the processes can't be protected. 

Scope of the Report

The cloud industry has experienced rapid growth in its adoption in the last decade from technology-based companies. This trend is also followed by other industries like BFSI and Healthcare, due to their realization of the advantages offered by the cloud systems. This is creating an environment where cloud services are acting as the backbone of many business operations. 

Report scope can be customized per your requirements. Click here.

Key Market Trends

Intrusion Detection and Prevention to Register Significant Growth

• An intrusion detection and prevention software (IDPS) monitors network traffic for signs of a possible attack. When it detects potentially dangerous activity, it takes action to stop the attack. Often this takes the form of dropping malicious packets, blocking network traffic, or resetting connections. The IDPS also usually sends an alert to security administrators about the potential malicious activity.
• The two main contributors to the successful deployment and operation of an IDS or IPS are the deployed signatures and the network traffic that flows through it.
• According to a report by Insider Threat, in 2018, most insider exploits are detected through IDPS. This indicates the popularity of IDPS, and why majority of the vendors are offering this service. 

To understand key trends, Download Sample Report