Cloud Intrusion Protection Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The cloud intrusion protection software market was valued at USD 0.65 billion in 2020 and expected to reach a value of USD 2.99 billion by 2026, and grow at a CAGR of 29.87% over the forecast period (2021–2026). The use of cloud services is growing rapidly in a broad range of areas as more companies are beginning to implement cloud services.

• Operation Ghoul, a campaign held by a group of hackers, uses a commercial spyware kit to retrieve valuable business-related data stored in the victim’s network. The group has successfully attacked almost 130 organizations from around 30 countries around the world.
• In September 2018, hackers gained access to over 30 million users’ record on Facebook. Rather than going for payment information or passwords, cybercriminals stole personal data, such as names, relationship status, religion, birthdate, employers, search activity, and check-in locations.
• The increasing number of cyber threats and hacking attempts are driving companies and individual users to use cloud intrusion protection software. In addition, considering the increasing number of intrusion incidents in business networks, there has been an increased IT spending on network security. Intrusion detection and prevention have been the most important hacks for IT companies to protect themselves from targeted attacks.

Scope of the Report

The growing number of cyber attacks has pushed enterprises to increase their spending on IT infrastructure to prevent data theft and data breaches. An intrusion detection system (IDS) to identify malicious activities over the network and intrusion prevention systems (IPS) to prevent data modification or unauthorized access have been developed. IDS and IPS include hardware, software, and services. IDS is a passive monitoring system that warns the system administrator of any suspicious activity, while IPS enables the administrator to take appropriate action upon the alert generated by the IDS. Here, the scope is limited to services across various industry verticals and geography.

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Key Market Trends

Telecom and Information Technology Expected to Grow Exponentially

• Cloud intrusion protection systems are being increasingly adopted in the telecom industry, which serves every other industry in the market.
• With advancements in technology and the increasing adoption of modern connectivity systems, the demand for communication services in industries, such as automotive, retail, energy and power, government services, IT sector, and other industries employing technology has seen incremental growth over the past decade.
• The telecom industry now serves as a critical link for every industry to operate without interruptions. With the advent of cloud services, the dependence on communication is growing. The telecom and IT industries have merged to provide better operations.
• The IT industry nowadays plays a major role. With industries moving toward cloud and automation, they are increasingly deploying IT systems to support operations and telecom industries to provide connectivity and communication services, to facilitate the working of the whole system.
• As telecom and IT hold a major stake in cyber connectivity, the spending on cybersecurity of telecom and the IT industry would be high as compared to other industries. Moreover, with the rapid growth in technology in terms of IoT, 5G, and AI, it is essential to protect the data and prevent the data breaches across the network.

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