According to the latest report by IMARC Group, titled “Cloud Security Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global cloud security software market experienced steady growth during 2011-2018. Cloud security software offers multiple levels of control in network infrastructure to ensure the security and regulatory compliance of the cloud-based system. It is utilized by numerous enterprises for improved privacy, access control, data protection and backup solutions. The software offers protection against distributed denial of service (DDoS) across the private as well as the public cloud. Apart from this, it is also being adopted by various companies for securing unstructured data formats and integrating with numerous processors or endpoints.
Global Cloud Security Software Market Trends:
Cloud computing has gained widespread global preference, especially in the commercial sector, as it offers convenient options for storing, managing and processing data and sensitive information. An increase in the incidences of cloud security breaches and cyberattacks has increased the adoption of security software. Additionally, the introduction of advanced technologies is expected to create a positive outlook for the market. The adoption of encryption and tokenization technologies benefits the enterprises in numerous ways as their utilization aids in easy transfer of data while hindering the data access in case of a successful breach. Numerous key players are also launching advanced variants to offer easy-to-use and affordable services to the end users. For instance, Trend Micro, a Tokyo-based cybersecurity company, has introduced Worry-Free Services Advanced, which manages the security of numerous devices from one web console and restricts email threats in the cloud. On account of the aforementioned factors, the market is expected to grow at a CAGR of around 17% during 2019-2024.
- Based on the type, the market has been divided into cloud identity and access management, data loss prevention, email and web security, cloud database security, network security and cloud encryption.
- On the basis of the deployment, the market has been segregated into public, private and hybrid.
- Based on the end user, the market has been categorized into small and midsize businesses (SMBs), large enterprises, cloud service providers, government agencies and others/third party vendors.
- On the basis of the vertical, the market has been segmented into healthcare, banking, financial services and insurance (BFSI), information technology (IT) and telecom, government agencies, retail, and others.
- On the geographical front, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied, with the detailed profiles of the key player operating in the market. Some of these include Broadcom, Inc., Trend Micro Incorporated, IBM Corporation, Cisco Systems, Inc., RSA Security LLC, McAfee, LLC, Microsoft Corporation, Dell Technologies, Inc., Hewlett Packard Enterprise Company, BMC Software, Inc., Bitium, CipherCloud, Inc., CloudPassage Inc., Check Point Software Technologies Ltd, Fortinet, Inc., VMware, Inc., Sophos Limited, Gemalto NV, and Imperva, Inc.
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