According to a study made by UK based Market Research firm Technavio, increasing cyber attacks are boosting the market of cloud security solutions. The firm also mentioned in its study that the market for global cloud security solutions is expected to grow at a CAGR of close to 20% during the forecast period of 2017-2021.
Technavio’s research report titled as “Global Cloud Security Solutions Market 2017-2021” provides an insight into the revenue and emerging cloud security market trends. The report also includes an up to date analysis and forecasts for various market segments and in all geographical regions.
The report compiled by Technavio has categorized the global cloud security solutions market into 4 major end-user segments. They are-
1.) BFSI- This business sector has been the constant target of web-based cyber attacks over the past 3-5 years. Hackers attempt to crash computer systems, steal cash and harm capital markets of companies related to banks, financial services and insurance. And as the companies in this business vertical are making their consumers highly dependent on services related to web applications the threat scale has doubled in recent times. So, Technavio suggest that increasing attacks on BFSI sector will boost solutions related to cloud security markets in coming years.
2.) Healthcare- As government is encouraging healthcare-related firms to go digital, critical info such as lab results, patient history, and other confidential info are becoming vulnerable to security risks in absence of proper storage and access procedures. So, as health care organizations are being asked to provide secure user access by the government, it will result in the growing demand for cloud security solutions in near future.
3.) Retail- In order to make the retail experience of their customers enthralling, most retailers are coming up with apps which provide a convenient shopping experience even on the move. But with the proliferation of mobile apps, cyber threats have also increased due to the vulnerabilities exposed by apps which lack technical controls when it comes to transport layer protection and poor security measures implemented by the mobile app owners. But as cyber threats increase from day to day, retailers will be forced to take the help of cloud security solution makers in order to render a secure mode of retailing to their respective users. Thus, this is said to boost the cloud security market in next two years.
4.) Government- Recently, Trump administration has passed an order that all government organizations should shift most of their feasible applications to cloud in order to reap the benefits of cloud computing. However, this might lead to a risk of network and application based attacks in the government sector which will eventually lead to an increased demand for cloud security solutions.
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