– 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.
– An increasing number of cloud-related cyberattacks is the major driving factor for this market. A recent report by cloud security provider Armor suggests 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 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 is having a direct impact on the demand for cloud security solutions.
Global cloud security includes a collection of procedures, policies, technologies, and controls which work together to defend systems, cloud-based data, and infrastructure. However, cloud security solutions are majorly devised to defend a set of authentication regulations for devices and users, data, consumer’s privacy are some factors boosting the global cloud security market growth. Cloud security services can be constructed to serve the precise requirements of businesses. Owing to the ease of authentication rules to be managed as well as configured, the cloud security helps to decrease management expenses.
Dallas, Texas, Sept. 18, 2019 (GLOBE NEWSWIRE) — Growing adoption of YOD (Bring Your Own Device) and IoT (Internet of Things), rising demand for cloud computing, increasing adoption of cloud-based security solutions, development of smart cities, and growing government initiatives are some major factors boosting the global cloud security market growth.