The overall Cloud Security Market is expected to grow from USD 4.09 billion in 2017 to USD 12.73 billion by 2022, at a CAGR of 25.5% from 2017 to 2022, as per a report by MarketsandMarkets.
How rise in the adoption of advanced cloud security solutions in healthcare industries presents an opportunity?
Advanced cloud security solutions provide huge opportunities in healthcare. Cloud computing technologies enable huge storage capacity for storing information, patient’s records, files, and images in a digital format, thus providing access to medical data at remote locations. The adoption of cloud computing in healthcare has slowed due to concerns related to compliance issues such as HIPAA (used to protect the information associated with individual patients). According to “Cloudlock’s Q4 2015 Cybersecurity Report,” the concern before the healthcare industry is to secure Protected Health Information (PHI) sharing. Furthermore, according to Bitglass’ second annual “Cloud Adoption Report,” cloud adoption in healthcare is slow due to HIPAA compliance. To overcome these concerns, cloud security vendors are developing advanced cloud security solutions that can work with these compliances.
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The retail vertical is expected to grow at the highest CAGR during the forecast period as retailers are continuously transforming their businesses for better eCommerce shopping experience and to improve their business operations. To protect the customer’s sensitive data that is stored on the cloud, various security vendors are developing advanced cloud security services that deliver highly secure and flexible security services for the retailers.
The cloud security market is expecting a rapid growth in various regions across the globe. Asia-Pacific (APAC) is projected to grow at the highest CAGR during the forecast period, as the organizations in this region are deploying cloud-based security services to defend against advanced cyberattacks and security breaches. North America is expected to contribute to the largest market share in the overall cloud security market.
Globally, the adoption of cloud security services is rising due to the increasing demand of cloud computing and the high adoption of Bring Your Own Device (BYOD) and Internet of Things (IoT) trends. As the sophistication level in cyberattacks is increasing, cloud security vendors are trying to develop better platforms to provide a proactive and holistic security to business-critical applications. Trend Micro, Inc. (Tokyo, Japan), Intel Security (California, U.S.), Symantec Corporation (California, U.S.), IBM Corporation (New York, U.S.), Cisco systems (California, U.S.), CA Technologies, Inc. (New York, U.S.), CSC (Virginia, U.S.), and Fortinet, Inc. (California, U.S.) are the key vendors offering cloud security services across the globe.
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