Cloud security software to see rapid growth

Market news | February 21, 2015

By eeNews Europe

Traditional on-site security software has a high total cost of ownership, as it includes high upfront software license and software implementation costs, coupled with high maintenance costs. Cloud security software circumvents these expenses, since cloud vendors are responsible for the implementation, maintenance, updates, and backup of software, thereby reducing the need for internal IT administration.

This report draws attention towards growing partnerships between cloud service providers (CSPs) and security providers. As the market matures, cloud security has become an integral part of cloud services, thereby requiring CSPs to provide cloud security along with their regular cloud services.

Cloud security software can be standalone solution or a suite of products. It focuses on key parameters such as data protection, compliance, architecture, governance, as well as identity and access. A typical cloud security system offers features such as encryption, IAM, endpoint monitoring, vulnerability scanning, intrusion detection, and application and messaging security. Cloud security software helps in protecting the cloud content from unauthorized access and theft of data.

It is predicted that the future growth of this market will be based on increasing adoption of cloud computing by the small and medium size enterprises and proliferation of mobile devices, and Security as a Service (SaaS) applications in business. The top three cloud security services that will contribute as the major market in cloud security services market are cloud IAM, email security and web security (WAF).The cloud security market is expected to grow from $4.20 billion in 2014 to $8.71 billion in 2019 with a CAGR of 15.7% during the forecast period 2014-2019.

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