Employee mobility is at an all-time high. People are working round-the-clock from a huge variety of locations, thanks to cloud-based systems that allow employees to access emails, databases, and stored documents.
But more employees accessing more information from more devices has created much higher demand for security solutions in this area.
Organizations that had previously turned to cloud for its convenience are now looking to secure their data, which is resulting in a projected CAGR of 48.46 percent in the Global Cloud Security Software Market from 2014-2019.
What’s Impacting the Cloud Security Market?
Reduced Ownership Cost
The total cost of ownership of traditional, on-site security includes high upfront software license and implementation costs, coupled with a high maintenance costs.
Cloud-based security software neatly circumvents these costs by making cloud vendors responsible for the implementation, maintenance, updates, and software backup, thereby reducing the need for internal IT administration. Additionally, cloud security software is based on a pay-per-use model, as opposed to traditional on-site software systems that require a large, one-time capital investment and ongoing operational costs.
Partnership between CSPs and Security Solution Providers
As the market matures, cloud services providers (CSPs) are under more pressure to provide cloud security along with the rest of their offerings. TechNavio analysts expect that over the forecast period, more CSPs will partner with security solution providers to provide value-added security services.
Existing partnerships include those between Trend Micro and cloud and virtualization service provider VMWare, which entered into a global alliance in 2010. Similarly, Cloud.com entered into a partnership with Symplified in 2011 to provide service providers with SSO capabilities.
Emergence of Cloud Service-Specific Security Solution Providers
The Global Cloud Security Software Market is witnessing the emergence of cloud service-specific security solution providers such as Zscaler, Symplified, and CREDANT Technologies. These companies are recent start-ups, but their strong, fast revenue growth is expected to encourage similar companies to enter the market.
Companies such as Symplified and CREDANT Technologies have experienced significant growth in recent years. In addition, a strong shift toward cloud-based services is expected to further encourage pure-play companies to enter the market.
Stringent Standards and Guidelines for Cloud Security
As cloud security becomes an integral part of cloud adoption, a strong demand from end-users for more detailed and concrete assurances of operational practices has resulted in the emergence of a number of standards and guidelines governing the technology. At the moment, cloud users evaluate their cloud providers based on their existing processes and evaluation parameters. Going forward, cloud users are expected to give more importance to standard evaluation parameters on which they can rely on when selecting a security/cloud provider.
