Cloud security in the retail sector: Key market research findings
- The Americas to dominate the market geographically
- IAM segment to account for a majority of the market revenue
- Key vendors – Cisco, IBM, Intel (McAfee), Symantec, and Trend Micro
Technavio’s market research analysts predict the global cloud security market in the retail sector to grow at a CAGR of around 21% between 2016 and 2020. The growth of this market is spurred by the increase in phishing and malware attacks across the retail sector. A major reason for the adoption of cloud security is the increase in cloud-specific attacks such as crimeware, cyber-espionage, and DoS. The growing use of cloud-based services has led to an increase in cloud security attacks, which results in data theft and identity theft. During 2015, the global market was dominated by the Americas with a market share of around 52%. The availability of adequate IT and business infrastructure coupled with the high occurrence of cyber-attacks and malware botnet attacks in cloud environments will propel the growth of the cloud security market in the retail sector during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the cloud security segments based on the solutions.
“Attackers are shifting their focus from a few large organizations to a larger number of smaller businesses. Smaller enterprises also lack the resources to discover the compromise, allowing attackers to reap the benefits for a long time. However, cybercrimes targeted at large businesses are continuing despite the shift toward smaller targets,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research.
By 2020, the IAM segment will account for more than 33% of the overall market revenue to continue its dominance as the key revenue generating vertical in the market. Cloud IAM solutions have a subscription fee for maintaining, monitoring, and upgrading services, which include training and support. The global cloud IAM market in the retail sector will exhibit substantial growth during the forecast period because of the growing need for high-level security of data and retailer identity. The need for advanced security solutions is growing because of an increase in the number of attacks and threats from hackers such as distributed DoS attacks.
The key vendors in the market include Cisco, IBM, Intel (McAfee), Symantec, and Trend Micro. Vendors with better technical and financial resources will develop products with features such as access control, read-only access, secure logging, and strong device security. Such features can make competitors’ products obsolete and non-competitive even before they are launched or before the recovery of R&D and commercialization costs.
A more detailed analysis is available in the Technavio report, Global Cloud Security Market in the Retail Sector.
We can customize reports by other regions and specific segments upon request.
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