Cloud security: Key market research findings
- Emergence of Identity as a Service
- Increased adoption of cloud IAM solutions in SMBs
Technavio has released a new market research report on the global cloud security market, which is expected to grow at a CAGR of 21% between 2016 and 2020. The global cloud security market is expected to grow significantly over the forecast period as many organizations are adopting cloud services for cost cutting, agility, scalability, business continuity, and flexibility of IT infrastructure. The Americas dominate the global cloud security market, accounting for 52% of the overall market share. The presence of several global financial institutions and large companies has necessitated the use of cloud security solutions in the region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Increased deployment of cloud computing in organizations has prompted vendors to offer identity management solutions such as Identity as a Service (IDaaS). IDaas is a security verification infrastructure that is controlled by a third-party service provider and allows employees to access cloud-based applications through a single sign-on process. IDaaS manages access to applications on the cloud as well as legacy on-premises applications,” says Amrita Chaudury, Lead Analyst, ICT, Technavio Research.
Cloud identity and access management (IAM) security solution holds the largest market share, occupying around 43% of the total market, and is expected to increase its share over the next four years. Various small and medium businesses (SMBs) are investing in cloud IAM as traditional cost structure is getting replaced by monthly subscription and usage-based pricing models. This segment is expected to post a high CAGR of 25% during the forecast period due to the growing need for high-level security of data and identity security in corporate firms.
Global cloud IAM market 2015-2020 ($ billions)
Source: Technavio, 2016
The leading vendors in the global cloud security market are Cisco, IBM, Intel, Symantec and Trend Micro. This market is characterized by the presence of well-diversified international and regional vendors. However, the market is dominated by some major players who are acquiring smaller vendors to expand their product portfolio and increase their market share. Competition in this market is expected to intensify during the forecast period owing to increase in product and service extensions, technological innovations, and M&A.
A more detailed analysis is available in the Technavio report, Global Cloud Security Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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