Cloud Security Market — Security Concerns Rise Amid Growing BYOD and Flexible Operations Environments

The global cloud security market is gaining traction due to the increasing need to protect online data against misuse, theft, and breach.  Companies usually store sensitive data including employee’s information, financial information, intellectual property information, nondisclosure agreements, and various other information in cloud that need to be protected. Thus, growing adoption of cloud-based services has created a high demand for cloud security services across the globe.

Cloud-based security services are much better than traditional premises-based models. The cloud security services are easy to manage and provide high level of security. In addition, security applications delivered as cloud-based services provide a promising platform to manage security and threat concerns. Cloud-based services are highly used as it provides benefits such as agility, scalability, flexibility, and business continuity at work and reduces cost of security services used to protect information.

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The global market for cloud security is categorized on the basis of deployment, end-use, and service type. Based on end-use, the market is segmented into government and public utilities, BFSI, IT and telecommunication, healthcare and pharmaceuticals, hospitality and retail, and others.

Out of these, IT and telecommunication industry held the largest share in 2014. The regular use of cloud computing in day-to-day operations for transferring large amount of encrypted data across various departments has led to rise in demand in the market. Adding to this, the increasing use of android-based phones among end-users are equipped with cloud storage services, thus, boosting demand for cloud security in telecom carriers.