The State of the Cloud Security Market

The adoption of cloud computing technology has revolutionized the entire IT space. Gone are the days when employees were tied to their office desks. The cloud technology mobilized IT solutions, improved business efficiency, and optimized every IT resource while reducing overall costs to the core. However, cloud security has been the primary concern for businesses. Whether you deploy a public, private or a hybrid cloud, it is important to secure your systems, data and services.

The State of the Cloud Security Market

As organizations move their services to the cloud, security teams have a tough job on hand, realigning their security solutions. As such, the demand for cloud security solutions has been on the rise. MarketsandMarkets reports that the cloud security market earned a revenue of 4.09 billion in 2017. This value is expected to rise to $12.73 billion by 2022, growing at a CAGR of 25.5% during this period. According to Grandview Research, the cloud security market is expected to touch $12.63 billion by 2024, growing at a CAGR of 13.9% between 2018 and 2024. Similarly, AlliedMarketResearch predicts that the cloud security market would touch $8.9 billion by 2020, growing at a CAGR of 23.5% between 2015 and 2020. Analyst firm Statista reports that the cloud security market generated a revenue of $6.9 billion in 2018. Looking at these numbers, it is evident that the cloud security market is here to stay. Increasing Internet of Things (IoT) devices, growing BYOD policies and changing government regulations are some of the driving factors for the adoption of cloud security solutions.

Cloud Security Concerns

To improve cloud security, organizations are required to proactively monitor and realign their security strategies. According to a Cloud Security 2018 report that surveyed 400,000 IT professionals, data loss has been the primary concern for cloud environments. While 67% of respondents were concerned about data leakage, 61% of them reported data privacy as the biggest concern. One of the biggest areas of cloud vulnerabilities is the misconfiguration of cloud platforms that is followed by unsecured interfaces and improper access controls. Interestingly, 16% of organizations are still using traditional security tools and are happy with them. 49% of organizations opined that cloud security budgets would rise up by a median value of 28%.

Cloud Security Market (Service-wise)

Among cloud security services, Identity and Access management, Identity as a service and user authentication accounts for a major market share. In 2016, Identity related services earned a revenue of $654.9 million US dollars. This value is expected to touch $3.42 billion by 2020. Similarly, Secure Web gateway and secure email gateway earned revenues of $635.9 million US dollars and 654.9 million US dollars respectively in 2016. These values are expected to rise to $970.8 and $873.2 respectively by 2020. The BFSI (Banking, Financial Sector, and Insurance) sector is the largest contributor to cloud security market revenues.

Cloud security measures

As cloud security becomes the highest priority, it is interesting to know what security measures organizations are taking, to secure their cloud environments. According to a Statista report, 55% of organizations have secured their user access controls. Regardless of this research, user access controls should always be a top priority for cloud security professionals as user controls can always become an entry point for hackers. So, organizations should provide access-based control so that they can view and manage who is accessing what part of the company data. Secondly, complying with government regulations is important. Not only does it ensures you to be compliant, but it also helps you to secure your cloud environments. Thirdly, knowing where the data is stored and how well it is segregated from other data is important. Fourthly, every organization should have a disaster recovery plan that helps them to instantly resume mission-critical services after a disaster. Finally, organizations should ensure that data should not be accessible to other companies in the event of a takeover.

Cloud security is not a one-time task but it is an endless process. Educating and training the employees on the cloud security threats is a key requirement that many organizations ignore. Similarly, using the security tools provided by the cloud provider can be beneficial. For instance, AWS GaurdDuty is a threat detection service offered by AWS. This amazing feature proactively monitors your environments and alerts you about compromised instances or malicious/unauthorized behavior. By taking advantage of such security features, organizations can easily secure their environments. As the cloud technology keeps innovating, organizations should proactively monitor these changes and realign their security policies to meet changing business needs.

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