& cplSiteName &

Cloud Security Will Hit $12B by 2024 – Report

Scott Ferguson
8/29/2017
50%
50%

The rush by enterprises, large and small, to move more data and services to the cloud is fueling growth in the cloud security market, which could be worth more than $12 billion within the next seven years, a new industry study finds.

At the end of 2016, the cloud security market stood at $1.4 billion, and that is expected to increase to $12.6 billion by the end of 2024, as enterprises use the cloud to store more data and turn to new services to thwart cyber attacks, according to Hexa Research, which released the study this week.

Over the next seven years enterprises are expected to increase their spending on security services such as data protection, compliance, governance, endpoint monitoring, identity and access, encryption and intrusion detection.

It's not only traditional enterprises that are looking to more security for data stored in the cloud, although they represent about 58.5% of the market. The August 28 report finds that online gaming, online music stores and social networks are also increasing their security spending as well.

More money for the security wall
(Source: Meitzke via Pixabay)
More money for the security wall
(Source: Meitzke via Pixabay)

The report comes as Gartner recently released its forecast for the overall global security market, which found revenues should reach more than $86 billion by the end of this year, and then increase to over $93 billion by the end of 2018. In that report, analysts found security services are the fastest-growing segment thanks to more investment in software-as-a-service (SaaS), as well as DevOps practices. (See DevOps, Cloud Changing the Security Market – Report.)

Government regulations and compliance, such as the upcoming General Data Protection Regulation (GDPR) rules for the European Union, are making enterprises think more about how to protect data that's in the cloud. (See IBM Targets Data Governance as Europe Eyes More Privacy.)

In the Hexa report, enterprises spent about $287 million on email and web security, as well as cloud identity and access management, in 2016 as a way to provide a high level of safety for data.

The growing concerns about malware and ransomware, including the recent Petya and WannaCry attacks that caused havoc, especially within some large pharmaceutical firms, has also got firms thinking more about cloud security, especially data loss prevention, according to the report. (See Petya Ransomware Takes the World by Storm.)


Keep up with the latest enterprise cloud news and insights. Sign up for the weekly Enterprise Cloud News newsletter.


Not surprisingly, however, the banking, financial services and insurance industry is spending the most of cloud security: about $266 million in the last year. IT and the telecommunications sector came up second.

North America is the biggest geographical region for cloud security, which is worth about $582 million.

The Hexa report also detailed the top vendors in cloud security, which include Trend Micro, Cisco, CA Technologies, Fortinet, IBM, Symantec, Intel, Sophos and Panda Security.

Related posts:

— Scott Ferguson, Editor, Enterprise Cloud News. Follow him on Twitter @sferguson_LR.

(4)  | 
Comment  | 
Print  | 
Newest First  |  Oldest First  |  Threaded View        ADD A COMMENT
Educational Resources
sponsor supplied content
Educational Resources Archive
More Blogs from Scott Ferguson
From its roots in industrial farm machinery and other equipment, John Deere has always looked for a technological edge. About 20 years ago, it was GPS and then 4G LTE. Now it's turning its attention to AI, machine learning and IoT.
Artificial intelligence and automation will become more integral to the enterprise, and 90% of all apps will have integrated AI capabilities by 2020, according to Oracle CEO Mark Hurd.
IBM is now offering access to Nvidia's Tesla V100 GPUs through its cloud offerings to help accelerate AI, HPC and other high-throughput workloads.
CIO Rhonda Gass is spearheading an effort to bring more automation and IoT to the factories making Stanley Black & Decker tools and other equipment.
Workday is looking to build out its machine learning and artificial intelligence capabilities with the acquisition of startup SkipFlag.
Featured Video
From The Founder
John Chambers is still as passionate about business and innovation as he ever was at Cisco, finds Steve Saunders.
Flash Poll
Upcoming Live Events
June 26, 2018, Nice, France
September 12, 2018, Los Angeles, CA
September 24-26, 2018, Westin Westminster, Denver
October 9, 2018, The Westin Times Square, New York
October 17, 2018, Chicago, Illinois
October 23, 2018, Georgia World Congress Centre, Atlanta, GA
November 7-8, 2018, London, United Kingdom
November 8, 2018, The Montcalm by Marble Arch, London
November 15, 2018, The Westin Times Square, New York
December 4-6, 2018, Lisbon, Portugal
All Upcoming Live Events
Hot Topics
NFV Is Down but Not Out
Iain Morris, News Editor, 5/22/2018
Trump Denies ZTE Deal, Faces Senate Backlash
Dan Jones, Mobile Editor, 5/22/2018
What VeloCloud Cost VMware
Phil Harvey, US News Editor, 5/21/2018
5G in the USA: A Post-BCE Update
Dan Jones, Mobile Editor, 5/23/2018
Vanquished in Video, Verizon Admits OTT Defeat
Mari Silbey, Senior Editor, Cable/Video, 5/23/2018
Animals with Phones
Live Digital Audio

A CSP's digital transformation involves so much more than technology. Crucial – and often most challenging – is the cultural transformation that goes along with it. As Sigma's Chief Technology Officer, Catherine Michel has extensive experience with technology as she leads the company's entire product portfolio and strategy. But she's also no stranger to merging technology and culture, having taken a company — Tribold — from inception to acquisition (by Sigma in 2013), and she continues to advise service providers on how to drive their own transformations. This impressive female leader and vocal advocate for other women in the industry will join Women in Comms for a live radio show to discuss all things digital transformation, including the cultural transformation that goes along with it.

Like Us on Facebook
Twitter Feed