WELLESLEY, Mass., Oct. 31, 2017 (GLOBE NEWSWIRE) -- The global cloud security and vulnerability technologies market is expected to grow at a compound annual growth rate (CAGR) of 13.9% through 2022 and reach an estimated market value of $10.1 billion, according to a new industry report by BCC Research. The market is being driven by network attacks and breaches as well as faster deployment time, reduced software maintenance and direct web access.
Growth in the market is being led by the identity and access management, vulnerability assessment and security information and event management sectors, according to the report Cloud Security and Vulnerability Technologies: Global Markets. Network security will continue to be the largest sector of the market, with an estimated 2022 value of $3.1 billion.
Large organizations are moving toward cloud-based security options, which are being deployed on public, private and hybrid clouds, and by the end of 2017, it is likely that more than half of businesses will opt for one of the 10 different public cloud services.
Leaders in the field include Avatier, Centrify, Microsoft, Okta, Ping, Salesforce, IBM, RSA and CA Technologies.
Research Highlights
- Key industries driving growth of cloud security include banking and financial services, IT and telecom, intelligence, retail, healthcare and government agencies.
- Public cloud services will lead growth in the identity and access management cloud security market through 2022, with a CAGR of 28.9%. Private cloud services remain the largest sector of the market.
- The global market for network security is led by growth in the Asia-Pacific region, which could see average annual expansion of 14.2% through 2022, while the largest segment is North America.
“Enterprises of all sizes over the forecast period will increasingly invest in cloud security solutions for security and the ROI benefits of cloud adoption,” said Kevin Fitzgerald, BCC Research editorial director. “Within this, we expect the private cloud to be the top revenue generator but the public and hybrid cloud segments to have higher compound annual growth rates of 28.9% and 26.5%, respectively, from 2017-2022.”
Asia-Pacific Grows While North America Remains Strong
Emerging economies in the Asia-Pacific region, such as China, Singapore and India, are deploying security cloud solutions through the Internet of Things and Bring Your Own Device trends, especially in the government, IT and telecom, manufacturing, healthcare and retail industries. North America is the largest market for cloud security, with government regulations and policies prompting firms to strengthen their security and vulnerability capabilities.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.