Dallas, Texas, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Growing adoption of YOD (Bring Your Own Device) and IoT (Internet of Things), rising demand for cloud computing, increasing adoption of cloud-based security solutions, development of smart cities, and growing government initiatives are some major factors boosting the global cloud security market growth.

Global cloud security includes a collection of procedures, policies, technologies, and controls which work together to defend systems, cloud-based data, and infrastructure. However, cloud security solutions are majorly devised to defend a set of authentication regulations for devices and users, data, consumer’s privacy are some factors boosting the global cloud security market growth. Cloud security services can be constructed to serve the precise requirements of businesses. Owing to the ease of authentication rules to be managed as well as configured, the cloud security helps to decrease management expenses.

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The cloud security software market was valued at USD 28.1 billion in 2018 and is expected to reach a market value of USD 35.6 billion by 2024, registering a CAGR of 4.98% during the forecast period 2019 - 2024. The growing data generation and increasing complexity of technologies have resulted in a heavy dependence of organizations on cloud services for operations and data management. This growth in the adoption of cloud services is having a direct impact on the demand for cloud security solutions.

- An increasing number of cloud-related cyberattacks is the major driving factor for this market. A recent report by cloud security provider Armor suggests that cloud customers were hit with 681 million cyber attacks last year According to the 2018 Cost of a Data Breach Study by Ponemon Institute, the average cost of a data breach in 2018 was USD 3.86 million, which is a 6.4% increase on the 2017 cost of USD 3.62 million.

- Migration of processes from on-premise to cloud is a major challenge since most of the company's processes like billing and CAPEX are based on subscription-based models. Thus however powerful cloud security solutions are adopted by the company, some of the processes can't be protected.

Scope of the Report
The cloud industry has experienced rapid growth in its adoption in the last decade from technology-based companies. This trend is also followed by other industries like BFSI and Healthcare, due to their realization of the advantages offered by the cloud systems. This is creating an environment where cloud services are acting as the backbone of many business operations.

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Key Market Trends
Intrusion Detection and Prevention to Register Significant Growth
- An Intrusion Detection and Prevention Software (IDPS) monitors network traffic for signs of a possible attack. When it detects potentially dangerous activity, it takes action to stop the attack. Often this takes the form of dropping malicious packets, blocking network traffic or resetting connections. The IDPS also usually sends an alert to security administrators about the potential malicious activity.
- The two main contributors to the successful deployment and operation of an IDS or IPS are the deployed signatures and the network traffic that flows through it.
- According to Insider Threat 2018 report, most insider exploits are detected through IDPS. This indicates the popularity of IDPS and why majority of the vendors are offering this service.

Asia-Pacific to Witness the Highest Growth
- In Asia-pacific, great strides are being made in digital economy. But it is also causing more threat-related opportunities. According to Cisco, companies receive 6 threats every minute in APAC and 51% of all cyber attacks resulted in a loss of more than USD$1 million
- In addition to financial losses, cybersecurity incidents are also undermining Asia Pacific organizations’ ability to gain confidence with their consumers and other stakeholders.
- Major companies are setting their footprint in APAC, for instance, Google expanded the number of Google Cloud Platform regions in APAC from three to six in 2018.
- To retain the data authenticity generated by any industry (for instance, customer shopping data for personalization in retail), move towards cloud and hence its security is of utmost importance.

Competitive Landscape
The market for cloud security software is fragmented due to the rise in cyber-attacks over the years. Enterprises have become more aware and careful regarding their data stored in the cloud and thus are availing offerings from companies like CA Technologies, McAfee and RSA Security for cloud protection.

- April 2019 - Trend Micro announced enhancements to its Deep Security and Cloud App Security products designed to extend protection to virtual machines on the Google Cloud Platform, Kubernetes platform protection, container image scanning integration with the Google Kubernetes Engine (GKE) and Gmail on the G Suite.
- April 2019 - McAfee announced its support for Google Cloud Platform (GCP) Cloud Security Command Center (Cloud SCC). McAfee MVISION Cloud now integrates with GCP Cloud SCC to help security professionals gain visibility and control over their cloud resources and detect and respond to threats.
- March 2019 - RSA unveiled the newest version of its market-leading SIEM, RSA Net Witness Platform, which features machine learning models based on deep endpoint observations to rapidly detect anomalies in user’s behavior to uncover evolving threats.

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Major points from Table of Contents:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Number of Cloud-Related Cyberattacks is Augmenting the Market Growth
4.4 Market Restraints
4.4.1 Migration of Processes from On-Premise to Cloud is a Major Challenge
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
Continued…

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