Global Cloud Security Market Expected to Grow Exponentially Over the Next Few Years

According to a study the rising number of cloud-specific security attacks are likely to propel the demand for cloud security systems to 20 percent CAGR over the next four years.

Adoption of cloud computing services has risen and so have the security risks associated with them. According to a study published by Technavio Research, the rising number of cloud-specific security attacks are likely to propel the demand for cloud security systems over the next few years. Growth has been pegged at 20 percent CAGR over the next four years. According to the study, the usage of cloud-based services require users to reveal their credentials and this is a system prone to identity theft. The study predicts the dominance of American customers (which is at 51 percent at the moment) do decline by 2020 due to saturation in the market.

There are essentially four categories of cloud security software in the market - data loss prevention (DLP), intrusion/prevention systems (IDS/IPS), email security and identity/access management (IAM). Of this, IAM alone is expected to constitute nearly 42 percent of the market and should continue to lead the segment through 2020 as identity thefts continue to be the most feared attacks among businesses. As a result, identity as a service (IDaaS) that provides third party security verification infrastructure solutions are expected to grow in popularity through the next half decade.

Data Security: The recent fiasco between the FBI and Apple has thrown the focus on data security. The fact that personal data of consumers can be extracted or hacked into with or without interference from the governments has kept the demand for data security solutions alive among enterprise businesses. But the frequency of such data threats from the governments or hackers is not as much a concern as those arising from improper database storage standards and practices. There are a number of database security best practices that can help enterprises protect their data and data centers and these can help businesses protect their proprietary data from accidental loss or even third party attacks.

Email Security: Malware and phishing attacks have existed for decades now and are now a well-acknowledged security threat among enterprise and retail consumers. But a rise in data breaches have given way to a more dangerous form of threat called spear phishing. With spear fishing, scammers make use of publicly available data or those obtained through third party data breaches to craft messages that are more personalized and therefore more credible in the eyes of the recipient. For instance, after the recent Verizon data breach, a number of customers started receiving emails purportedly from Verizon that tried to steal financial data from unsuspecting customers. Unfortunately, no amount of anti-spam or anti-malware software can protect customers from the most crafty phishing emails and the answer to this lies with better awareness among users.

Intrusion Detection/Prevention: A study by WiseGuyReports finds the market for intrusion detection and prevention systems (IDS/IPS) to grow at a CAGR of 20 percent over the next five years until 2020. One of the major reasons behind this rising adoption trend is the growth in adoption of mobile and connected devices. The American market is expected to drive growth in this segment with a market share of more than 44 percent led by vendors like Cisco, IBM, Juniper Networks and McAfee.

Cloud based services have a distinct advantage over hosted systems in terms of cost and maintenance. However, the connected nature of the system also makes it prone to security threats. As the security infrastructure in this segment matures over the next few years, we are likely to see an era where cloud systems are as robust in security as in-house hosted systems.