The protection of online data store against theft, deletion, and leakage is called cloud security. Methods of providing cloud security include penetration testing, obfuscation, tokenization, firewalls, avoiding public internet connections, and virtual private networks (VPN). Major threats to cloud security include data loss, account hijacking, data breaches, service traffic hijacking, poor choice of cloud storage providers, insecure application program interfaces (APIs), and shared technology that can compromise cloud security.
There are three types of deployment in the cloud security market such as private, public, and hybrid. Among all these categories, the public segment accounts for the largest share in the market, and a hybrid cloud is anticipated to witness the fastest growth during the forecast period. The public cloud is observing rampant demand from small and medium enterprises due to its lower costs. Furthermore, it helps in providing reliability and scalability as it avails on-demand requirement of resources in order to meet the evolving needs of business enterprises.
The cloud security market has also been segmented by application into education, financial services, healthcare, IT & telecom, media & entertainment, government, and others. Among all these segments, financial services are expected to witness the fastest growth during the forecast period since cloud security helps enterprises in enhancing and improving the experience of users. Furthermore, it helps the financial companies in centralizing access control, reduces costs, and helps business organizations to meet evolving regulatory requirements.
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Increase in cyber-attacks, increase in the acceptance of BYOD, Internet of things, increasing demand for cloud services, and government initiatives are the growth drivers of the global cloud security market. Internet of things is the connectivity of physical devices like vehicles, home appliances, smartphones, and tablets with each other through a network to exchange data within them. Furthermore, this can contain personal information, so with more and more adoption of IoT, the acceptance of the cloud security system is increasing.
Geographically, North America is the largest cloud security market, globally due to the development of various smart city projects in the region and increasing utilization of hybrid cloud that helps in enhancing scalability for business enterprises.
Moreover, Asia-Pacific is anticipated to witness the fastest growth during the forecast period for the cloud security market since the region offers potential growth to the IT sector in this region. There are also several initiatives undertaken by the government for the use of cloud technology and the development of smart city projects in this region.
Key players in the cloud security industry are investing in improving the quality of access control and developing the latest technologies that are furthermore strengthening their position in the market. However, it has been observed that local players are depending upon new technology to develop cost efficiencies, thus increasing the rivalry in the market to some extent. The prominent players in the global cloud security market include Cisco Systems, CA Technologies, Inc., CSC, Trend Micro, Inc., Intel Security, Symantec Corporation, IBM Corporation, and Fortinet, Inc.