According to a new Hexa Research report, the global cloud security market is predicted to reach US$12.64billion by 2024, up from US$1.41billion in 2016.
The greatest portion of the market share in 2016 was held by public cloud services accounting for 36%, because of the strong security track record and transparency of leading cloud providers, the report noted.
The report stated the growth is driven by the rising sophistication of cyber attacks and the increasing use of cloud services for data storage.
Due to cost savings and flexibility, businesses are progressively transferring their data to cloud servers, the report stated, with the cloud security market providing solutions and products focused on the security of governance, data protection and compliance.
‘Rise of ransomware and malware’
Access management tools and cloud identity was most widely used, accounting for the largest market share of US$287.3million, according to the report.
Small and medium businesses are estimated to grow at a compound annual growth rate of 35% over the forecast period, with large enterprises increasingly adopting cloud security services due to data centres being frequently attacked.
Email and web security increased over many enterprises due to the rise of ransomware and malware in particular, and because of strict regulatory policies by various governments.
Hybrid deployments are estimated to be the fastest-growing market, because of improved security, cost saving, and enhanced organisational performance, according to the report.
The report also noted the demand for cyber security solutions have been the greatest in government agencies, healthcare organisations, insurance, e-commerce and banking