The cloud application security market is expected to grow from $6.78 Billion in 2017 to $13.67 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.1%, according to MarketsandMarkets’ latest market research report ‘Cloud Application Security Market by Component, Organization Size, Industry Vertical, and Region – Global Forecast to 2022.’
According to MarketsandMarkets, the major forces driving the Cloud Application Security Market are strong regulations and compliance requirements, easy integration of cloud application security solutions with organizations’ existing security infrastructure, and rise in security breaches targeting business-critical cloud applications.
In the era of rapid expansions of businesses and increased complexities in the IT infrastructure, the security of business-critical cloud applications has become the prime objective of organizations. Thus, the adoption of cloud application security solutions and services is said to be high among private and public organizations across different industry verticals.
Along with their professional services, the cloud application security vendors provide various solutions, including:
- Cloud application database
- Risk assessment
- Application governance
- Data Loss Prevention (DLP)
- Identity and Access Management (IAM)
- Malware detection and protection
- Security Information and Event Management (SIEM)
- Log management
- Cloud usage analytics and anomaly detection
The vendors’ professional services include support services, training and education services, and consulting services. As the frequency of sophisticated cyber-attacks on sensitive cloud applications is growing, the Cloud Application Security Market is expected to gain traction in the next 5 years.
North America is expected to have the largest market share and dominate the Cloud Application Security Market from 2017 to 2022, due to the high number of early technology adopters in this region. The organizations in this region are focusing on securing their applications on cloud by using various cloud security solutions. The other drivers for the increasing demand for cloud security solutions, as said, include the need for regulatory compliance and security concerns and easy integration of cloud application security solutions with organizations’ existing security infrastructure.
The major force driving the adoption of cloud application security solutions and services in APAC is the increasing instances of Advanced Persistent Threats (APTs), malware injections, and Distributed Denial of Service (DDoS) attacks, which is highly affecting the performance of business-critical cloud applications. The economies in the region are rapidly digitizing and adopting advanced applications to make the business operations effective. Cybercriminals attack these applications to access the confidential data for personal gains. According to MarketsandMarkets, the threat landscape in APAC is expected to be increasing at an alarming rate, and so is the spending on cloud application security solutions.