Report: Cloud Security Market to Top $8.71B by 2019

Cloud services providers and channel partners, take note: The cloud security market is expected to be valued at $8.71 billion annually by 2019, according to a new report from MarketsandMarkets. That’s a rather significant opportunity for cloud providers and their partners that deal in security, whether as their core offerings or as part of a larger catalog of cloud services.

Although breaches do happen a little more frequently than anyone would like, cloud computing is continuing to skyrocket in adoption. But even with quick uptake of various cloud services, organizations of all sizes aren’t forgetting that the cloud still needs to be secured. Optimism about cloud is currently outweighing any security concerns organizations have, but some research reports suggest security concerns are actually inhibiting cloud adoption.

The good news for those in the cloud security services market is it’s growing substantially. According to the report, titled, “Cloud Security Market (Cloud IAM/IDAASS, DLP, Web Security, Email Security, Cloud IDS/IPS, SIEM, Encryption Services, BCDR, Network Security, Cloud Database Security, Virtualization Security) – Global Advancements, Forecasts & Analysis (2014-2019),” there’s a growing opportunity for such players.

The cloud security market is, of course, being driven mainly by the increasing adoption of cloud computing services and the need to secure the data and apps stored within the cloud, but MarketsandMarkets also indicated there are a few other key drivers, including growing cloud-specific attacks, the absence of strict regulations on cloud services providers, and an increase in the need for identity and access management in the cloud.

According to the research firm, “The increase in adoption of cloud computing, and growing demand for managed security services are playing a major role in shaping the future of cloud-based security services market. Even though there are various on-premise solutions available for all types of security, cloud security has become the prime importance for business who want to reduce capex and support growing number of remote work force.”

Currently, the biggest cloud security players in the market include CA Technologies (CA), IBM (IBM), Symantec (SYMC), Symplified, Fortinet (FTNT), McAfee, Sophos, Trend Micro, Zscaler and Panda Security.