A new study shows the rapid growth of the cloud security market.

A report released Monday by Hexa Research projects the market to reach a value of more than $12.6 billion by 2024, driven by compliance measures and increasing data storage. That’s up from just $1.4 billion in 2016 — a 32 percent compound annual growth rate (CAGR).

Stats via Hexa Research

The value of the market was $1.4 billion in 2016, according to Hexa.

The increase in demand for cloud security is tied to a factor that probably can go without saying: the rise of cloud services.

“Cloud-based services for data storage have increased over the past few years. Furthermore, companies are transferring their data to these servers owing to flexibility and cost saving,” Hexa Research wrote in its report.

Compliance and other governance requirements are driving businesses to find new solutions that support their cloud-based applications.

The study lists cloud identity and access management (IAM) as the most common form of cloud security. Security services for email and web security trail. SMBs are growing in their adoption of cloud security services and are predicted to grow at 35.1 percent within that group.

The study found that public services own 35.6 percent of market share, but that might soon drop.

“Hybrid deployment is estimated to be fastest growing market owing to cost saving model, improved security and enhanced organizational performance,” the study said.

North America is the largest market, with Hexa noting a flurry of M&A in the U.S., specifically citing Symantec’s purchase of Blue Coat. Hexa listed Symantec as one of the main global security vendors, alongside Trend Micro, Intel Security, IBM, Cisco, CA technologies, Fortinet, Sophos, Ciphercloud and Check Point Software. You can view the abstract of the report on Hexa’s website.

Symantec joined a select list of security vendors in VeloCloud’s technology partner program on Monday.