Providing cloud endpoint protection should be an especially profitable venture for the channel as the global market is expected to soar, exceeding $1.8 billion by 2023.

That’s according to a new report by MarketsandMarkets, which predicts a compound annual growth rate (CAGR) of 12.4 percent. The market currently is valued at $1 billion.

Major technology vendors in the market include such companies as Symantec, Sophos, Trend Micro, Kaspersky Lab, Cisco, McAfee, Commvault, Carbon Black, FireEye and CrowdStrike. Services include antivirus, anti-spyware, firewall, endpoint device control, anti-phishing and endpoint application control.

Cloud endpoint protection provides the necessary controls for avoiding data breaches and forms an integral part of organizations’ overall threat prevention and protection systems, MarketsandMarkets notes in the report. Benefits such as reduced capital and operational expenditure have contributed significantly to growing demand for data center transformation services.

Endpoint device-control offerings primarily are used by enterprises to control data that might get transferred from enterprises through any removable media, such as hard drives and USBs. Businesses increasingly are using portable devices for their efficiency and mobility, and their work tasks, but doing so poses a significant threat to data security. This has increased demand for such solutions across all verticals.

Maintenance and support services relate to the implementation and use of offerings provided by cloud endpoint protection vendors. Maintenance services facilitate upgrades to the existing systems and provide assistance for solving product issues. Also, such updates ensure prevention from emerging attacks and smooth operation. These services ensure uninterrupted security protection to endpoints.

North America is estimated to have the largest market size this year; however, Asia Pacific is expected to grow at the highest rate through 2023 due to increasing awareness and adoption of cloud-based endpoint protection services that are cost-effective and help in scaling business operations.