The cloud application security market size is expected to grow from USD 6.78 billion in 2017 to USD 13.67 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.1%.
As every enterprise and small businesses are looking to tap lucrative services of cloud, the biggest concern of cloud computing – cloud security is shaping up strong globally. The cloud application security market size is expected to grow from USD 6.78 billion in 2017 to USD 13.67 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 15.1%.
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 are known to drive the cloud application security market. However, non-acceptance of CASB as a security solution by enterprises is acting as restraining factor in this market.
Furthermore, lack of technical expertise among the enterprise workforce for the development of advanced cloud application security solutions and lack of awareness about advanced cyber threats and growing security concerns are the biggest challenges for organizations.
Analytics and Reporting Solution at the Highest CAGR During the Forecast Period
The analytics and reporting solution is expected to have the highest CAGR during the forecast period. The analytics and reporting solution, within the cloud application security suite, comprises log management, and cloud usage analytics and anomaly detection. The solution automates the collection and normalization of data across multiple cloud applications and recognizes opportunities for cost reductions across various cloud application platforms. With the increase in adoption of cloud application, the demand for analytics and reporting solution is said to be gaining pace in the cloud application security market.
SMEs Segment is Expected to Grow at a Higher CAGR During the Forecast Period
The large enterprises segment is estimated to have largest market share and dominate the cloud application security market. The SMEs segment is expected to grow at a higher CAGR during the forecast period. Due to the increased adoption of cloud-based applications, SMEs are deploying cloud application security solutions to secure their business operations. The cloud application solutions help enterprises to protect the cloud platforms and secure cloud-based applications from unauthorized access, vulnerabilities, and attacks.
APAC is Expected to have the Highest Growth Rate During the Forecast Period
Asia Pacific (APAC) includes emerging economies, such as India and China, which are rapidly deploying cloud application security solutions and services. This is mainly due to an increase in sophistication of cyber-attacks in organizations. APAC is expected to grow at the highest CAGR during the forecast period. Furthermore, North America is estimated to have the largest market size in 2017.
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