Solid growth has been predicted for the cloud security market as more customers move security off-premise to cut Capex and support remote workers.
According to analyst MarketsandMarkets, spending on cloud security will rocket from $4.2bn (£2.5bn) in 2014 to $8.71bn by 2019, representing a compound annual growth rate of 15.7 per cent.
Offering security in the cloud allows vendors to provide better security and improve cost-efficiency, scalability and business agility, the research house said.
Its report looked at all the major cloud security categories, including cloud-based identity management, DLP, web and email security, IPS, SIEM, encryption services, network security, database security and virtualisation security.
"Even though there are various on-premise solutions available for all types of security, cloud security has become the prime importance for businesses who want to reduce Capex and support a growing remote work force," the analyst said.
The major vendors in this burgeoning space include CA Technologies, IBM, Symantec, Symplified, Fortinet, McAfee, Sophos, Trend Micro, Zscaler, and Panda Security.
MarketsandMarkets pinpointed accelerating adoption of cloud computing, the growth of cloud-specific attacks and the absence of strict regulations on cloud service providers as among the major growth drivers behind cloud security. An increased need for identity and access management is also playing a role, it said.
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