The cloud security software market will balloon by nearly 50 per cent annually as more end-users move to sidestep the high total cost of ownership (TOC) associated with traditional on-site security software.
That's according to research house ReportsnReports.com, which predicts that the compound annual growth rate for the global cloud security software market will grow at 48.46 per cent between 2014 and 2019.
Growth will be driven by cloud security software's ability to slash TOC, the analyst said.
"Traditional on-site security software has a high total cost of ownership, as it includes high upfront software license and software implementation costs, coupled with high maintenance costs," ReportsnReports said.
"Cloud security software circumvents these expenses, since cloud vendors are responsible for the implementation, maintenance, updates, and backup of software, thereby reducing the need for internal IT administration."
Vendors included in the research include CA Technologies, McAfee, Symantec, Trend Micro, CipherCloud, CloudLock, CloudPassage, Commtouch Software, CREDANT Technologies, CYREN, HyTrust, IBM, Okta, Panda Security, SafeNet, Skyhigh Networks, ThreatMetrix and Zscaler.
The report follows on from recent research from the same company predicting that the cloud security services market will grow from $4.2bn in 2014 to $8.71bn in 2019.
That represents a compound annual growth rate of 15.8 per cent, roughly double the rate at which other analysts such as Gartner reckon the overall IT security market is growing.
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