Cloud Security to See Nearly 14% Growth Through 2022

The global cloud security and vulnerability technologies market is expected to grow at a compound annual growth rate (CAGR) of 13.9% through 2022 and reach an estimated market value of $10.1 billion, according to a new industry report by BCC Research. According to the Wellesley, Massachusetts-based company, market growth is being led by the identity/access management, vulnerability assessment and security information and event management sectors. Network security will continue to be the largest sector of the market, with an estimated 2022 value of $3.1 billion.

According to the report entitled, “Cloud Security and Vulnerability Technologies: Global Markets,” public cloud services will lead growth in the identity and access management cloud security market through 2022, with a CAGR of 28.9%. Private cloud services remain the largest sector of the market.

The global market for network security is led by growth in the Asia-Pacific region, which could see an average annual expansion of 14.2% through 2022, while the largest segment is North America.

“Enterprises of all sizes over the forecast period will increasingly invest in cloud security solutions for security and the ROI benefits of cloud adoption,” said Kevin Fitzgerald, BCC Research editorial director. “Within this, we expect the private cloud to be the top revenue generator but the public and hybrid cloud segments to have higher compound annual growth rates of 28.9% and 26.5%, respectively, from 2017-2022.”

Key industries driving growth of cloud security include banking and financial services, IT and telecom, intelligence, retail, healthcare and government agencies.

Channel Impact^®
The security market is being strengthened by prominent headlines pertaining to data breaches and network attacks. Many channel partners report that customers are more willing to invest money in security than ever before.