Global Cloud Database Security Market - Segmented By Solution (IAM, Cloud Data and CDN), By End-User Vertical (BFSI, Retail, Government), and Region - Growth, Trends and Forecasts (2018 - 2023)
With the rapid growth in the number of cyber-attacks, the demand for strict acquiescence and security packages to protect confidential data across different verticals, such as government, banking, retail, manufacturing, etc., is increasing. This factor is expected to drive the growth of the market over the forecast period.
Asia-Pacific to Witness the Fastest Growth
According to the Asia-Pacific Economic Cooperation, small and medium enterprises (SMEs) are the engines of growth and innovation in region, and account for over 97% of all enterprises and employ over half of the workforce across Asia-Pacific economies. The growing penetration of the internet and shift toward digitization of the internal processes have been instrumental in driving the adoption of cloud-based services. Alongside the digital transformation in the region, owing to ineffective cyber laws and lack of cyber security awareness, companies in Asia-Pacific have been found to be 80% more likely to be targeted by hackers as compared to other regions. Further, the growing speed and scope of digital transformation in the region, coupled with the advent of IoT, are leading to the existing network infrastructure being increasingly vulnerable to cyber-attacks.
BFSI to Hold the Largest Market Share
With growing technological penetration, digital channels (such as internet banking, mobile banking, etc.) are becoming the preferred choice of customers for banking services. Consequentially, the amount data volumes has witnessed a robust increase. To utilize this data to gather customer insights, banks and financial organizations are increasingly employing services. BFSI institutes have therefore opted for cloud solutions, to increase the ease in storage and analysis of complex data. However, the growing number of data breaches has led to an exponential rise in costs and loss of valuable customer information. For instance, in the recent past, Taiwan’s Far Eastern International Bank incurred a loss of around USD 60 million by a malware. In addition, with greater customer expectation, growing technological capabilities, and regulatory requirements, banking institutions are pushed to adopt a proactive approach to security.
Growing Number of Cyber-attacks
While enterprises have pushed consistently to meet the challenge of anticipating future demands by adopting cloud-based services, the number of attacks on cloud environments has also increased, which has threated and challenged the traditional IT infrastructure. The increase in the number of attacks can also be attributed to the fact that more valuable data is shifting to the cloud, and hackers find it lucrative to steal valuable data. Thus, it has become increasingly important for organizations to step up security systems, to protect their cloud environments.
Key Developments in the Market