Global Cloud Intrusion Protection Software Market - Segmented by Service (Consulting, Managed Services, Design and Integration, Training and Education), Industry Vertical (Telecom and Information Technology, Banking and Financial Service, Oil and Gas, Manufacturing, Healthcare, Local/Central Government, Travel and Transport, Retail, Entertainment and Media), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global cloud intrusion protection software market was valued at USD 0.40 billion in 2017 and is expected to reach a value of USD 1.5 billion by 2023 at a CAGR of 24.65% over the forecast period of 2018 - 2023. The use of cloud services is growing rapidly in a broad range of areas as more companies are beginning to implement cloud services. The use of cloud-based solutions is growing at a rapid pace, and it is estimated that this growth will not slow down. Investments in cloud computing are increasing more rapidly as compared to investments in IT in general. Financial and banking services enterprises deploy firewalls, PKI, authentication and other security solutions to keep customers and confidential bank data safe since they are more prone to cyber-attacks as compared to other industry verticals, leading to this industry vertical becoming early adopter of this technology.
The increasing number of cyber threats and hacking attempts are driving companies and individual users to use cloud intrusion protection software. In addition, considering the increasing number of intrusion incidents in business networks, there has been an increased IT spending on network security. The complexity of cyber threats and hacking attempts are playing a major role in shaping the future of the intrusion detection and prevention systems security market.
Increased IT Spending on Network Security
Non-complex or weak network access is a common problem in recent times, with regard to network security. Since hackers are motivated by scoring political points and embarrassing companies, they always try to steal unstructured data such as email and other important documents. Loss of such important data might lead businesses to drop due to loss of reputation, which was the case in the Sony hack, due to bad publicity. Solutions, such as Captcha technology, have been giving network security administrators a false sense of security. In terms of strategic initiatives, nearly 59% of the organizations have planned to spend more on security as it stands to be the major concern among the network administrators when compared to cloud applications.
Telecom and Information Technology Expected to Grow Exponentially
Cloud intrusion protection systems are seeing growing adoption in the telecom industry, which serves every other industry in the market. With advancements in technology and increasing adoption of modern connectivity systems, the demand for communication services in industries, such as automotive, retail, energy & power, government services, IT sector and other industries employing technology, has seen an incremental growth over the past decade. The telecom industry now serves a critical link for every industry to operate without interruptions. With the advent of cloud services, the dependence on communication is growing. The telecom and IT industries have merged to provide better operations. The IT industry now plays a major role. With industries moving toward cloud and automation, they are increasingly deploying IT systems to support operations and telecom industries to provide connectivity and communication services, to facilitate the working of the whole system.
North America is the Major Contributor to the Market
The North American market has been the market of focus for cloud IPS software companies. The North American market is the highest contributor to cloud IPS software, followed by Europe and Asia-Pacific. The United States is a major contributor to the North American market, on account of early adoption and major investments in cloud environment. There are several reasons for the high contribution from this region, such as the presence of large enterprises, the growing frequency of cyber-attacks, and the increasing number of hosted servers. Cloud services are in high demand and are experiencing high adoption with the rise in demand for IoT systems.
Key Developments in the Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook