Global Cloud Network Security Software Market - Segmented by Software Type (Cloud Identity and Access Management (IAM) Software, Cloud Email Security Software, Cloud Intrusion Detection and Prevention Software), End-User Industry (Telecom and Information Technology, Manufacturing, Healthcare), and Region - Growth, Trends, and Forecast (2018 - 2023)
The cloud network security software market was valued at USD 2.57 billion in 2017, and is expected to reach USD 18.87 billion by 2023, at a CAGR of 39.35% over the forecast period (2018 - 2023).The scope of the report includes insights on the solutions offered by major players, including providers of professional services and implementation-related solutions. The regions included in this study are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also offers insights on various end user-based applications, such as manufacturing, government, healthcare, aerospace and defense, entertainment & media, and retail, etc.
Benefits of Early Stage Implementation is Driving the Market
The year 2017 shows new threats like Petya, Wannacry, Skype, Fireball, Delta Charlie, and others coming into action and threating to destroy all data if some ransom money to recover the data is not paid. Many individuals and organizations fell in this trap. Protection against cyber-attacks is becoming more important for industrial companies. Therefore, industries now consider its implementation right at the development stage for new machines, and throughout the entire life cycle.It becomes essential in this regard to perform regular plan-do-check-act (PDCA) cycles, as prescribed in standard IEC 62443. During the specification, design, and development stages, industries concentrate on potential points of attack and draft protection mechanisms. Then, in the marketing phase, they actively look after protecting their products with information and updates.
Products Suit the Application-based Classification for Residential & Commercial Use
The application-based segmentation and product availability has also served for the positive demand for cloud network security software-based products in the market. Organizations opt for data encryption or other available means to safeguard information. Commercial usage varies from the military grade product and services used in defense, industry grade product, and services for the financial businesses to public usage products and services. Some network applications require uninterrupted connectivity vital for the operation of the business, while others require the network to be operated continuously with a tolerance to disruption allowed. These factors decide the application-based implementation and usage of the product and drive the market in their respective segments. A failure of communication can be catastrophic and huge in terms of finances in the aviation & defense sectors, driving the demand for top-end products.
Key Developments in the Market