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The global cloud security market is predicted to reach $12.64 billion by 2024up from $1.41 billion in 2016, according to a new report from Hexa Research. The growth is driven by the increasing use of cloud services for data storage, and the rising sophistication of cyber attacks, the report stated.

Businesses are increasingly transferring their data to cloud servers due to flexibility and cost savings, the report stated. The cloud security market includes products and solutions focused on the security of compliance, governance, and data protection.

Cloud identity and access management tools were the most widely used, according to the report, accounting for the largest market share at $287.3 million. Email and web security came in second place, and these solutions have increased across many enterprises due to the rise of malware and ransomware in particular.

Data loss prevention is also expected to grow over the forecast period, due to strict regulatory policies by various governments to ensure organizational and individual data is protected.

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Public cloud services held the greatest portion of the market share in 2016, with nearly 36%, due to their strong security track record and the transparency of leading cloud providers, the report noted. However, hybrid deployments are estimated to be the fastest-growing market due to their cost-saving model, improved security, and enhanced organizational performance, according to the report.

Demand for cybersecurity solutions has been on the rise in government agencies, healthcare organizations, e-commerce, insurance, and banking industries, according to the report. Large enterprises are increasingly adopting cloud security services due to frequent attacks on data centers. And small and medium businesses are expected to grow at a CAGR of 35% over the forecast period, as they become increasingly aware of security threats.

In terms of location, North America will be the major revenue-generating region for cloud security services, due to its advanced IT infrastructure and the presence of a large number of cloud security providers. European countries including the UK, France, and Germany also widely use these solutions. And the Asia-Pacific region is expected to see double-digit growth over the forecast period, due to enhanced IT infrastructure.

However, the cloud security market remains constrained by a lack of awareness about security, inconsistent network connections in developing countries, and a lack of proper standards, the report stated.

1. The global cloud security market is predicted to reach $12.64 billion by 2024, and increase from $1.41 billion in 2016, according to a new report from Hexa Research.

2. The growth is driven by the increasing use of cloud services for data storage, and the rising sophistication of cyber attacks, the report stated.

3. North America will be the major revenue generating region for cloud security services, due to its advanced IT infrastructure and the presence of a large number of cloud security providers.

Image: iStockphoto/maxkabakov

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Cloud security market to reach $12B by 2024, driven by rise of cyber attacks - TechRepublic