Market Research Suggests World Cloud Security Market will reach $8.9B by 2020

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Allied Market Research has just released a new report that states the Worldwide Cloud Security Market will reach $8.9B by 2020.
The report, which is entitled “World Cloud Security, Market Opportunities and Forecasts 2014-2020” says that the cloud security market will grow at a compound adjusted growth rate of 23.5% from 2015 to 2020. While North America will be the global leader, market opportunities in Asia and the Pacific Rim will give rise to the demand for cloud security services.
BYOD and other emerging technologies will be the main driver in businesses wanting to expand their cloud security platforms. Allied says that governments, retail, IT, telecom and others will drive cloud security innovations.
Given the worldwide appetite for cloud, it’s no surprise that cloud security solutions will work in tandem with the emerging cloud application ecosystems. Businesses are tasked with keeping their critical services secure, while simultaneously providing ease of use. This balancing act will fuel cloud security innovations in the coming years. Allied predicts that these companies will become the leaders in cloud security technology:

  • Symantec Corporation
  • Intel Corporation
  • Hewlett Packard (HP) Company
  • Cisco Systems, Inc.
  • IBM Corporation
  • Microsoft Corporation
  • Kaspersky Labs
  • Dell Inc.

“Favorable regulations and policies along with proactive e-commerce & e-governance initiatives have fostered the growth of the world cloud security market,” says Allied Market Research’s press release on the report.
“Market players have adopted product launch, partnership, and acquisitions as their key strategies to enhance their product portfolio and improve their market foothold,” the release went on to say.
As more and more businesses tend to shift their workloads into the cloud, securing the data, auditing access to the data and having complete control of your data becomes imperative. Given these strict requirements, many businesses may pass on cloud based services without some sort of security platform in place.
If Allied’s predictions are correct, cloud security may become the hottest vertical for the industry in the coming years.