Report Ocean has recently published a research report on the global cloud application security and vulnerability management market, analyzing its growth prospects over the period from 2020 to 2027. The report is titled as “Global Cloud Application Security & Vulnerability Management Market Size study, by Component (Software/ Platform and Services), By Enterprise Size (Small & Medium Enterprise and Large Enterprise), By Industry (BFSI, Telecom & IT, Manufacturing, Healthcare, Retail & e-Commerce, Government, Energy & utility, Media & Entertainment, and Others) and Regional Forecasts 2020-2027.”
According to an analyst, the increasing cases of cyber-attacks and data breach have boosted the uptake of cloud security and vulnerability management services significantly. If recent years’ data is looked at, an alarming rise can be seen in the number of these attacks.
- The global economic crime and fraud survey states that, in 2016, cybercrime was the second most reported crime. Cybercrime held more than half of all crimes reported in the UK that year alone.
- The Australian Cybercrime Online Reporting Network informed that nearly 12,000 people reported incidents related to cybercrime in 2017.
- The EEF Cybersecurity for Manufacturing Report 2018 revealed that approximately 48% of the manufacturers have suffered cyber-attacks in 2017. These breaches have cost the manufacturing sector around US$ 1mn to US$10 mn, reported the U.S National Centre for Manufacturing Services (NCMS).
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“In such a scenario, implementing cloud application security and vulnerability management services has become the need of the hour and key players are cashing in the situation to the core,” adds the analyst. Apart from this, the cost optimization offered by these services in terms of low cost of hardware and software products, resulting in reduced overall cost, is also adding to the growth of this market. Researchers expect the global cloud application security and vulnerability market to rise further on the back of these factors in the years to come.
Rising Uptake of Cloud Technologies to Aid North America in Retaining Lead
Hitherto, North America has been dominating the worldwide market for cloud application security and vulnerability management. The small and medium enterprises (SMEs) in this region are rapidly taking up cloud technologies. This in turn, has boosted the need for cloud application security and vulnerability management services, eventually aiding the North America market. Over the coming years, this regional market is expected to remain on the top, states the research report.
The cloud application security and vulnerability management market in Asia Pacific is projected to report a high growth rate during the period of forecast. The rising awareness among end users regarding data security is likely to boost this regional market in the near future.
Impact of COVID 19 on Global Cloud Application Security & Vulnerability Management Market
The ongoing pandemic has been severely damaging for many markets but the global cloud application security & vulnerability management market is certainly not one of them. In fact, with cloud computing taking the center stage, the need to address security issues, such as data breach, malware injection, and account hijacking, has increased among companies to secure organizational information. Also, remote working is increasingly becoming mainstream nowadays, which is a plus for this market.
- Small and medium enterprises have emerged as the key end users of cloud application security and vulnerability management services.
- The demand for these services is highest in the manufacturing and retail & e-commerce industries.
- North America is likely to remain the dominant regional market.
The global Cloud Application Security & Vulnerability Management Market is segmented into:
By Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
- Telecom & IT
- Retail & E-Commerce
- Energy & utility
- Media & Entertainment
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Broadcom Inc.
- Check Point Software Technologies Ltd.
- Cisco System Inc.
- Dell Technologies Inc.
- Hewlett Packard Enterprise Development LP,
- IBM Corporation
- Microsoft Corporation
- Skybox Security Inc.
- Tenable Inc.
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