Cloud security is one of the fastest growing market segments today. The latest report from Grand View Research Inc further accentuates this trend, as it predicts the cloud security market to grow to $13.93 billion by 2024.
Even if this sounds phenomenal, it’s still possible because of a host of factors. Firstly, more companies are moving to the cloud because of the many benefits that come with it. At the same time, the last few years has seen an increasing number of cyber attacks and data breaches that have resulted in millions of dollars of loss for companies. To counter this problem, cloud security strategies will be put in place. Already, many cloud service providers and client companies are working on addressing cloud security flaws, and this is only expected to increase over the coming years.
According to the report, the major players in this market segment are CA Technologies Inc, Cisco Systems, IBM Corp, Intel Corp, TrendMicro and VMWare. Other companies that are vying for a market share in this industry are Whitehat Virtual Technologies, Snoopwall Inc and BMC Software.