The cloud-based security services market will hit $3.1 billion in 2015, up from $2.1 billion this year, according to new Gartner Inc. projections.
Encryption will present a new growth area, the research firm added.
“The strongest interest will be in encryption products from cloud security brokers,” said Ruggero Contu, research director at Gartner. That’s because the product are “relatively easy to deploy and have options for on-premises encryption management,” he added.
That said, Gartner said the top three most sought-after cloud services will remain email security, web security services, and identity and access management (IAM). However, in 2013 and 2014, the highest growth is forecast to occur in cloud-based tokenization and encryption, as well as security information and event management (SIEM), vulnerability assessment and web application firewalls.
“The benefits cloud security offers particularly encryption are making [SIEM] an increasingly popular choice,” said Kelly Kavanagh, principal research analyst at Gartner. “However, trust concerns and regional variations mean that providers will have to assess each market opportunity carefully before deciding which to focus on.”
Overall adoption of SaaS applications and other cloud-based services is pushing organizations to also use cloud-based security controls, Gartner found. As a result, cloud-based security services will grow faster than the market for remotely monitored CPE-managed security services.