The global cloud application security market is expected to more than double in size by 2022, reaching nearly $13.7 billion.
That’s according to a new report by MarketsandMarkets, which predicts a compound annual growth rate (CAGR) of 15.1 percent. The market is approximately $6.8 billion today.
Major market drivers are strong regulations and compliance requirements, easy integration of cloud app security offerings with organizations’ existing security infrastructure, and the rise in security breaches targeting business-critical cloud applications. Adoption is said to be high among private and public organizations across various industry verticals.
The data-protection offerings segment, employed to protect data stored on cloud applications, is expected to have the largest market share and dominate the market between now and 2022. These offerings includes DLP, IAM, encryption and tokenization.
Support services are expected to dominate the overall services market with the highest CAGR. Support service providers help enterprises in providing installation, maintenance and other support activities, such as data migration and replication.
Among verticals, IT and telecom are expected to grow the most during the forecast period. The cloud applications used in these sectors are becoming the prime targets for cybercriminals to access sensitive data; therefore, the adoption of cloud applications is increasing in the IT and telecom sectors, according to MarketsandMarkets.
North America is expected to hold the largest share and dominate the market from 2017 to 2022 due to the high number of early technology adopters in this region.
The major force driving the adoption in APAC is the increasing instances of advanced persistent threats (APTs), malware injections and distributed denial of service (DDoS) attacks. The threat landscape in APAC is expected to increase at an alarming rate, and so is the spending on cloud application security solutions.