Cloud Workload Protection Market Research Report- Forecast till 2024
The current report by Market Research Future (MRFR) asserts that the global cloud workload protection market 2020 is poised to acquire a substantial market valuation of USD 6.89 billion by 2024 at a moderate 22.4% CAGR over the review period.
Drivers and Restraints
The global market for cloud workload protection is driven by the need for securing public cloud workloads, reduce risks, and increase cost savings is another factor promoting the market for cloud workload protection solutions and services. Rising demand for cloud workload protection solutions and services from banking, financial services, and insurance (BFSI) verticals provides profitable opportunities to the key players in the global market. Along with this, the growing adoption of a multi-cloud strategy among enterprises is another reason enhancing market growth. On the other hand, inadequate technical expertise to handle complex and distributed cloud workload is a challenge for this market. Additionally, the multiple regulatory compliance issues are a matter of concern and act as a limitation to this market. Moreover, issues related to numerous regulatory compliances are expected to limit market growth over the review period.
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The global workload protection market has been segmented based on component, organization size, deployment, vertical, and region/country.
Based on the component, the global workload protection market has been bifurcated into solutions and services. The solutions segment has been characterized into monitoring and logging, vulnerability assessment, policy and compliance management, threat detection and incident response, and others. The services segment has been classified into support and maintenance, training, consulting, and integration, and managed services. The monitoring and logging segment is anticipated to have the largest market share among all the solutions in 2018. This is due to the monitoring and logging solutions have consolidated visibility and control over high-volume cloud workloads, and the need for it is increasing.
Based on organization size, the global cloud workload protection market has been bifurcated into small- and medium-sized enterprises (SME) and large enterprise. The large enterprises segment is anticipated to have a larger market size over the review period whereas, SMEs are slated to grow with higher CAGR.
ON the basis of the deployment model, the global workload protection market has been divided into the private cloud, hybrid cloud and public cloud. The hybrid cloud segment is poised to grow with higher CAGR over the review period, and the public cloud segment witnessed the largest share in 2018.
Based on the vertical, the global workload protection market has been segmented into IT and telecommunication banking, financial services, and insurance (BFSI), government and public sector, energy and utilities, healthcare and life sciences, retail and consumer goods, media and entertainment, manufacturing and others. The IT and telecom and BFSI verticals are projected to grow with the higher CAGRs as related to the other verticals through the prognosis period.
The geographical overview global market has been conducted in four major regions, namely the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
North America is estimated to be the largest market owing to the rising number of cyber-attacks and the increased financial losses linked with it. The growing adoption of cloud-based services and swift digital transformation among enterprises in significant economies, coupled with growing demand mainly from the BFSI vertical, can offer lucrative opportunities for cloud workload protection providers in the market.
The top market players identified by MRFR in the global market are CLOUDPASSAGE (US), DOME9 SECURITY INC. (Israel), HYTRUST, INC. (US), LogRhythm, Inc. (US), Tripwire (US), Trend Micro Incorporated (Japan), McAfee, Inc. (US), Symantec Corporation (US), Sophos Ltd. (UK), Guardicore (Israel), Kaspersky (Russia), Google (US), Qualys, Inc. (US), Nutanix (US) and Akamai Technologies (US).
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Cloud Workload Protection Market Research Report: by Component [Solution (Vulnerability Assessment, Monitoring and Logging, Policy and Compliance Management, Threat Detection and Incident Response, Others), Service (Support and Maintenance; Training, Consulting and Integration; Managed Services)], Organization Size (Large Enterprise, Small and Medium-Sized Enterprise), Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), Vertical (IT and Telecommunications, Banking, Financial Services and Insurance (BFSI), Government and Public Sector , Healthcare and Life Sciences, Energy and Utilities , Media and Entertainment , Retail and Consumer Goods, Manufacturing , Others), Region (North America, Europe, Asia-Pacific, Middle East and Africa, South America) – Forecast till 2024
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