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Cloud based security services market to reach $4.2Bn by 2016

The cloud-based security services market will reach $4.2 billion by 2016, according to a new report. 10% of overall IT security Enterprise product capabilities will be delivered in the cloud, as per Gartner.

Many customers in the enterprise segment will remain cautious about sending sensitive log information to cloud services, and this will continue to be an important aspect for cloud security service providers to address.

Some key findings from the report:

  • 10 percent of overall IT security enterprise product capabilities will be delivered in the cloud by 2015.

  • Security spending shows high demand from security buyers for cloud-based security service offerings.

  • Cloud-based security services to help address a lack of staff or skills, reduce costs, or comply with security regulations quickly.

  • Security buyers from the U.S. and Europe plan to increase the consumption of several common cloud services during the next 12 months.

  • The highest-consumed cloud-based security service is email security services, with 74 percent of respondents rating this as the top service.

  • 27 percent of the respondents indicated they were considering deploying tokenization as a cloud service.

  • Security information and event management (SIEM) as a service likely to experience high growth.

Last year India ranked a low 19th in the list of global nations on the basis of cloud adoption. Some of the main concerns India had them were about issues of privacy, security, compliance, reliability. Security was a major concern even then because even with security systems implemented cloud architectures can easily be hacked and data stolen or leaked.

We had covered a Global Cloud Security Software Market report last year, which mentioned that the adoption rate of cloud security, then, is low and it is estimated that only 35 percent of the enterprises migrating to cloud services consider cloud security to be a top priority.

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