Several businesses are opting for cloud computing. It thus becomes imperative to deploy security measures to protect their work material. Cloud management and security services are used to safeguard information, data, applications, passcodes, and so on. Rise in threats pertaining to security along with cost benefits are few of the main aspects driving the growth of the global public cloud management and security services market. The operational advantages offered by public cloud management security services have led several enterprises to adopt cloud systems, thus the enterprise division has contributed towards the growth of the global public cloud management security services market.
The rise in the IoT technology (Internet of Things) and new trends in this segment has fuelled the growth of the market for public cloud management security services worldwide. Rise in smart cities along with government initiatives and support has pushed the adoption of cloud system and hence the growth of the global public cloud management security services market.
The global public cloud management security services market is anticipated to reach a value of US$ 26.41 Bn by 2022 end and is poised to grow at an exponential growth rate to reflect a CAGR of 25.9% throughout the assessment period.
6 Forecast Highlights on Global Public Cloud management and Security Services Market
- North America region anticipated to dominate the global market by displaying high market share as well as high growth rate by registering a 28.7% CAGR during the assessment period. Following North America, APEJ and Europe region also show high potential with respect to growth rate in the coming years
- By function, the IT operation management segment is anticipated to grow at an exponential growth rate as compared to other segments to reflect a 31.4% CAGR during the assessment period. Storage management segment reflects high potential, poised to grow at high CAGR
- By function, the security segment is expected to reflect high market share by 2022 end. It is likely to reflect dominance the global market by function during the period of assessment, and shows significant growth rate during 2017-2022
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- By enterprise, the large enterprise segment shows high market share, thus reflecting dominance over the global market. However, owing to increase in the number of small and medium size businesses opting for cloud services, the small and medium enterprise segment is anticipated to show high growth rate to reflect a CAGR of 29.9% during the period of assessment
- By Security, IAM & user authentication segment is anticipated to reflect high market share and comparatively high growth rate during the assessment period. this segment is likely to grow at a high 28.6% CAGR during the period of assessment, followed by other cloud-based security services segment and SIEM segment
- By vertical, the healthcare segment is likely to grow at the highest growth rate to reflect a CAGR of 32.3% during the period of assessment. The BFSI segment is more likely to show dominance over the global market with respect to high market value in the coming years
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The report has also profiled key leading players in the global public cloud management and security services market, which would remain active through 2022. These include players like SAP SE, VMware, Inc., Cognizant Technology Solutions Corporation, Cisco Systems, Inc., Capgemini SE, Amazon Web Services Inc., Oracle Corp., IBM Corporation, Microsoft Corp, and Accenture PLC.