Bring-your-own-device (BYOD) Culture to Spur Investments in Cloud Security Systems

The cloud security market is currently an extremely attractive investment space, bolstered by the proliferation of the BYOD culture and the growing interest among small and medium businesses to secure their cloud-based infrastructure. There is no dearth of growth drivers for the global cloud security market, as can be inferred from the findings of recent studies. Transparency Market Research, for example, recently predicted that the global cloud security market will surpass US$11.8 bn in value by the end of 2022. For a market that was worth US$4.5 bn as of 2014, this translates to a very healthy CAGR of 12.8% between these years.

There are several factors that will create a conducive environment for the growth and proliferation of the global cloud security market. However, there are three trends that will define this market more than anything else. Here’s a look at them:
 

• Enterprises are embracing the BYOD culture: Most leading enterprises in the world have already made sound investments in making their staff more mobile. Remote working systems have empowered employees by giving them more flexibility at work. But what the BYOD culture has also done is opened up the vulnerable side of organizations by making enterprise networks susceptible to security threats. Thus, for employees wanting to access cloud storage accounts or SaaS products, having a failsafe cloud security program in place becomes paramount. 

• SMBs are Warming up to the Cloud: Several small and medium enterprises are now converting their physical infrastructure into virtual. As more infrastructure takes on virtual attributes and moves to the cloud, a parallel need for cloud security becomes arises. It is estimated that by the end of 2020, at least 80% enterprises in the U.S. would have moved to the cloud. 

• Security software becomes more accessible: While investing in cloud security systems was a daunting prospect for many enterprises because of the costs associated with such software and systems, this no longer holds true in the general sense. Cloud security programs have now become more affordable and companies are offering several packaged and pay-as-you-go solutions for cloud security programs. This aspect will encourage more enterprises to invest in cloud security systems.

However, companies still continue to remain unsure about moving to the cloud and this hesitance will consequently impact the cloud security market as well.