Published on : Apr 25, 2016
The advent of cloud computing has revolutionized the way in which organizations communicated and stored information. This new technology has made storing large volume of data very simple and in turn has helped companies to focus on their core competencies. Cloud security solutions has therefore become indispensable for organizations since they protect valuable data and statistics against privacy breaches.
Rising Demand for Protecting Valuable Data Boosts Global Cloud Access Security Brokers Market
Due to unbridled exposure to cloud, valuable organizational information has become excessively vulnerable to data theft by hackers. Even the strongest anti-theft software may fail in detecting the presence of any malware in the system. Cloud access security brokers (CASBs) have attained importance across organizations since they work by ensuring network traffic between cloud providers and on-premise devices, alongside ensuring coherence to the organization’s security policies. The importance of cloud access security brokers is realized from their ability to provide insights into the use of cloud applications platforms and identify the unsanctioned uses.
CASBs are therefore considered as guards of valuable organizational data. According to a report published by Transparency Market Research, the global market for CABS stood at US$3.4 bn in 2015. Rising at an impressive CAGR of 16.7% between 2016 and 2024, the market is anticipated to reach a valuation of US$13.2 bn by the end of 2024.
Market to Gain from Proliferation of Small- and Medium-Sized Companies
The global market for CASBs has been significantly gaining from the rapid proliferation of small- and medium-sized companies. Additionally, the market is also anticipated to gain impetus from the large-scale deployment of CASB solutions owing to their flexible characteristics. Additionally, businesses nowadays are focusing more on accessing functionalities through SaaS at lower cost. This in turn has resulted in the widespread implementation of SaaS delivered across small- and medium-sized enterprises.
Regionally, North America dominates the global CASB market and is anticipated to exhibit a CAGR of 18.4% between 2016 and 2024. The rapid proliferation of cloud enabled services in the U.S. has significantly boosted demand from the CASB market in North America. Furthermore, the market also witnesses lucrative opportunities in the emerging economies.