Cloud workload protection industry is estimated to expand at a CAGR of ~24% during the forecast period 2021-2031. The growth of the market is attributed to the increasing cloud workload.
Factors such as the rising need to fortify enterprise workloads against unauthorized strikes, centralized policy enforcement, and the growing adoption of multi-cloud strategy among enterprises are expected to amplify the demand across the globe.
Cloud workload protection platform helps industries in identifying vulnerabilities and risk assessment. This further helps in reducing runtime problems and thus propels the market growth.
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What is Driving Demand for Cloud Workload Protection?
Increasing need of multi cloud strategy in various enterprises, prevalence of seamless scalability as well as decreasing operational cost, adoption of centralized policy enforcement and simplified installation is some of the factors likely to enhance the sales of the cloud workload protection solutions over the forecast period.
On the other hand, adoption of advanced solutions in BFSI verticals which will create numerous growth opportunities for cloud workload protection industry in the above mentioned forecast period.
With the outbreak of COVID-19, there is a significant impact on the market. Also, it has been observed that the cybercriminals had been steadily working to exploit the increase in remote work during the COVID-19 pandemic with remote attacks on cloud services.
BFSI is expected to Contribute Largest Market Share
The BFSI sector is anticipated to hold the largest share in 2021, and is anticipated to witness a strong CAGR over the forecast period. There has been growing demand for cloud workload protection, due to increasing security concern in BFSI sector. Cloud workload security solutions allow BFSI sector to monitor, secure, and discover cloud accounts, compute and storage instances, and the control plane.
Cloud workload protection streamlines and simplifies protection against various ransom ware, lateral threats, and malware, and this is poised to provide opportunities for the market growth. In addition, cloud workload protection platforms helps the BFSI industry in improving overall security and compliance posture, along with reducing the risk of introducing security issues, thereby propelling the demand for these solutions in the future.
US Cloud Workload Protection Industry Analysis
The growth in U.S. is attributed to the presence of established players such as Amazon Web Services and Microsoft Corporation, which are continuously expanding their customer base by innovating their cloud offerings. Organizations in the country are stepping into a new era of hybrid IT, from public cloud, combining private/public cloud and traditional IT.
Such organizations are implementing a hybrid cloud strategy in order to improve their business and enhance customer delivery services, thereby creating tremendous demand for the cloud workload protection solutions.
South Asia & Pacific Demand Outlook for Cloud Workload Protection
South Asia & Pacific market is estimated to expand with a tremendous CAGR over the forecast period. Surge in number of cyber-attacks in several industries is the key factor fueling the demand for the cloud workload protection. Rising deployment of automation technologies and early integration of advanced technologies in industries drives the market growth in this region.
Furthermore, better security compliant offerings by vendors, need for enhanced visibility and control mechanisms, and increasing adoption of cloud services further augments the market growth in this region.
The increased Information and Communications Technology (ICT) expenditure in the government infrastructure, cloud protection initiatives, and the need to prevent unauthorized access to networks are some of the factors that have contributed to the growth of the market in South Asia & Pacific.
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Who are the Key Cloud Workload Protection Providers?
Some of the leading providers of Cloud Workload Protection include
- Broadcom Inc.
- CloudPassage
- Bracket
- Evident
- Dome9 Security Inc.
- HyTrust
- McAfee LLC
- Sophos Group plc
Cloud Workload Protection Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Key Segments
By Component:
- Solution
- Services
By Deployment:
- Private Cloud
- Public Cloud
- Hybrid Cloud
By Enterprise size:
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry:
- BFSI
- Telecom and IT
- Manufacturing
- Government
- Media & Entertainment
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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