Gartner: Global Cloud-based security services to expand greatly over next three years
According to the market intelligence firm, the Cloud-based security service market will grow by 21% over 2017
The latest predictions from Gartner show a substantial uptick in global cloud-based security services that will remain positive in the lead up to 2020.
According to the market intelligence firm, the global Cloud-based security service market will likely reach $5.9bn in 2017, a 21% increase from 2016. Additionally, the market is estimated to hit $9bn by 2020.
Within the segment, mainstream services, such as security information and event management (SIEM) and IAM, boast the most potential for growth as they tackle typical organisational needs around email, web and access management.
Unveiled as part of the Market Trends: Global Demand for Cloud-Based Security Is Growing Through 2020 report, the team at Gartner also highlighted the impact of increase Cloud adoption by Small and midsize businesses (SMBs) on the cloud-based security services segment.
The company also noted that cloud-based delivery models remain the top preference for security practices. In 2016, a global survey conducted by Gartner found that public cloud will be the ideal delivery model for more than 60%of security applications by the end of 2017.
Commenting on growth of cloud-based security services, Ruggero Contu, research director at Gartner, shared: "On the one hand, new greenfield demand arising from emerging requirements from SMBs is driving growth. On the other hand, new competitive dynamics and alternative pricing practices threaten traditional business models.
"Overall, one of the main focus areas for providers relates to the shift from owning and selling a product, to selling and supporting ongoing service delivery," he concluded.