Rise in the Adoption of the Multi-cloud Strategy and Hybrid Cloud Deployment to Fuel Growth of the Cloud Workload Protection Platform (CWPP) Market
As companies' security requirements grow, there is an urgent need to combine cloud workload protection platform functionality with cloud security posture monitoring platform functionality, which aims on cloud security and compliance. The shift to a multi-cloud strategy has sparked interest in cloud workload protection, which will drive market growth even further. For instance, in April 2019, unprotected third-party apps have exposed 540 million Facebook user records on Amazon servers. According to NTSC, the cloud industry is expanding at an exponential rate, with revenues expected to increase from USD 227 billion in 2019 to USD 354 billion by 2022. Currently, more than 90% of businesses use cloud services. The increasing use of private and public cloud computing models has resulted in an increase in cyber-attacks on resources and sensitive data stored on these platforms. As more organizations migrate to the cloud, data security awareness is propelling the growth of cloud workload protection platform market.
Hybrid cloud deployment has shown a significant overall increase in recent years in comparison to other cloud services. With the widespread usage of hybrid cloud across industries, a critical requirement for a cloud workload protection platform has arisen, boosting the growth of cloud workload protection platform market. For instance, the state of Ohio has teamed up with IBM to implement a hybrid cloud to combine and modernise its departmental data centres into the state of Ohio Computing Centre. Thousands of applications are said to be housed by the organisation. The Singapore government will transition many of its IT systems to commercial cloud services in the next years as part of a continuous push to deliver citizen services faster, and cheaper.
Growing Security Concerns in BFSI Industry to Drive Cloud Workload Protection Platform Market Growth
Banking, Financial Services, and Insurance (BFSI) sphere is expected to dominate the cloud workload protection platform market over the forecast period. With growing security concerns in the BFSI sector, there is an increased demand for cloud workload protection. Cloud workload protection simplifies and streamlines protection against various malware, ransomware, and lateral threats, which is expected to drive market growth. Cloud workload security solutions enable businesses in the financial services industry to discover, monitor, and secure cloud accounts, compute and storage instances, and the control plane; thereby helping them reduce the risk of introducing security issues while also improving overall security and compliance posture.
The Shift from Public Cloud Towards Hybrid Cloud in North America to Drive Growth of Cloud Workload Protection Platform Market
The cloud workload protection platform market in North America is expected to dominate over the forecast period. The region is home to major cloud providers such as Amazon Web Services (AWS) and Microsoft Corporation, which are innovating and expanding their customer base. Companies in the region are shifting away from the public cloud and toward hybrid IT, which combines traditional IT, private cloud, and public cloud. These businesses are implementing a hybrid cloud strategy to improve the delivery of business services to end-users. According to IBM, managed cloud service adoption among various end-users was 68 % in 2020, up from 34 % in 2018 in the US. Moreover, major market players are focusing on collaboration, mergers, acquisitions, and partnerships, among other strategies, to strengthen their foothold in cloud workload protection platform market. For instance, in August 2019, McAfee acquired NanoSec to offer its customers enhanced market-leading cloud security capabilities as part of its cloud workload protection platform (CWPP), and cloud access security broker (CASB) solutions.
Asia-Pacific is expected to see significant growth in the cloud workload protection market due to an increase in the demand for software’s to avoid cyber risks. In the coming years, the growing necessity to prevent illegal network access is expected to fuel the expansion of the cloud workload protection market in the region. Better security-compliant vendor offerings, the need for enhanced visibility and control mechanisms, and increased adoption of cloud services all contribute to the growth of cloud workload protection platform market in this region. In November 2020, Trend Micro Inc. a Japan-based company introduced Trend Micro Cloud One, a cloud security solution for APIs and modern applications. The new release offers code-level protection and visibility into cyber-attacks and cyber-threats.
Global Cloud Workload Protection Platform Market: Competitive Landscape
In June 2020, CloudPassage, a cloud computing security and compliance company, announced new Halo cloud security platform packaging and pricing options. The new options enable more businesses to use Halo's proven capabilities in a broader range of deployment scenarios at even better economics. On the other hand, in June 2020, Guardicore, a company that specialises in data centre and cloud security, published the Botnet Encyclopedia. With the Botnet Encyclopedia, the Guardicore Global Sensors Network (GGSN), a global network of detecting sensors located in data centres and cloud environments, can capture and record whole assault flows to the highest resolution. The Botnet Encyclopedia can help IT teams, security teams, researchers, and the cybersecurity community better understand and protect themselves from persistent and advanced threats known as campaigns.
A few of the players in the cloud workload protection platform market include Bracket (US), CloudPassage (US), Dome9 (US), Evident (US), GuardiCore (Israel), HyTrust (US), LogRhythm (US), McAfee (US), Sophos (UK), Symantec (US), Trend Micro (Japan), and Tripwire (US).
The Global Cloud Workload Protection Platform Market is Segmented as Below:
By Deployment Model
By Organisational Size
Key Elements Included In The Study: Global Cloud Workload Protection Platform (CWPP) Market
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