Cloud Intrusion Protection Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Cloud Intrusion Protection Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The cloud intrusion protection software market was valued at USD 0.65 billion in 2020 and expected to reach a value of USD 2.99 billion by 2026, and grow at a CAGR of 29.87% over the forecast period (2021–2026). The use of cloud services is growing rapidly in a broad range of areas as more companies are beginning to implement cloud services.

Key Highlights

• Operation Ghoul, a campaign held by a group of hackers, uses a commercial spyware kit to retrieve valuable business-related data stored in the victim’s network. The group has successfully attacked almost 130 organizations from around 30 countries around the world.
• In September 2018, hackers gained access to over 30 million users’ record on Facebook. Rather than going for payment information or passwords, cybercriminals stole personal data, such as names, relationship status, religion, birthdate, employers, search activity, and check-in locations.
• The increasing number of cyber threats and hacking attempts are driving companies and individual users to use cloud intrusion protection software. In addition, considering the increasing number of intrusion incidents in business networks, there has been an increased IT spending on network security. Intrusion detection and prevention have been the most important hacks for IT companies to protect themselves from targeted attacks.

Key Market TrendsTelecom and Information Technology Expected to Grow Exponentially

• Cloud intrusion protection systems are being increasingly adopted in the telecom industry, which serves every other industry in the market.
• With advancements in technology and the increasing adoption of modern connectivity systems, the demand for communication services in industries, such as automotive, retail, energy and power, government services, IT sector, and other industries employing technology has seen incremental growth over the past decade.
• The telecom industry now serves as a critical link for every industry to operate without interruptions. With the advent of cloud services, the dependence on communication is growing. The telecom and IT industries have merged to provide better operations.
• The IT industry nowadays plays a major role. With industries moving toward cloud and automation, they are increasingly deploying IT systems to support operations and telecom industries to provide connectivity and communication services, to facilitate the working of the whole system.
• As telecom and IT hold a major stake in cyber connectivity, the spending on cybersecurity of telecom and the IT industry would be high as compared to other industries. Moreover, with the rapid growth in technology in terms of IoT, 5G, and AI, it is essential to protect the data and prevent the data breaches across the network.

North America is the Major Contributor to the Market Growth

• The North American market has been the market of focus for cloud IPS software companies. The North American market is the highest contributor to cloud IPS software
• The United States is a major contributor to the North American market, on account of the early adoption and major investments in cloud environment.
• There are several reasons for the high contribution from this region, such as the presence of large enterprises, the growing frequency of cyber-attacks, and the increasing number of hosted servers.
• Cloud services are in high demand and are experiencing high adoption with the rise in demand for IoT systems.
• The governments in the North American countries have tightened the norms to provide better cloud security.

Competitive Landscape

The cloud intrusion protection software market is highly fragmented due to the increasing number of cyber attacks, Moreover, companies are upgrading their existing product portfolio to retain their market share with many new players coming and exploring the market, launching products that are apt to market. Some of the key players in the market are Cisco Systems Inc., IBM Corporation, Fortinet Inc., Check Point Software Technologies Ltd, and Symantec Corporation.

• April 2019 - Fortinet expanded its security fabric to advance the third generation of cybersecurity, making it a security driven network.
• March 2019- Rockwell Automation, Panduit and Cisco, in a special collaboration with Tecnologico de Monterrey, EY and Unified announced the opening of their manufacturing advanced technology center (MATC) in Mexico City. The MATC shows how companies in the automotive, mining, food and beverage, and cementing industries can embrace the future by establishing their digital journey for transformation and navigating the new Industry 4.0 era.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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