The demand within the global market for cloud access security brokers has been rising on account of the growing need for cyber security across multiple industries, finds Transparency Market Research (TMR). The vendors existing in the global market for cloud access security brokers have made ardent efforts to convince the consumers of the credibility of their services. Cloud-based services have gained popularity across the globe, and the vendors have shown fructuousness in leveraging this trend to their advantage. A number of new vendors have lately entered into the global market for cloud access security brokers market, and each of them are on a quest to maximize their revenues.
The global market for cloud access security is expected to witness an outstanding level of competition amongst the market players over the coming years. This projection can be explained in terms of the voluminous demand for cloud services across multiple industries. The market vendors are focusing on earning key rewards by capturing the markets of large industries and sectors. Furthermore, the medium-sized vendors existing in the global market for cloud access security brokers are also expected to resort to mergers and acquisitions.
A report by Transparency Market Research (TMR) predicts that the global market for cloud access security brokers would expand at a whopping CAGR of 16.7% over the period between 2016 and 2024. Furthermore, the global market for cloud access security brokers was valued at US$ 3,371.4 Mn in 2015, and this figure is expected to increase to US$ 13,218.5 Mn by 2024. On the basis of software type, the demand for cloud-based services has been rising at a robust rate. Based on geography, the market for cloud access security brokers in North America has attracted a large consumer base in recent times.
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Need for Cyber Security to Aid Market Growth
Storage of key information and data pertaining to companies, governments, and organisations needs to be backed with a strong net of security. Since cloud services offer enhanced security of storage, the demand within the global market for cloud access security services has been rising at a robust rate.
Furthermore, the popularity of cloud software for storing huge amounts of data has also resulted in an increase in demand for cloud access security services. On-premise solutions within cloud deployment have also gained traction across a multitude of industries. Therefore, there is no contention about the fact that the global cloud access security services market would expand at a stellar rate in the years to come.