May 6, 2019 / GuidesFor Team
From an option to a necessity: that marks and characterizes the growth of Cloud Security in recent years. Aside from the large conglomerates, the small-to-medium-sized companies are also transitioning to Cloud Computing and its security features, with their usual aversion to further investment giving away to hard recognition that online safety is non-negotiable. According to Government Technology Magazine, many national governments across the world are switching from a ‘cloud-first’ policy to a ‘cloud-only’ one, altogether dispensing with on-premise online security structures.
The numbers do show that the market is growing. Grand View Research projects that its global value will reach $12.63 billion in five years’ time, or by 2024. The projected compound annual growth rate (CAGR) lies at an expected 13.9 percent.
The Allied Market Research gives three reasons behind this growth, and why small-to-medium-sized enterprises are making the jump.
The first is the equally rapid growth of online businesses. As the overwhelming example of Amazon shows, brick-and-mortar stores need to have a digital presence if they are to succeed in this brave new world of digital transformation. More importantly, the standard website and email are simply not enough. More and more consumers are looking for e-commerce capabilities in their favorite brands, and companies are hard-pressed to keep up and invest in the necessary structure and bandwidth if they are to keep them. Statista says that as of 2017, more than 1.6 billion people on the planet bought their goods through the internet; global online retail sales are also projected to increase to $4.48 trillion dollars by 2021.
All these online entrepreneurs and e-commerce activities mean a safe yet accessible online storage area where data can be kept safely. They also require the fast transmission of tons of information which are regularly triggered once millions of buyers click on the shopping carts of the equally numerous sellers. Cloud Security is one solution that these online entrepreneurs use to keep their businesses thriving, and their customers loyal and happy.
The second fuel that spurs the growth of Cloud Security is the increasing awareness of customers — corporate and individual — of cyber threats and the need for strong online security. Companies want their data protected and guarded; all it takes is one hacking that compromises their consumers’ private information to bring a careless organization down. Individual consumers are also becoming smart; they want to know beyond the shadow of a doubt that the company they are dealing with can protect their medical records and credit rating documentation, way before they close a deal or order a product.
Finally, one driver for the growth of Cloud Security is the rise of the cloud-based managed security services. These are vendors that address the concerns of the companies who want to be made impregnable to the cyber-invaders. They assess the vulnerabilities of these organizations and come up with customized solutions that can not just protect them from hackers and viruses, but ensure that their operations and data streaming carry less risk to exposure and attacks. Cloud Security is one of the weapons in their arsenal. Some of the industries where managed security providers have created a strong presence are banking, government, healthcare, IT, telecom, and retail.
At the end of the day, though, the nature of your industry remains irrelevant. What needs to be asked are questions like: How fast do you want to grow digitally? What is your market reach online? Can you keep your data safe at all times? How vulnerable is your system to digital hostiles? Take a good hard look at your capabilities, and determine where Cloud Security fits in