The cloud assurance market has been segmented by industry into aerospace, banking financial service and insurance (BFSI), government departments, telecom, healthcare, retail and manufacturing. Among these segments, the banking and government department segments have a huge requirement of cloud assurance systems to safeguard the data so as to avoid the threats against financial and data fraud. Further, the ease of data handling and security through cloud assurance helps to minimize the burden and threat of data mishandling from the organizations. This factor is anticipated to drive the growth of cloud assurance market by noteworthy revenue by the end of 2023.
The global market for cloud assurance reached USD 3.55 Billion in 2013 and is expected to flourish at a significant compound annual growth rate of 17.12% over the period 2015-2023. Implementation of cloud assurance system across the globe by all types of enterprises is expected to showcase a significant growth over the forecast period. Further, the digitization to store data and enhancement of the productivity of the business in competitive environment is anticipated to drive the growth of cloud assurance market.
In the regional segment, North America represented the largest revenue share in Cloud Assurance Market in 2015 and is expected to maintain its dominance in the market over the period 2015-2023. Further, European region is expected to be the second largest share contributor in terms of revenue across the globe followed by Asia-Pacific region over the forecast period. Rapid pace in urbanization and growing IT sector in both the regions are some of the major factors expected to spur the demand for cloud assurance services and solutions in upcoming years.
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Security Concerns to Drive the Market
Increasing incidents related to security threats for data mishandling and frauds for intellectual and financial gains are affecting the organizations across the globe. To minimize the threats and to keep the data secure, business players are shifting towards cloud assurance. These factors are expected to benefit the expansion of cloud assurance market over the period 2015-2023.
However, factors such as high cost and presence of international key players are likely to inhibit the growth of the cloud assurance market in the near future.
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The report titled “Cloud Assurance Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the cloud assurance market in terms of market segmentation by security type, solution type, by service type, by industry, end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the cloud assurance market which includes company profiling of IBM Corporation, CA Technologies, Microsoft Corporation, Cisco System Inc., Hewlett Packard, Dell Technologies, Voltage Security and McAfee Security Systems.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the cloud assurance market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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