Cyber Security Issues amidst COVID-19 Crisis Lead to Downtime in Organizations

Cloud computing has taken the center stage during the ongoing COVID-19 (coronavirus) pandemic. However, companies in the cloud application security & vulnerability management market need to address security issues such as malware injection and hijacking of accounts to safeguard organizational information. Hence, users are investing in secure cloud platforms to avoid issues associated with cyber security.

Remote working with the help of cloud software has become increasingly mainstream in the past couple of months. However, phishing and social engineering attacks are on the rise during the ongoing COVID-19 era. Hence, companies in the cloud application security & vulnerability management market are becoming more equipped in tackling cyber threats. This is helping organizations to minimize downtime and meet optimum productivity levels. Companies are recommending organizations to use distributed cloud IT systems to address issues pertaining to cyber security.

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Intelligence-led Security Solutions Prevent Misuse of Employee Login Credentials

Cloud computing offers greater flexibility to enterprises in handling their work with the help of software, servers, and databases. However, cloud platforms are susceptible to unauthorized access by individuals who misuse employee credentials, resulting in a threat to confidential information in an organization. Hence, companies in the cloud application security & vulnerability management market should increase their R&D to develop platforms that enable secure login of employee credentials to avoid risks of security threats.

Intelligence-led security company FireEye Inc. has announced the launch of new cloud security innovations within its FireEye Helix platform, which supports collaboration via Microsoft Teams and Slack. It has been found that increasing number of organizations are now operating within the multi-cloud environment. This trend has created revenue opportunities for companies in the cloud application security & vulnerability management market, where the market is expected to cross the value of US$ 7.5 Bn by 2030.

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Predictive Analytics Leverages Security Measures in Cloud Computing

Digitalization is becoming rampant in almost all end markets. Continuous digital evolution has become possible with cloud computing, thus creating an agile and hyper-connected network for offices operating in different parts of the world. However, in order to achieve this, users are demanding a secure architecture to efficiently handle supply and distribution chains via cloud computing. Hence, companies in the cloud application security & vulnerability management market are increasing efforts to minimize the complexities associated with security measures in software and applications.

Unhindered secure application access has become the need of the hour. Users are demanding system access from any part of the world and from any device to ease their business activities. Hence, companies in the cloud application security & vulnerability management market are introducing behavioral analysis and predictive analytics in systems to avoid security issues.

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Pre-determined Standards Help in Building Security Scripts to Manage Varying Processing Loads

Organizations that have a security-first mindset are better prepared to handle security threats. The democratization of cloud computing has helped startups to scale their business up to new heights with the help of fewer resources. Companies in the cloud application security & vulnerability management market are innovating in cloud architectures that offer world-class security measures to avoid risks of cyber threats. They are using security scripts to build new virtual servers that adapt to varying processing loads.

Since development teams have become the first line of defense in cloud computing, they are using pre-determined and pre-hardened standards to develop servers that swiftly and safely manage varying processing loads. Such innovations have led to a robust growth of the cloud application security & vulnerability management market, which is predicted to advance at a striking CAGR of ~14% during the assessment period.

Companies Increase Investments to Improve Cyber-resilience of Cloud Applications

IT leaders are realizing the importance of cloud platforms, which are found to be more secure as compared to on-premise setups. In order to improve customer experience, organizations are racing against time to innovate in their business practices with the aid of cloud computing. Hence, companies in the cloud application security & vulnerability management market are offering homogenous cloud architectures to make public cloud platforms more secure than traditional data centers.

Companies in the cloud application security & vulnerability management market are increasing efforts to develop public cloud platforms that can accommodate new security capabilities in order to keep pace with new threat vectors. As such, cloud providers are using their own public crowd platforms to host core business services such as SaaS or PaaS services. In addition, companies are investing to improve the cyber-resilience of platforms to offer future-proof cloud applications to users.

5G and Serverless Cloud Computing Create Incremental Opportunities for Companies

Compliance assurance and consistent security management are becoming important focus points for companies in the cloud application security & vulnerability management market. It has been found that organizations suffer sudden breach of security, thus leaving cloud applications with vulnerabilities. Hence, companies are recommending public cloud platforms that are integrated with centralized mechanisms and help to avoid events of security breach. Patching is another technique used by cloud providers to seal the vulnerabilities of platforms.

Various market drivers such as 5G mobile technology and IT-OT convergence are contributing toward the growth of the market. The proliferation of cloud computing in various end markets is anticipated to make intelligence on demand for cyber security within enterprises. Serverless cloud computing and hybrid cloud solutions are creating lucrative opportunities for companies in the cloud application security & vulnerability management market.

Analysts’ Viewpoint

Since organizations had to make overnight arrangements of work-from-home environment for their employees, companies in the cloud application security & vulnerability management market have scaled several business opportunities during the COVID-19 pandemic. However, limitations of security detection are prevalent in cloud applications, especially failing to detect the breaches taking place internally in an organization. Hence, companies should rethink traditional security technologies and adopt new ones such as predictive analytics and behavioral analysis to track internal security breaches. Cloud providers should develop applications that provide real-time analytics to users in order to identify security threats. Automation is another technique used to minimize the effect of security attack.

Cloud Application Security & Vulnerability Management Market: Overview

  • The cloud application security & vulnerability management market is expected to register a CAGR of ~14% between 2020 and 2030. The market is projected to be driven by rising adoption of cloud application security and vulnerability management within retail, government, and healthcare industries.
  • The global cloud application security & vulnerability management market is expected to cross US$ 7.5 Bn by 2030 from US$ 2 Bn in 2020. Increasing number of cyberattacks and data breach are driving the global market.
  • The cloud application security & vulnerability management market in Asia Pacific and Middle East & Africa is anticipated to expand at a rapid pace during the forecast period, followed by South America and North America
  • North America remained the dominant leader in the global cloud application security & vulnerability management market in year 2019, primarily due to rapid adoption by small & medium enterprise in the region
  • Asia Pacific is projected to witness significant growth in the global cloud application security & vulnerability management market during the forecast period. Increasing awareness with regard to the related data as well as financial loss will boost the market in this region.

Cloud Application Security & Vulnerability Management Market: Definition

  • The cloud application security & vulnerability management market report provides analysis of the global cloud application security & vulnerability management market for the period 2018 - 2030, wherein 2019 is the base year and 2020 to 2030 is the forecast period. Data for 2018 has been included as historical information.
  • The report studies the cloud application security & vulnerability management market from the perspective of different components and industry verticals

Cloud Application Security & Vulnerability Management Market Snapshot

  • Asia Pacific is expected to witness highest opportunity addition in the cloud application security & vulnerability management market globally with North America being the next closest region

Key Growth Drivers of Cloud Application Security & Vulnerability Management Market

  • Increasing demand for cloud-based deployment for cost optimization: The increasing use of cloud services is expected to lower cost for hardware and software products, which could reduce the overall market price, but more likely, heavier adoption will bring in more customers, thus being a potential positive for market revenue growth. As per the SANS Institute Vulnerability Management Survey, 33% of enterprises rely on cloud-service providers to manage their cloud-based vulnerabilities. In the survey, it was also estimated that 80.2% of the enterprises, which have vulnerability scanners specifically deployed the software for server-side applications, which include platform providers such as Oracle, IBM, Apache, and Microsoft. The key advantage of cloud services is the ability of IT organizations to shift IT resources from maintenance to new initiatives. The cost benefits as well as flexibility from cloud deployment are increasing the penetration rate among SMEs, which results in driving the cloud application security & vulnerability management market.
  • Increasing rate of data breach and cyberattacks: Vulnerabilities represent security gaps that could be abused by attackers to damage applications, trigger a denial of service, and/or steal potentially sensitive information. The security and vulnerability management framework in place that regularly checks for new vulnerabilities is crucial for preventing cybersecurity breaches.
    • A recent ServiceNow survey (conducted by Ponemon) states that:
      • Of the 3,000 companies surveyed, almost half admitted that their organization suffered a data breach in the last two years
      • Of those who suffered data breach, 34% knew they were vulnerable but did nothing

It has also found that 69% of businesses worldwide are currently running Windows 7, 5% run Windows 8 and 14% still run Windows XP, which Microsoft stopped supporting in 2014. Increasing concerns on rising number of vulnerabilities due to cyberattacks on enterprises is driving the growth of the cloud application security & vulnerability management market.

Key Challenges Faced by Cloud Application Security & Vulnerability Management Market Players

  • Cloud-based services are creating their own challenges for enterprises. In the SANS Vulnerability Management Survey, main issues in adoption of cloud application security & vulnerability management solution include:
    • Lack of transparency in remediation status of vulnerabilities
    • Not knowing frequency of third-party patching
    • Not having real-time visibility into vulnerabilities and associated remediation status
    • Inability to know when staff create production environments using credit cards
    • Lack of status updates and validation of remediation
  • Lack of knowledge and training related to an organization’s cloud services is also a challenge, specifically in Middle East & Africa, Asia Pacific, and South America, which is impacting the growth of the market

Cloud Application Security & Vulnerability Management Market: Company Profile Snapshot

  • The research study includes profiles of leading companies operating in the global cloud application security & vulnerability management market. Key players profiled in the report include -
    • Broadcom, Inc.
    • Check Point Software Technologies Ltd.
    • Cisco System Inc.
    • Dell TechnologiesInc.
    • F-Secure
    • Hewlett Packard Enterprise Development LP
    • IBM Corporation
    • Kenna Security
    • McAfee, Inc.
    • Micro Focus
    • Microsoft Corporation
    • NopSec.com, Inc.
    • Qualys, Inc.
    • Rapid7
    • RiskIQ, Inc.
    • RiskSense, Inc.
    • Skybox Security, Inc.
    • Tenable, Inc.
    • Trend Micro Inc.
    • ZeroNorth, Inc.
  • Companies are shifting toward advanced technology to gain a competitive advantage in the cloud application security & vulnerability management market apart from maintaining their position in the market. 

Cloud Application Security & Vulnerability Management Market – Scope of the Report

A new study on the global cloud application security & vulnerability management market was published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics including drivers, market trends, and challenges as well as the structure of the cloud application security & vulnerability management market. TMR’s study offers valuable information about the cloud application security & vulnerability management market to illustrate how growth will discern during the forecast period, 2020-2030.

Key indicators of market growth, which include value chain as well as supply chain analysis, and Compound Annual Growth Rate (CAGR) have been elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the cloud application security & vulnerability management market during the forecast period.

An extensive analysis on leading market players’ business strategies has been featured in TMR’s study on the cloud application security & vulnerability management market. This can help readers understand principal factors to foresee growth in the cloud application security & vulnerability management market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the cloud application security & vulnerability management market, which will guide market players in making apt decisions in the future.

Key Questions Answered in TMR’s Cloud Application Security & Vulnerability Management Market Study

  • What is the scope of growth of cloud application security & vulnerability management providing companies across the globe?
  • What will be the Y-o-Y growth of the cloud application security & vulnerability management market between 2020 and 2030?
  • What is the influence of changing trends in technologies on the cloud application security & vulnerability management market?
  • Will North America continue to dominate the market for cloud application security & vulnerability management?
  • Which factors will impede the growth of the cloud application security & vulnerability management market during the forecast period?
  • Which are the leading companies in the global cloud application security & vulnerability management market?

Research Methodology

A unique research methodology has been utilized by TMR to conduct a comprehensive research on the growth of the cloud application security & vulnerability management market, and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the production of the cloud application security & vulnerability management market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the cloud application security & vulnerability management market as a primary source.

These primary and secondary sources provide exclusive information during interviews, which serve as a validation from cloud application security & vulnerability management industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the cloud application security & vulnerability management market with accuracy. The study also uses a top-down approach to assess the numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects of the cloud application security & vulnerability management market more reliable and accurate.

Cloud Application Security & Vulnerability Management Market – Segmentation

TMR’s study on the cloud application security & vulnerability management market includes information divided into four sections - component, enterprise size, industry, and region. Changing industry trends and other crucial market dynamics associated with these sections of the cloud application security & vulnerability management market have been discussed in detail.

Component

  • Software/ Platform
  • Services
    • Professional Services
      • Consulting
      • Integration & Implementation
    • Managed Services

Enterprise Size

  • Small & Medium Enterprise
  • Large Enterprise

Industry

  • BFSI
  • Telecom & IT
  • Manufacturing
  • Healthcare
  • Retail & e-Commerce
  • Government
  • Energy & utility
  • Media & Entertainment
  • Others (Education, Hospitality, etc.)

Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • Kuwait
    • United Arab Emirates
    • Qatar
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

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Cloud Application Security And Vulnerability Management Market

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