Cloud Workload Protection Market to Grow at a CAGR of 24.4% – New Report By Marketsandmarkets™

The major vendors providing cloud workload protection solutions and services are Bracket (US), CloudPassage (US), Dome9 (US), Evident (US), GuardiCore (Israel), HyTrust (US), LogRhythm (US), McAfee (US), Sophos (UK), Symantec (US), Trend Micro (Japan), and Tripwire (US).
The cloud workload protection market size is expected to grow from USD 2.25 billion in 2018 to USD 6.70 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 24.4% during the forecast period. The major drivers of this market include the growing adoption of the multi-cloud strategy, increasing need to fortify the enterprise network against unauthorized and unprecedented strikes, centralized policy management, and simplified installation for distributed enterprise networks.

According to a new market research reportCloud Workload Protection Market by Solution (Monitoring and Logging, Policy and Compliance Management, Threat Detection Incident Response), Service, Deployment Model, Organizational Size, Vertical, and Region – Global Forecast to 2023″, published by MarketsandMarkets™, defines, describes, and forecasts the global market. The report also analyze the market subsegments with respect to the individual growth trends, prospects, and contribution to the total market.

Cloud workload protection solutions address the needs of workload monitoring, and provide tools to secure the data in the cloud and applications, when the data is transferred between cloud workloads and apps, and vice versa. Enterprises across the globe are adopting both Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) cloud platforms on a large scale.

The policy and compliance management segment is expected to grow at the fastest rate during the forecast period. The highest CAGR is due to the benefits offered, such as arrangement and synchronization of automated tasks, and management of interconnections and exchanges among cloud-based and on-premises business units. Moreover, this segment ensures internal and external compliance requirements are fulfilled. Furthermore, the consistent policy enforcement across multiple hybrid cloud environments provides the path for robust microsegmentation.

The hybrid cloud segment is expected to gain the highest traction in the cloud workload protection market during the forecast period. This segment provides more control, reduced risks, cost-efficiency, and better performance. Additionally, it provides an ideal combination of public cloud and private cloud features, including versatility and cost-effectiveness of the public cloud, and greater control and security of the private cloud.

The Banking, Financial Services, and Insurance (BFSI) vertical is expected to grow at the highest CAGR during the forecast period. Several factors, such as the increase in need for security offerings among enterprises, requirement to protect customers’ data, growth in the adoption of cloud services, need to reduce operational cost, and improve business performance are expected to drive the growth of the BFSI vertical. Cloud workload protection offers various benefits, such as automated security, operational scalability, and reduced complexities, thereby enabling the BFSI vertical to invest majorly in the adoption of cloud workload protection solutions and services.

Asia Pacific (APAC) is expected to be the fastest-growing region in the cloud workload protection market during the forecast period. This region offers potential growth opportunities, due to the improvements in infrastructure, strategic business moves, increased Information and Communications Technology (ICT) expenditure, emergence of new technologies, and growth in government initiatives. The APAC region demonstrates a combination of high growth, developing economies, and mass adoption of mobile and internet. Hence, this region is estimated to grow at the highest CAGR during the forecast period.

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