Business is booming as more and more companies look to secure their online data.
Cloud-based security services saw a huge increase during the last 12 months, according to the latest figures from Gartner.
In a new report, Gartner says cloud-based security services will reach $5.9 billion this year, representing a 21 per cent growth compared to the year before.
Overall growth for the cloud-based security services are outpacing the total information security market and by 2020, Gartner believes cloud-based will hit $9 billion.
The driving force behind this immense growth are small and medium-sized businesses (SMB). They are becoming increasingly aware of security threats and are willing to invest more to protect themselves. They also see cloud deployments as ways to reduce costs.
“Email security, web security and identity and access management (IAM) remain organisations’ top-three cloud priorities,” said Ruggero Contu, research director at Gartner.
Mainstream services addressing these issues, like security information systems and event management systems, are showing the greatest growth potential, Gartner added.
“Emerging offerings are among the fastest-growing segments and include threat intelligence enablement, cloud-based malware sandboxes, cloud-based data encryption, endpoint protection management, threat intelligence and web application firewalls,” the report states.