TechNavio (www.technavio.com), a tech-focused research firm, says the cloud security software market will see a compound annual growth rate of 48.46% from 2014-2019.
According to the new report, traditional on-site security software has a high total cost of ownership, as it includes high upfront software license and software implementation costs, coupled with high maintenance costs. Cloud security software circumvents these expenses, since cloud vendors are responsible for the implementation, maintenance, updates, and backup of software, thereby reducing the need for internal IT administration.
“Cloud security software eliminates connection-related expenditures because it is offered with a wide variety of connection options,” says Faisal Ghaus, vice president of TechNavio.
The new TechNavio report also draws attention towards growing partnerships between cloud service providers (CSPs) and security solution providers. As the market matures, cloud security has become an integral part of cloud services, thereby requiring CSPs to provide cloud security along with their regular cloud services.
“Cloud security is projected to become a major buying criterion for customers over the forecast period, which will lead to an increase in the number of partnerships among CSPs and security solution providers,” says Ghaus.