Cloud Intrusion Protection Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The cloud intrusion protection software market was valued at USD 0.65 billion in 2020 and is expected to reach a value of USD 2.99 billion by 2026, and grow at a CAGR of 29.87% over the forecast period (2021–2026). The use of cloud services is growing rapidly in a broad range of areas as more companies are beginning to implement cloud services.
- Operation Ghoul, a campaign held by a group of hackers, uses a commercial spyware kit to retrieve valuable business-related data stored in the victim’s network. The group has successfully attacked almost 130 organizations from around 30 countries around the world.
- In September 2018, hackers accessed over 30 million users’ records on Facebook. Rather than going for payment information or passwords, cybercriminals stole personal data, such as names, relationship status, religion, birthdate, employers, search activity, and check-in locations.
- The increasing number of cyber threats and hacking attempts are driving companies and users to use cloud intrusion protection software. In addition, considering the increasing number of intrusion incidents in business networks, there has been increased IT spending on network security. Intrusion detection and prevention have been the most important hacks for IT companies to protect themselves from targeted attacks.
Key Market Trends
Telecom and Information Technology Expected to Grow Exponentially
- Cloud intrusion protection systems are being increasingly adopted in the telecom industry, which serves every other industry in the market.
- With advancements in technology and the increasing adoption of modern connectivity systems, the demand for communication services in industries, such as automotive, retail, energy and power, government services, IT sector, and other industries employing technology has seen incremental growth over the past decade.
- The telecom industry now serves as a critical link for every industry to operate without interruptions. With the advent of cloud services, the dependence on communication is growing. The telecom and IT industries have merged to provide better operations.
- The IT industry nowadays plays a major role. With industries moving toward cloud and automation, they are increasingly deploying IT systems to support operations and telecom industries to provide connectivity and communication services, to facilitate the working of the whole system.
- As telecom and IT hold a major stake in cyber connectivity, the spending on cybersecurity of telecom and the IT industry would be high as compared to other industries. Moreover, with the rapid growth in technology in terms of IoT, 5G, and AI, it is essential to protect the data and prevent data breaches across the network.
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