Global Cloud Mitigation Securities Market was valued at USD 35.0 Billion in 2020 is expected to reach USD 71.0 Billion by 2027, growing at a CAGR of 15.2% during the forecast period, 2021–2027.
The cloud mitigation is an appliance detects mechanisms for low and slow cyberattacks. After detecting the attack which it cannot mitigate locally, it signals to the cloud to begin mitigation. Cloud mitigation services help in protection of advanced cyberattacks. Due to the increase in attacks and demand from vendors of SMEs and Large-scale industries to help in prevention of these attacks, vendors have introduced cost effective cloud mitigation services.
Rising cyber threats and attacks and increasing network application, along with the surge in organizations have led to the demand for cloud mitigation services across globe. Also, due to the rise in the adoption of hosted DDoS protection solutions are anticipated to enhance the sales of global DDoS protection and mitigation market during the forecast period. Organizations are rapidly growing their partnership and mitigation solutions across the globe. Therefore, the managed services segment is expected to grow at the highest growth rate during the forecast period. The expansion of wireless data and its use has exposed organisations to cyber security risk. According to Allianz Risk Barometer 2020, for every data breach the cost borne by organizations in Asia are approximately accounted to be USD 2.7 million.
Moreover, there is slated to be a rise in the consulting professional services segment which is also seen as a major factor which will boost the growth of the cloud mitigation services market. Rising cyber threats and attacks require cybersecurity measures to be taken. Cloud mitigation services help enterprises to tackle these attacks by monitoring, and detecting cyber threats to maintain data security and confidentiality. Due to the rising digitalization, and rise in the number of digital devices, there has been a considerable increase in cyberattacks. India has registered a high number of cybercrimes, ranking 5th among country ranking of the DNs hijack. Australian companies have recorded to receive nearly 5000 threats a day according to a Cisco report of 2019.
There is a considerable rise in use of smartphones and digital devices and this has exposed sensitive data and hence increased the demand for cloud mitigation services. Restraining factors which will hinder the growth of the cloud mitigation services market include high cost of products used in cloud mitigation services. High installation costs and difficulty in maintenance and usage will be a setback in the growth of the cloud mitigation services market. Pirated products of Cloud Mitigation Services are also one of the reasons of hesitation amongst users.
Most vendors are investing billions of dollars in cloud mitigation services and the development of new products with regard to cloud mitigation services. This is seen as an opportunity in the growth of the global cloud mitigation services market. According to a report of Nutanix Inc., 65 percent of Indian companies have invested in cloud mitigation services in 2020.
By Deployment Mode
By Organization Size
By End user industry
Based on End User Industry, the BFSI segment is expected to rise exponentially during the forecast period. BFSI happens to be a highly targeted sector, as suggested in a 2018 report the BFSI sector suffered the largest attack and forced online services to go offline. The BFSI segment stores some of the most vital and sensitive data which is personal financial data. Therefore, the BFSI ensures the security of the data by making cloud mitigation services necessary. For instance, in 2020, Broadbridge Financial Solutions entered into an agreement with IBM to bring new cloud-based solutions for their clients in the financial services industry. Additionally, Banco Sabadell, a Spanish Banking Group, tied up with IBM public cloud services to strategically evolve its business model. It also announced about working with IBM to work on a private and hybrid cloud solution. Thus, would further fosters the BFSI segment growth in the market.
The Cloud Mitigation Services market by component has been segmented into hardware, software and services. These components help in keeping the data, servers, cloud, and organization infrastructure safeguarded from cybercriminals. An attack can bring an organization under disorder and hence installing applications, network solutions, and cloud to combat these attacks is required as these attacks affect the integrity, confidentiality and secure data. Cloud Mitigation Services are used to defend the network bandwidth, and protocol layer of the attacks in the organization and prevent losses of millions of dollars. Cloud attacks can be secured with hardware solutions by configuring the hardware to the data centres or local network of the organization to protect it from such threats. The hardware solutions are easy to install, easily moved and configured in the network infrastructure. They ensure network connectivity and provide protection during cyberattacks including DNS Cloud attacks and Layer 4 and Layer 7 volumetric attacks.
Based on deployment mode, Cloud Mitigation Services market is segmented by on-premises, cloud, and hybrid. The hybrid deployment type is set to grow at the highest CAGR during the forecast period. The Hybrid deployment gives a clear visibility into stored data in real time to the IT team of an organization. The shift to the Hybrid mode is mostly due to undetected attacks by the cloud-based solution and on-premises solutions.
By organisation, large enterprises accounted for the highest share of the cloud mitigation services market in 2020. Large organisations are investing towards advanced technologies in order to increase productivity. In order to be safeguarded from cyberattacks, large enterprises have opted for cloud mitigation services worldwide. They are expected invest significantly during the forecast period. The rapidly changing nature of application-level attacks also requires immediate attention. For instance, in 2019, Canva, the Australian design application, detected a data breach and the suspected attacker, Gnosticplayers, exposed confidential information of more than 125 million users. Therefore, large enterprises necessarily need to work on cyber security and safeguarding information.
By region, North America is expected to hold the largest share in the cloud mitigation services market in the year 2020 and is expected to show similar growth trends during the forecast period. This region is witnessing growth due to the early use and implementation of the cloud mitigation services and solutions. The rising trends of growing usage of the Internet, major rise in use of smartphones, increased online transactions, and sharing of information online in the North American region, has made data very vulnerable. In order to protect sensitive data, it has become mandatory to protect the sharing of sensitive data, network infrastructures by adopting technologies such as the cloud mitigation services. By using the cloud mitigation services, business threats can be prevented at the earliest stages. The US and Canada are the highest contributory countries to the expansion of the DDoS protection and mitigation market in North America. A report was published by the US Department of Commerce and Homeland Security in 2018, to improve resilience against cyber threats and to strengthen the cybersecurity of the Government networks and other critical infrastructure thus implementing Cloud Mitigation Services in the Government infrastructure. In order to protect brands against cloud attacks, Neustar Inc. launched SiteProtect NG in 2018, to meet the next generation cyber threats with the help of Cloud Mitigation Services.
Cloud Mitigation Services Market Company Profiles and Competitive Intelligence:
The major players operating in the Global Cloud Mitigation Services Market include Arbor Networks Inc., Akamai Technologies Inc., F5 Networks, Imperva Inc., Radware Ltd., Corero Network Security Inc., Neustar Inc., Cloudflare Inc., Nexusguard Ltd., DOSarrest Internet Security Ltd. among others. These companies are focusing on collaborating with various stakeholders and innovating new products.
There isn’t a single industry which hasn’t been impacted by the Covid 19 Pandemic. Practicing social distancing has become a norm and many countries around the world adopted to the work from home model. Not only businesses, even Government organizations too crept into digitization. However, with the rise in use of the Internet, and sharing data on networks, cybercriminals have surged and organizations are exposed to major risk. Cloud services compromise security of data. In order to mitigate the strategies of cybercriminals and to combat them, cloud mitigation services rose widely and continue to rise with the growth and advancement of technology. The cloud mitigation market will continue to trend upwards.
|1||High cost of products and high cost of maintenance of products||Negative|
|2||Rising cyberattacks and cyber threats globally||Positive|
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Section 1: Introduction
Section 2: Research Methodology
Section 3: Executive Summary
Section 4: Market Overview of Cloud Mitigation Services Market
Section 5: Premium Insights
Section 6: Market Overview of Cloud Mitigation Services Market
Section 7: Future Forecast & Impact of COVID-19
Section 8: Regional Market Analysis (US Millions)
Section 9: Competitive Scenario
Section 10: Company Profiles