Cloud Security Service Revenue to Exceed $9 Billion by 2017
According to Infonetics, the managed security market will grow by 45 percent over the next five years.
Infonetics Research recently released its latest Cloud and CPE Managed Security Services report, examining the market for cloud- and customer premises equipment (CPE)-based security services delivered by service providers.
The report predicts that cloud-based security service revenue will grow at a 10.8 percent compound annual growth rate from 2012 to 2017, to $9.2 billion.
It also anticipates that the managed security market will grow by 45 percent over the next five years, due to several factors including security product sprawl; an increase in the volume, variety and complexity of threats; a distributed workforce; and the proliferation of BYOD (bring your own device) erasing network perimeters.
"The long-term outlook for managed security services, and especially cloud services, is quite strong, but there are some potential stumbling blocks," Jeff Wilson, principal analyst for security at Infonetics Research, said in a statement. "Improvements in the efficacy and ease of management of security products could decrease the urgency to move to the cloud, and regulatory drivers are forcing some customers to keep all data on premise."
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