By Dhananjay Punekar, Sr. Specialist Content Writer at Allied Market Research
The onset of new technologies such as the internet of things, augmented reality, virtual reality, and artificial intelligence will boost the growth of the cloud security market across the globe.
Massive demand for improving the data storage, data processing, and data protection capabilities of the firms has boosted the adoption of cloud security solutions in these firms. In addition, escalating need for improving identity and access management capabilities of the firm for effectively handling user identity across the cloud tool is projected to create new facades of growth for the global cloud security industry. With the onset of new technologies such as the internet of things, augmented reality, virtual reality, and artificial intelligence, the market for cloud security is anticipated to gain traction in the years to come. Furthermore, the industrial 4.0 revolution is also predicted to contribute substantially to the growth of the global cloud security market. According to the Allied Market Research study, the global cloud security market is set to garner massive revenue in the next ten years. Let us discuss a few of the activities taking place across the global cloud security industry.
Genetec Inc. Launches Security Centre 5.11 To Provide Effective Cloud Security For Electronic Devices
New product and technology launches have favorably influenced the growth of the global cloud security market. Genetec Inc., a tech provider of business intelligence and unified security solutions, declared a release of its flagship unified security tool referred to as Security Centre 5.11. With the launch of the new unified security tool, the end-users will get access to each module of the tool that encompasses OmnicastTM, video monitoring, SynergisTM, access control, SipeliaTM, intercom, and intrusion monitoring. Reportedly, the new unified security tool embeds Genetec Web App, a portable and map-centric interface that can be installed on any device with new internet browsers such as Firefox, Google Chrome, Microsoft Edge, and Safari. Moreover, the new feature is predicted to assist end-users in monitoring their facility, quickly responding to real-time incidents, following the defined protocols and methods, collaborating with other cloud operators, and handling card holders. The strategic move will boost the demand for cloud security tools for effectively managing electronic equipment.
Continuing with the trend of new product and technology launches, Lightspin, a key cloud security solution provider for Software-as-a-Service (SaaS) firms, declared access to its cloud security tool referred to as CNAPP (Cloud Native Application Protection Platform) through the launching of a free product tier. The initiative will help customers and firms effectively address their cloud security needs at reasonable pricing. The move will encourage other players in the global cloud security industry to follow the suit. Such initiatives are predicted to contribute notably toward the size of the global cloud security market. Moreover, iCoreConnect, Inc., a cloud-based SaaS tech service provider for the healthcare sector, launched iCoreHIPAA, a cloud-based HIPAA-compliant risk assessing software, for end-users. Reportedly, the software will help the end-users for conducting cloud security risk assessments and track their business deals. Furthermore, the software is expected to assist end-users in determining IT vulnerabilities and ensuring IT security, thereby reducing the risks of hacking. Such initiatives will boost the expansion of the cloud security market across the globe.
TA Associated Funds Hornetsecurity For Expanding Its Cloud Security Business Globally
The business strategy of securing investments for effective deployment of cloud security solutions is going to play a major role in leveraging the growth of the cloud security market. TA Associates, a private equity firm, signed a definitive deal with Hornetsecurity, major cloud security and SaaS provider, for investing a large number of funds in the cloud security business of Hornetsecurity. The move will help Hornetsecurity in expanding its cloud security business across the globe. Furthermore, Theom, a cloud data security startup firm, declared that it received nearly $16.4 million from the seed funding round with Ridge Ventures, M12, and Microsoft’s Venture Fund leading the funding round. Moreover, the funding will help Theom in expanding its cloud data security service portfolio.
Google Inc. Acquires Mandiant To Reinforce its Cloud Security Platform and Offer Strong Cloud Security Solutions To Customers
The acquisition strategy implemented by the giant players has helped them in increasing their profitability in the cloud security business and has enabled business expansion. Google, Inc., acquired Mandiant, a cyber-security firm, for $5.4 billion. Moreover, the acquisition will help Mandiant collaborate with Google Cloud, thereby providing firms with strong cloud security solutions for weaning cyber threats. Furthermore, KKR, a leading investment firm across the globe, acquired Barracuda Networks, a key cloud-first security solutions provider, from Thoma Bravo, a major software investment company. The initiative will help in contributing majorly to the earnings of the global cloud security market. In addition, Accenture plc, a key player in information technology solutions and consulting business, acquired Sentia Group, a major player in the business-critical managed hybrid cloud solutions industry. The strategic move will strengthen the end-to-end cloud infrastructure solution capabilities of Accenture. It will also help the firm in effectively delivering end-to-end cloud infrastructure solutions to firms in the private, public, and sovereign cloud business.
Industry players are trying to execute key business strategies such as new products and technology launches for providing differentiated products and technologies to their customers. Implementation of this strategy will help the players in making huge gains and mark significant growth in their business. Apart from this, the strategy will help the players in gaining a competitive edge over their business rivals and strengthen their positions in the global cloud security market. Furthermore, investments will help the industry players in establishing their footprints across the globe. Apart from this, acquisitions will enable the market players in focusing more on their core competencies, thereby increasing their customer base.
Dhananjay Punekar is a writer, avid reader & book lover, and interested in watching sports. He holds post graduate degree in management and is working as a Sr. Specialist Content Writer at Allied Market Research. He can be reached at email@example.com
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