Businesses across the globe are venturing into the new horizons of the cloud. As a result, the need for establishing a robust security platform has grown incessantly. This has put forth the need to amalgamate the functionalities of cloud workload protection with a security posture monitoring platform. Such a combination aims at ensuring cloud security and better compliance. Notably, cloud workload security solutions ensure smooth working across businesses in the financial services industry. With more organisations migrating to the cloud and increased cyber threats, the worldwide demand for cloud workload protection platforms has increased. Such factors are nurturing the grounds for robust developments and growth across the global cloud workload protection platform market.
Cloud Workload Protection Platform Market to Thrive Amidst Growing Security Concerns in BFSI Industry
The demand for cloud workload protection platforms has significantly risen due to security concerns proliferating across the banking, financial services, and insurance (BFSI) domain. An effective cloud workload protection platform provides next-level protection against various lateral threats, malware, and ransomware. Moreover, it can effectively discover, monitor, and secure cloud accounts, while computing and storing instances. Consequently, the incorporation of these protection platforms is likely to minimise the risk of exposure to security issues and improve the overall security and compliance landscape of the organisation. An upsurge in the demand for cloud workload protection platforms across the BFSI sector is projected to escalate the global cloud workload protection platform market growth.
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Soaring Adoption of the Multi-cloud Strategy and Hybrid Cloud Deployment to Sustain Cloud Workload Protection Platform (CWPP) Market Growth
Over recent years, the deployment of the hybrid cloud has soared at a record pace in contrast to other cloud services. A higher propensity to adopt a multi-cloud strategy has paved the way for cloud workload protection platforms at a global level. With the consistent uptick in private and public cloud computing models, the possibilities of cyber-attacks on resources and sensitive data stored on these platforms have also risen. The growing migration toward the cloud and increasing awareness of data security has put forth the demand for cloud workload protection platforms. Extensive usage of hybrid cloud across the array of industries has critically surged the demand for cloud workload protection platforms. These trends are accelerating the growth of the global cloud workload protection platform market.
North America to Scale Dominance Owing to Presence of Major Market Players and Growing Adoption of Hybrid IT
Higher concentration of leading market players has positioned North America as the regional leader of the global cloud workload protection platform market. The businesses in the region are actively migrating to hybrid IT, i.e., a combination of traditional IT, private cloud, and public cloud. Likewise, to strengthen market positions, the major players in the region are incentivizing strategic partnerships, open innovation, and mergers and acquisitions. On the other end of the market, Asia Pacific is projected to witness robust growth during the forecast period. This growth is underpinned by the increased cyber risks and needs for enhanced visibility and control mechanisms.
Key Market Players
Some of the most prominent players across the global cloud workload protection platform market include Trend Micro (Japan), CloudPassage (US), Bracket (US), Evident (US), Dome9 (US), HyTrust (US), LogRhythm (US), GuardiCore (Israel), Sophos (UK), McAfee (US), Symantec (US), and Tripwire (US).
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