Market Highlights
The current report by Market Research Future ( MRFR ) asserts that the global cloud workload protection market 2020 is poised to acquire a substantial market valuation of USD 6.89 billion by 2024 at a moderate 22.4 % CAGR over the review period .
Drivers and Restraints
The global market for cloud workload protection is driven by the need for securing public cloud workloads , reduce risks , and increase cost savings is another factor promoting the market for cloud workload protection solutions and services . Rising demand for cloud workload protection solutions and services from banking , financial services , and insurance ( BFSI ) verticals provides profitable opportunities to the key players in the global market . Along with this , the growing adoption of a multi-cloud strategy among enterprises is another reason enhancing market growth . On the other hand , inadequate technical expertise to handle complex and distributed cloud workload is a challenge for this market . Additionally , the multiple regulatory compliance issues are a matter of concern and act as a limitation to this market . Moreover , issues related to numerous regulatory compliances are expected to limit market growth over the review period .
Segmentation :
Based on the component , the global workload protection market has been bifurcated into solutions and services . The solutions segment has been characterized into monitoring and logging , vulnerability assessment , policy and compliance management , threat detection and incident response , and others . The services segment has been classified into support and maintenance , training , consulting , and integration , and managed services . The monitoring and logging segment is anticipated to have the largest market share among all the solutions in 2018 . This is due to the monitoring and logging solutions have consolidated visibility and control over high-volume cloud workloads , and the need for it is increasing .
Based on organization size , the global cloud workload protection market has been bifurcated into small- and medium-sized enterprises ( SME ) and large enterprise . The large enterprises segment is anticipated to have a larger market size over the review period whereas , SMEs are slated to grow with higher CAGR .
ON the basis of the deployment model , the global workload protection market has been divided into the private cloud , hybrid cloud and public cloud . The hybrid cloud segment is poised to grow with higher CAGR over the review period , and the public cloud segment witnessed the largest share in 2018 .
Based on the vertical , the global workload protection market has been segmented into IT and telecommunication banking , financial services , and insurance ( BFSI ), government and public sector , energy and utilities , healthcare and life sciences , retail and consumer goods , media and entertainment , manufacturing and others . The IT and telecom and BFSI verticals are projected to grow with the higher CAGRs as related to the other verticals through the prognosis period .
Regional Overview