The global cloud-based security market is anticipated to grow to US$9 billion over the next three years, making up the largest segment of the total information security market.
According to research from Gartner, the global market will reach US$5.9 billion by the end of the 2017 financial year, a 21 percent increase from last year.
The top three cloud priorities for businesses are email security, web security and identity and access management, according to Gartner research director Ruggero Contu. Mainstream services that address these issues such as security information and event management (SIEM) and identity and access management have the most potential for growth.
Growth was mostly driven by SMEs as security threats became more apparent, as well as the lower cost of cloud deployment. Enterprises also drove growth based on operational cost benefits and staffing pressure.
"The cloud medium is a natural fit for the needs of SMBs. Its ease of deployment and management, pay-as-you-consume pricing and simplified features make this delivery model attractive for organisations that lack staffing resources," said Contu.
Emerging services offer the most potential for growth, which includes threat intelligence enablement, malware sandboxes, data encryption, endpoint protection management and web application firewalls.
"Cloud-based delivery models will remain a popular choice for security practices, with deployment expanding further to controls, such as cloud-based sandboxing and WAFs," said Contu.
"The ability to leverage security controls that are delivered, updated and managed through the cloud — and therefore require less time-consuming and costly implementations and maintenance activities — is of significant value to enterprises."