Cloud security services market reaches $7.2bn

The cloud security services market grew 13.5 percent in 2014 to $7.2 billion worldwide, up from $6.3 billion the previous year, according to technology market research firm Infonetics Research.

“Our long-term outlook for the already very large cloud and CPE managed security services market, especially for cloud services, is quite strong as providers begin to leverage their software-defined networking (SDN) and network functions virtualisation (NFV) rollouts to really scale the delivery of managed security services,” said Infonetics analyst Jeff Wilson.

Infonetics’ 2015 Cloud and CPE Managed Security Services report analyses and forecasts the market for cloud- and customer premises equipment (CPE)-based security services delivered by service providers to small, medium and large businesses.

Total managed security service revenue totalled $15.8 billion worldwide in 2014, rising 10 percent from 2013. Cloud-based offerings made up 46 percent of security service revenue in 2014, with CPE-based services contributing 54 percent. By 2018, Infonetics expects cloud security services to surpass CPE-based security services.

The largest contributor to cloud-based security service revenue is content security, followed by managed firewall services, other security services, and distributed denial of service (DDoS) mitigation and intrusion detection/prevention systems.