Transparency Market Research delivers key insights on the global cloud workload protection platform (CWPP) market. In terms of revenue, the global cloud workload protection platform (CWPP) market is estimated to expand at a CAGR of ~25% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global cloud workload protection platform (CWPP) market.
A cloud workload protection platform (CWPP) is used for passing workloads among various cloud environments safely. It is mandatory that the entire workload must be functional in order to run the cloud-based application smoothly without posing any security threats. As a result, cloud workload protection platform (CWPP) and workload protection providers are radically different from desktop application security providers.
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Cloud workload protection platform (CWPP) is difficult in terms of implementation, as it combines multiple public cloud systems into one container-based application architecture.
As per Cisco Systems, it has been reported that 94% of the total data centers will be shifted to cloud workloads in 2021. Factors such as the growing concern of businesses to secure data from unauthorized access and rising adoption of multi-cloud environments among enterprises, and implementation of centralized laws are expected to fuel the growth of the cloud workload protection platform (CWPP) market in the upcoming years.
The growing integration of cloud solutions in various end-use sectors is a major factor that drives the cloud workload protection platform (CWPP) market. The CWPP market provides security to the data stored in the cloud. The growing expansion of SMEs is another factor, which is likely to fuel the demand for cloud workload protection platform (CWPP) in the upcoming future.
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Cloud Workload Protection Platform (CWPP) Market: Dynamics
The rising BYOD trend across the globe is the one of the major factors that drives the demand for cloud workload protection platform (CWPP). Rising smartphone proliferation in both developing and developed economies, increasing consumption of Big Data, and rollout of services such as 4G LTE are factors that are projected to impact the demand for cloud workload protection platform (CWPP) in the near future. The International Telecommunication Union (ITU) estimates indicate nearly 4,131 million Internet users in 2019, up from 2,478 million in 2012. In addition, as of December 2019, China had the most Internet users (854 million), followed by India (560 million). In the same timeframe, developed countries such as the United States had roughly 313.32 million Internet users.
According to Cisco, in 2019, it is reported that 59% of companies have shifted to the ‘Bring Your Own Device’ concept, and another 13% plan to shift to this trend in the near future. Employees save 58 minutes every day by using personal devices at work. This leads to an improvement in productivity of employees by 34%.
Thus, increase in the amount of data in the cloud forces industry players to implement laws and regulations as per industry-wide standards. Thus, increasing demand for security services in the cloud is expected to drive the demand for cloud workload protection platform (CWPP) during the forecast period. From the above, it can be concluded that the growing data generation in organizations is expected to drive the demand for cloud workload protection platform (CWPP) during the forecast period.
Cloud Workload Protection Platform (CWPP) Market: Prominent Regions
The cloud workload protection platform (CWPP) market in North America is expected to account for largest share during the forecast period. Rise in technological innovation in various sectors is a key factor driving the market. Banks are likely to fuel the demand for security solutions in the BFSI sector due to increase in technological penetration as well as digital platforms such as Internet banking and mobile banking - the preferred option of customers for banking services. Increased spending of tech-giants such as MacAfee, Red Hat, and Cisco, for continuous innovation in security features of cloud solutions boosts their customer base for security products.
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In July 2020, McAFee introduced a solution called McAfee Enterprise Security Manager (ESM) Cloud - a new security solution for the cloud. This new solution enables organizations to detect and investigate all malware attacks within two hours. A major benefit of this solution is that it improves scalability, which further improves the performance of the organization and enhances the customer base.
Cloud Workload Protection Platform (CWPP) Market: Key Players
Key players operating in the global cloud workload protection platform (CWPP) market are Carbon Black, Cloud Raxak, Inc., CloudAware, CloudPassage, Dome9 Security Inc., Illumio, McAfee LLC, StackRox, Inc., Symantec Corporation, Threat Stack Inc. Trend Micro Inc., Twistlock Inc., and vArmour.
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