21 July 2011 15:18:40
A new report from market analyst firm Radicati signaled a growing reliance on the cloud for security purposes, estimating that revenue for cloud security services will double within four years.
According to Radicati, market revenues will surpass $1 billion by the end of this year. However, that figure is expected to skyrocket in the coming years to reach $2.1 billion by 2015.
There are several factors contributing to the market growth, including increased threats from cyber criminals as well as a growing comfort level in the cloud's security capabilities. Though the technology has been criticized for its security implications in the past, many of these concerns are starting to fall by the wayside as cloud vendors demonstrate an understanding of what's needed to keep information safe.
This will be especially true as mobile technology continues to thrive. According to the research firm, more businesses will turn to cloud solutions to protect their smartphones and tablets, particularly as more employees bring their personal devices to the workplace.
Beyond security solutions, the cloud market as a whole is expected to experience significant growth in the coming years. According to a recent In-Stat report, the public cloud computing market will grow by 153 percent between 2010 and 2015.
-McAfee Cloud Security