Cloud IDS IPS Market Size, Industry, and Region - Global Forecast to 2022

 

The cloud IDS IPS market was worth USD 514.8 million in 2016 and is expected to be worth USD 1,764.7 million by 2022, growing at a CAGR of 24.04 percent over the forecast period. In this report, 2016 is used as the base year, and the prediction period is from 2017 to 2022. The market's main growth driver is the growing demand for cost-effective and scalable security solutions.

Cloud IDS (Intrusion Detection System) and IPS (Intrusion Prevention System) are network security methodologies that scan and evaluate packets for suspicious data while also monitoring traffic.

A key reason projected to fuel growth of the worldwide cloud IDS IPS market is the increasing likelihood of cyber-attacks such as ransomware, advanced persistent threats (APTs), distributed denial of service (DDoS), malicious insider, and zero day threats. NotePetya, WannaCry, Locky, CrySis, and Nemucod are among of the worst ransomware outbreaks that have resulted in significant financial losses as of 2017. According to a TechRepublic Cybersecurity Insider press release from October 2017, the NotPetya epidemic cost Merck over $300 million in just the third quarter of 2017. This signals an increase in the danger of cyber-attacks, which is projected to fuel demand for cloud IDS IPS security solutions.

Furthermore, the adoption of advanced technologies such as cloud-based robotic systems in manufacturing, autonomous and connected automobile infrastructure, smart cities, and smart healthcare infrastructures has expanded internet connectivity and data exchange. As a result, the danger of malware security threats increases, obstructing the operation of these systems significantly. As a result of the growing number of security risks, there is a greater demand for security solutions to solve these concerns and prevent ransomware attacks. This, in turn, is projected to increase the market for cloud IDS IPS growth prospects.

However, a lack of highly trained and skilled personnel, as well as issues with cloud IDS IPS installation on hybrid cloud systems, may limit the worldwide clod IDS IPS market's growth.