A recent study performed by Transparency Market Research (TMR) projects that the global cloud security market will grow to a valuation of $11.8 billion by the year 2022. To put that into perspective, in 2014 TMR put the value of that same market at $4.5 billion.
The report, officially titled Cloud Security Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014-2022, was officially released on Thursday. In the report, TMR predicts that the cloud security industry is due to experience a 12.8% compound annual growth rate (CAGR) between 2015 and 2022.
There are a few different reasons behind the growth, as listed in the report, but they can be broken down into three distinct categories: Mobile, SMB, and security software.