The global container security market is estimated to be valued at $7,107.6 million by 2028, surging from $1,375.0 million in 2020, at a noteworthy CAGR of 23.3%.
Impact Analysis of COVID-19 on the Container Security Market
In recent years, the globe has witnessed an unprecedented COVID-19 outbreak, which has had a devastating impact on the global community. However, during the COVID-19 timeframe, the organizations were forced to move towards remote work and depended heavily on cloud services which led to the exposure to distributed cyberattacks and phishing malware assaults. Organizations have been encouraged to employ cloud-based containers as a preventative measure and to improve their IT security as a result of these consequences. Container platforms such as Kubernetes, Docker, OpenShift, and Apache Mesos offer their services to businesses for free. Thus, the container security market has upsurged over the COVID-19 period.
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Global Container Security Market Analysis
As technology progresses, the frequency of cyberattacks are increasing. The majority of cyberattacks are being carried out for financial gain, causing considerable financial and reputational damage to individuals, corporations, and governments. Web application cyberattacks are on the rise, placing apps and networks at danger of ransomware, malware, and exploit attacks. Businesses and government agencies have been wreaking havoc thanks to ransomware like WannaCry, SamSam, Petya, BadRabbit, and NotPetya. Container security helps in safeguarding data from these cyberattacks, leading to drive the global container security market growth
The lack of funds among the small and medium enterprises is anticipated to hamper the container security market growth in the near future. Additionally, the research and development cost required to develop a container security tool is very high which is another factor hampering the growth of the market.
Businesses choose cloud-based container services because they enable for efficient resource sharing, a small hardware or software footprint on-premises, and container repositories to be centralized. Enterprises can utilize Containers as a Service (CaaS) to avoid the complexity and high expense of developing, deploying, and running their own container environments by renting a complete container environment from a CaaS provider. Container and cloud service providers can update container images, repositories, and related technologies on behalf of users, making container adoption easier for organizations. CaaS adoption is increasing, which implies container security companies will have more opportunities to develop.
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Global Container Security Market, Segmentation
The global container security market is segmented based on component, deployment mode, organization size, end-user, and region.
The component is further classified into product and services. The product sub-segment held the largest market share in 2020 and accounted for $755.7 million and is projected to reach $3,407.7 million by 2028, at a CAGR of 21.2. The dominance is majorly due to the number of large enterprises adopting the container security tools in order to secure the information saved in the cloud portals as well as the in house servers. The increasing data and the security concerns have been driving the product sub-segment in the recent years.
The deployment mode is further classified into cloud and on-premise. The cloud sub-segment is expected to grow at the fastest CAGR of 28.4% and reach $4,270.1 million by 2028, up from $592.2 million in 2020. Due to the increased adoption of digital solutions in major companies, the cloud sub-segment is likely to develop at the fastest rate in the future years. The container security market is growing due to an increase in various activities by many leading businesses around the world to promote the adoption of cloud container security for a more flexible and secure environment.
The organization size is further categorized into small & medium enterprises (SMEs) and large enterprises. The large enterprises sub-segment held the largest market value in 2020 accounting for $742.7 million and is anticipated to reach $2,985.5 million by 2028, at a CAGR of 19.5%. The large enterprises have already started sharing the data and saving the data on cloud platform, thus these organizations are investing huge money in order to secure the data. These factors are driving the large enterprise sub-segment in the recent years.
On the basis of end-user, the market is divided into BFSI, government, IT & telecommunication, healthcare, retail, manufacturing, and others. The BFSI sub-segment is anticipated to grow at the fastest CAGR of 24.2% and is projected to reach $1,334.1 million over the forecast period. Customers' sensitive data, such as transaction passwords, account numbers, and card details, is handled by the BFSI vertical, which must be protected at all costs. Traditional firms in the BFSI vertical are adopting the advanced technologies to meet regulatory needs as financial industry laws that are becoming more stringent. As a result, the BFSI vertical is expected to adhere to stringent security standards in order to protect sensitive data, and it is rapidly adopting cloud-based container services.
The Asia-Pacific container security market is anticipated to grow at the fastest CAGR of 24.9% and reach $1,936.1 million by 2028. The presence of number of developing countries as well as technological developments taking place in this region is anticipated to boost the market growth in the near future.
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Key Players in the Global Container Security Market
Some of the leading global container security market players are
- IBM Corporation.
- VMware, Inc.
- McAfee Corporation
- Fidelis Cybersecurity
- Sysdig, Inc
- Tenable, Inc.
- Aqua Security.
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