Cloud Workload Protection enables business agility and cost savings by automating security for public cloud workloads.

The global cloud workload protection market accounted for USD 1.97 Billion in 2017 and is expected to reach to USD 6.70 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 24.4%

Market Drivers –

1. Increase in the adoption of multi-cloud strategy among enterprises
2. Dire need to fortify enterprise workloads against unauthorized strikes,
3. Centralized policy enforcement

Market Opportunities –

1. Higher Adoption of Cloud Workload Protection Offerings in the BFSI Vertical

The public cloud segment is estimated to account for the largest market share in 2018 and is expected to grow at a significant rate:

• The major reason for the high adoption of the public cloud is its ease of access and faster deployment. This segment offers various benefits, such as scalability, reliability, flexibility, and remote location access to enterprises.

APAC is expected to witness the highest CAGR during the forecast period :

• The increasing adoption of cloud workload protection solutions and services, and advanced cybersecurity attacks are expected to be the major driving factors for the growth of the cloud workload protection market in this region.
• The increased Information and Communications Technology (ICT) expenditure in the government infrastructure, cloud protection initiatives, and the need to prevent unauthorized access to networks are some of the factors that have contributed to the growth of the market in the APAC region. The need to adhere to different regulatory compliances and lack of technical expertise among the enterprise staff are some of the major restraints and challenges in the market.

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Major Players in the market include:

• Bracket (US), CloudPassage (US), Dome9 (US), Evident (US), GuardiCore (Israel), HyTrust (US), LogRhythm (US), McAfee (US), Sophos (UK), Symantec (US), Trend Micro (Japan), and Tripwire (US).
• These players have adopted various strategies, such as new product launches, acquisitions, and partnerships to cater to enterprises in the market

Symantec is one of the prominent players in the cloud workload protection market.

• The company is dedicated to improving its portfolio in cyber protection. Symantec has been always focused on the adoption of a mix of inorganic and organic growth strategies to gain a competitive edge in the market. Recently, in February 2017, the company enhanced the Symantec Cloud Security Platform for providing better protection, increasing visibility, and enhancing the control of critical assets, users, and data.
• In March 2016, the company launched a website security package, Encryption Everywhere, for helping web hosting providers encrypt websites.
• Moreover, in October 2015, the company offered a new advanced threat protection solution to uncover, prioritize, and remediate advanced threats. The company expanded its business in North America, Europe, and some parts of Asia Pacific (APAC) by extending its incident response service offerings in these regions. Inorganic growth strategies have helped the company provide robust security solutions in the market. In July 2017, Symantec acquired Skycure and Fireglass to enhance its capabilities in the cloud workload protection market.