The cloud security market in retail is expected to register a CAGR of 27.8% over the forecast period of 2021-2026. According to Cost of a Data Breach Study by Ponemon Institute in 2018, the average cost of a data breach was USD 3.86 million, a 6.4% (USD 3.62 million) increase from 2017. To counter the same, investment in cloud security solutions in retail is increasing.
- The growing threats of cyber-attacks are augmenting the market growth. According to the latest report by Thales e-Security, half of the US retailers’ data were breached in the past year, which was above the 27% global average for retailers. Most of the login attempts made on online retailers' websites were by hackers for using stolen data.
- Migration of retail decision processes from on-premise to cloud is a challenge, as most of the processes like merchandise management and accounting are supported by on-premise solutions. The retailers should focus on new events, like customer information storage or customer buying pattern that could be transferred to the cloud. For the old events, a more intelligent ERP system could be developed to enable the retail functions to scale as needed.
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Key Market Trends
Intrusion Detection and Prevention to Register a Significant Growth
- An Intrusion Detection and Prevention Software (IDPS) monitors the network traffic for signs of a possible attack. When it detects potentially dangerous activity, it takes action to stop the attack. Often, this takes the form of dropping malicious packets, blocking network traffic, or resetting connections. The IDPS also usually sends an alert to security administrators about the potential malicious activity.
- The two main contributors to the successful deployment and operation of an IDS or IPS are the deployed signatures and the network traffic that flows through it.
- According to Insider Threat report in 2018, most of the insider exploits are detected through IDPS. This indicates the popularity of IDPS and explains why a majority of the vendors are offering this service.
Asia-Pacific to Witness the Highest Growth
- Asia is a major player in the changing retail landscape, pwing to the rise in e-commerce startups. China leads the e-commerce market, with Alibaba recently opening a pop-up store in Australia and reflecting the ‘phygital’ trend toward digitally-enhanced offline experiences.
- Offline retail is also gaining popularity. According to the International Labour Organization (ILO), it employs an aggregate of 44.6 million workers, which represents 16% of the region’s total employment.
- Kroger and Microsoft announced a collaboration in January 2019 to redefine the customers' experience using Kroger Technology products powered by Microsoft Azure, the retailer’s preferred cloud platform for Retail-as-a-Service (RaaS).
- To retain the data authenticity generated by retail industry (for instance, customers' shopping data for personalization), there is a move toward cloud, and hence, its security is of utmost importance.
Competitive Landscape
The market for cloud security in retail is fragmented, owing to the rise in concerns regarding cyber attacks. Many companies are expanding their services to cater to online and offline stores.
- May 2019 - Trend Micro extended the reach of its container security offerings to inspect all lateral and horizontal traffic movements between the containers and platform layers. It has added support for scanning of images prior to being loaded into a container registry.
- February 2019 - Imperva and Prevoty announced to create a consolidated, and comprehensive platform for application and data security. The combination of Imperva and RASP (Prevoty's flagship product) extends customers’ visibility into how applications behave and how users interact with sensitive information.
- February 2019 - Symantec launched Email Fraud Protection, an automated solution that helps the organizations block fraudulent emails from reaching enterprises for ensuring complete brand reputation and sender trust.
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