A new report indicates the global cloud security market will grow substantially. Research and Markets estimates the market will exceed $12 billion within the next five years, growing at a CAGR of 25.5 percent from $4.09 billion in 2017 to $12.73 billion in 2022.

Cloud-based applications and security are a popular option for both enterprises and consumers. Cloud computing has the ability to store large amounts of data remotely, and users are able to access their cloud-stored information from nearly any device.

The cloud security market growth is a response of increase IoT and BYOD policy adoption rates. Enterprises who choose to incorporate IoT technology and allow employees to process corporate information on their own devices will need high-quality cloud security programs to protect corporate information and assets that devices may contain.