The cloud-based security services market is expected to be worth $3.1 billion in 2015 from $2.1 billion in 2013, according to research firm Gartner.
"The cloud-based security market remains a viable one, offering providers many opportunities for expansion," said Ruggero Contu, Research Director at Gartner.
"Encryption will be a new area of growth, but it remains a complex activity. The strongest interest will be in encryption products from cloud security brokers, which are relatively easy to deploy and have options for on-premises encryption management," said Contu.
Overall adoption of software as a service (SaaS) applications and other cloud-based services encourages enterprises to adopt cloud-based security controls.