Global Cloud Security for Education Market - 2021-2028
The cloud security for education market size was worth US$ YY million in 2020 and is estimated to reach US$ YY million by 2028, growing at a CAGR of YY % during the forecast period (2021-2028).
Cloud security is the method of protecting cloud-based data and infrastructure from cyber-attacks. To guard the data, infrastructure and assets against the attack and follow regulatory compliance in the education sector, it is necessary to implement policies and technologies for cloud security. Cloud security becomes necessary when a school system uses software-based cloud services that combine private and public delivery models. With universities rapidly adopting cloud, it becomes essential that risks of cloud computing like thefts and data breaches are considered.
Cloud security in education will help safeguard legally protected sensitive data ranging from staff, student assessments and teacher files to financial data. It helps maintain privacy and confidentiality of data files by techniques that any security breach does not occur. Moreover, cyber security also helps handle student information and other issues that require compliance measures under the governing laws.
The rising incidents of cyberattacks drive the global cloud security for the education market.
Threat actors have been attacking school systems for greed or the desire to profit by the threat of attack or extorting schools via ransomware. School attacks are usually high-profile and can affect students and teachers, triggering emotional imperatives that make the victim organizations more likely to pay. The education industry needs to implement cloud security measures to take maximum advantage of cloud computing for the safety of its students and teachers.
According to a Kaspersky report, 41% of parents have reported that their child's school had undergone various cyberattacks and 55% said the school had experienced a single incident. After an attack, 72% of parents demanded to pay the ransom, with their worry being their "sensitive data" being compromised. The attacks come from various criminal groups, demanding tens of millions of dollars in a single attack.
For example, in 2021, the Conti ransomware gang encrypted systems of Broward County Public Schools in Florida and threatened to release sensitive data of students and teachers unless the district paid them the US$ 40 million. After declining to pay the ransom, a Las Vegas-area district with more than 300,000 students encountered releasing their private student information.
Even though cloud technologies are growing more popular in the education sector, management is still opposed to investing in cloud data security initiatives. According to the Netwrix report, one critical factor for the lack of investments is insufficient budget. In almost 70% of educational organizations, IT teams do not receive a sufficient budget for cloud security.
Only 12% of teams witnessed increased security budgets in 2019 and 98% of teams have reported that management is unwilling to hire dedicated IT security staff to maintain cloud security. Moreover, according to the Kaspersky survey, 20% of schools do not accommodate students and parents with cybersecurity-related best practices. These scenarios are the major factors responsible for restraining the cloud security market growth.
Due to the pandemic, stakeholders across cloud security for the education industry have been growing exponentially. Before the pandemic, digital transformation must be a five-to-10-year strategy with gradual, phased rollouts in most business boardrooms. The closure of all the academic institutions globally has evolved the education sector online.
The online activities have raised concerns regarding access privileges, data protection and safeguarding considerations for the confidentially of students. Cybercriminal activity rose during the coronavirus pandemic as schools shifted to remote operations. With students logging on from their home networks utilizing personal devices, virtual operations also pointed to potential security vulnerabilities.
With most schools resuming remote or hybrid learning, it has become clear that spending on a robust and resilient IT infrastructure, such as cloud security, is a smart and necessary move. Various companies have been making the most of the opportunity with effective plans to increase their sales. For instance, iboss has announced offering Free Cloud Network Security for schools in the Battle Against Coronavirus until August 2020.
By end-user, the cloud security for the education market is classified into K-12 and higher education.
The K-12 sector holds a significant market share for cloud security for education globally. Cyber-attacks regularly target schools that have already resulted in class cancellations and exposed sensitive personal information. As cybercriminals become more sophisticated and aggressive, the leading companies focus on providing the resources and information necessary to protect the schools.
Ed-tech policy organizations in various countries are asking for extra federal funding and regulations in K-12 cybersecurity as public education policymakers continue to invest billions for internet connectivity and new devices for remote and hybrid learners. Moreover, several schools have shown staffing concerns associated with IT security.
Governments have also been helping the K-12 education sector with modified regulations over cybersecurity. For instance, in 2021, U.S. Senators Gary Peters, Chairman of the Senate Homeland Security and Governmental Affairs Committee, have reintroduced bipartisan legislation to execute stronger cybersecurity protections for K-12 educational organizations across U.S. Schools are liable for securing a considerable number of sensitive records related to their students and employees, including family records, student grades, medical histories and employment information. These scenarios are anticipating the significant market growth of cloud security in the K-12 education industry.
North America holds a significant market share for cloud security for the education market globally. The growth can be associated with economically and technologically advanced countries such as Canada, U.S. and emerging technologies. The region has been in high need of advanced cloud security systems with many cyber-attacks. With nearly 1,700 schools, colleges and universities in the U.S. being impacted by ransomware in 2020, cyber preparedness is required more than ever.
Moreover, the growing investments by the global players in the region related to cyber securities in the education sector are driving the market opportunities. For instance, in 2021, IBM selected six school districts to receive its IBM Education Security Preparedness Grant, totalling US$ 3 million. The initiative was launched to help U.S. K-12 public school districts proactively respond to cyberattacks. In total, the applications designated over 7,800 schools and 4 million students from school districts across the nation.
The cloud security for the education market is moderately competitive and has been growing exponentially with the extensive utilization of cloud security software in the education sector. The major players are offering numerous solutions for the detection and protection of data in schools and colleges. Some of the key players contributing to the market's growth are International Business Machines Corporation, ContentKeeper, CloudCodes, iBoss, Netskope, Intel Corporation, ZScaler, Kytec, Cisco Systems Inc, VMware, Inc. and others. The companies are adopting various new strategies to dominate the market, such as launching new schemes, acquisitions, collaborations and partnerships contributing to the global growth of cloud security for the education market.
The global cloud security for education market report would provide approximately 77 market data tables, 72 figures and 180 pages.
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