The global cloud security market is set to witness 18 percent growth to reach USD 12.7 billion mark by 2023, said a global report titled ‘Cloud Security Solutions Forecast, 2018 to 2023’.
The Forrester report said the anticipated growth rate is most likely to be driven by the growing demand for public cloud native platform security.
The organizational spending on public cloud services is expected to grow from USD 178 billion in 2018 to USD 236 billion by 2020, majorly due to security considerations for protecting mission-critical processes and data protection.
Although 54 percent of the survey respondents are already using or expanding public cloud adoption, security risk continues to be their key concern, especially for data monitoring and threat detection.
The report further noted that the public cloud native platform security will dominate the spending forecast, showing a 20 percent annual growth rate.
Accounting to USD 4 billion spending, the public cloud native platform security reportedly made up around 70 percent of the total spending on all cloud security tools in 2018. Continuing the pace, it is expected to grow further at the fastest rate accounting to USD 9.7 billion spending by 2023.
Growing partnerships with leading cloud platforms such as Amazon Web Services and Microsoft Azure is expected to give them the advantage of security tools too.
Overall, public cloud remains to be the biggest target for security investment, thus giving rise to overall cloud security spending in the forecast period.
On the other side, more than 30 percent of IT infrastructure decision-makers in the survey also report security as a key reason for increased public cloud adoption.
Besides, the rise in multiple cloud adoption is expected to boost the demand for Cloud Workload Security (CWS) tools, poised for 17.3 percent annual growth.
“There’s more and more of a sensitivity that if data is personal, it needs to be kept private. As more data is stored in the cloud, we need to use tools to make sure data in the cloud is safe,” says Jennifer Adams, Senior Forecast Analyst at Forrester, speaking on data regulations like GDPR.