By 2023 Cloud Security spending to reach $12.6 billion

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When it comes to securing their assets on cloud, businesses operating across the globe are expected to spend $12.6 billion by 2023 which will be almost a double increase from $5.6 billion seen in 2018.

The prediction comes from the forecast report “Cloud Security Solutions Forecast, 2018 to 2023 compiled by Forrester Research. Researchers also predict that the overall cloud spends for 2020 will be around $236 billion up from $178 billion spend 2018. This includes spending on taking storage space on lease on cloud servers.

Forrester Research claims that more than 54% of respondents who participated in its survey were thinking to expand the use of public cloud- up from 23% in 2015. Though they are showing a lot of interest in migrating their workloads to the cloud, they are still wary of using public cloud services due to security concerns.

“In general, companies like to invest in public, private and hybrid cloud solutions for multiple needs. However, the challenge to them arises when they have to monitor data and detect threats” said Jennifer Adams, Senior Forecast Analyst at Forrester.

As more data is being migrated to cloud, the demand for security tools to monitor such platforms is also growing and here’s where companies offering Cloud Workload Security (CWS) tools will grow says, Mrs. Adams.

Cloud Workload Security tools are used to centralize the operations and automate security controls across platforms as more and more businesses are showing interest in moving their workloads to multiple cloud environments as they have come to a conclusion that the cloud platforms may prove better for data protection.

Forrester’s separate research on data breaches claims that only 12% of public cloud platforms were intercepted in the past couple of years, while 37% of decision-makers cited better security was the main reason for such development which creates conducive environments for businesses transit to public clouds in a faster way.