Gartner in its latest report has predicted that the cloud security market on a global note will remain strong in coming years. And that will be due to the increase in the market for cloud adoption.
On a further note, the world-renowned research firm predicts that the market will reach $5.9 billion USD by 2017, representing a whopping 21% rise from just a year earlier. And by the year 2020, Gartner expects the market for cloud security to reach $9 billion.
In another report compiled by research firm Forrester, cloud services revenue is said to skyrocket from $114 billion in 2016 to $236 billion by 2020. Hence, the trend will drive the market for cloud security tools which is said to increase from $1 billion in 2016 to $3.5 billion in 2021.
The Cloud Security Solutions Forecast published by Forrester in this month also focuses on predictions of how the market for products like Cloud Access Security Brokers, Centralized Cloud Security Management, Hypervisor Security, and Infrastructure-as-a-Service and Platform-as-a-Service will grow over the next 5 years.
As businesses are showing interest in moving their core business applications to public clouds, the field of analytics is said to gain traction in coming years. And as concerns related to cloud security are still apprehending companies from moving to the cloud, this will increase the market for cloud security, says Forrester Research.
Andras Cser, Vice President and Principal Analyst for Security and Risk Management at Forrester, says that increase in cloud complexity mainly takes place due to two factors out of which Shadow IT becomes the prime concern.
As businesses are worried about data monitoring complications, unless and until the CIO or the CTO understands the applications they are putting on the cloud, it’s impossible to analyze the risks.
The other factor which is said to increase the spending on cloud security is the concern for data security while monitoring data across multiple cloud applications.
As a result, businesses will show interest in investing in security solutions which offer good key management which saves time and resources to the organization.
And as companies show interest in automating security feature while moving their workloads to the cloud, the market for PaaS, IaaS and SaaS will see an aggressive growth.
Therefore, Csar advises all those companies which are planning to invest in cloud security services to search and invest in cloud business which offering services such as privileged identity management, risk assessment, data classification, and discovery.