As the demand and implementation of the cloud are rising exponentially with time we see the corresponding growth in the organization spending to secure the cloud workload. According to the recent report by Forrester Cloud security solution forecast 2018 to 2023 estimate that by 2023 the global market for cloud security technology is all set to hit $12.7 billion from the current $5.6 billion in 2018. As the technology demand is starting to become more dynamic, enterprises are relying on various options for cloud security.
Public cloud use for critical business application:
Public cloud is leading the demand for cloud security solutions. Many of the enterprises are going with the critical application and sensitive data to store on the public cloud, which has seen more than twofold increase reaching 54 percent in 2018 from 25 percent in 2015.
Cloud-native security spending
The cloud security spending is all set to reach the record high, Forrester estimated that the cloud security segment represented 70 percent of the complete spending in 2018 at $4billion. The public cloud-native platform security will be the fastest growing segment in the cloud security market and is expected to generate $9.7 billion in revenue by 2023.
Organizations are greatly concerned with cloud security
One of the key reasons that cloud security over the course of the last five years has gained a tremendous impetus from IT organizations is the constant threats from both internal and external Sources. Whether it was the new implementation of Software-as-a-service (SaaS), Platform-as-a-Service (PaaS) or Infrastructure-as-a-Service (IaaS) almost 57 percent of the leaders responded that they are concerned with security.
Cloud Security attracting more users
Despite the on-going risk factors, Forrester concluded that public cloud will still see a growth in adoption. Almost 37 percent of respondents said improved security is one of the reasons they are moving to the public cloud. A breach in public cloud domain has reduced as the security has increased, almost 12 percent of breaches are targeting public cloud.