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Cloud Security Spending Set to Top $12bn by 2023

April 18, 2019 / Phil Muncaster

Global spending on cloud security is set to grow nearly 18% to reach $12.7bn by 2023, with protection for public cloud deployments prioritized over the coming years, according to a new report from Forrester. Organizations spent $178bn on public cloud services last year, a figure that will grow to $236bn by 2020 — making security increasingly important to protect mission critical systems and sensitive data. Infrastructure decision makers are particularly concerned about cyber risk, with over half (54%) implementing cloud solutions, the analyst claimed in its report, Forrester Analytics: Cloud Security Solutions Forecast, 2018 To 2023 (Global). The sheer complexity of cloud deployments, often covering multiple providers and hybrid deployments, also requires enhanced security to monitor data, detect anomalies, and intercept threats. Public cloud remains the biggest focus for security investment. Some $4bn was spent on public cloud native platform security in 2018, accounting for ove...