Cloud services revenue is poised to skyrocket from $114 billion in 2016 to $236 billion by 2020, driving the market for products to secure data in the cloud.
The global cloud services market is poised to skyrocket from $114 billion in 2016 to $236 billion by 2020. Its rapid growth is driving the market for cloud security tools, which will increase from $1 billion in 2016 to $3.5 billion in 2021.
Researchers at Forrester recently published the Cloud Security Solutions Forecast, which includes predictions of how the market for products like cloud access security brokers (CASBs), centralized cloud security management (CCSM), hypervisor security, and infrastructure-as-a-service and platform-as-a-service will grow over the next five years.
Businesses are moving more analytics and core businesses applications to the public cloud, driven by the flexibility it provides. While public cloud providers run data centers more efficiently and securely than tech managers would, cloud security is still a major concern.
Traditional security tools aren’t enough to monitor data moving to and from the cloud, and between cloud platforms. Forrester found the cloud security market will grow 28% each year from 2016 to 2021 as the cloud grows in complexity and more security is needed.
Andras Cser, vice president and principal analyst for security and risk management at Forrester, says there are two key elements increasing cloud complexity. The cloud is a changing and moving target to secure, for one, and on-premise technologies aren’t as effective in the cloud.
Public, private, and hybrid cloud all coexist and serve different needs and applications, the report states. More people are using sanctioned and unsanctioned cloud applications, sending data inside and outside the organization.
“Shadow IT causes a lot of concern,” says Cser. Businesses are worried about the complications of monitoring data in the cloud. “If you don’t understand what applications you’re using, and the data in those applications, you can’t understand the risks.”
Data security is one of the top drivers of cloud security spend, especially the complications of monitoring data across cloud applications. Other factors include conversion from on-premise to hybrid cloud, data loss prevention, identity and access management, and compliance.
“There’s a lot more concern around data security,” he explains. “Companies are showing markedly more interest. Breaches are increasing, and we’ve seen a lot of internal security guidelines becoming more stringent.”
Businesses are also recognizing a lack of good key management among cloud providers, he says. As a result, they’re willing to spend more money, resources, and time on management. Many are realizing the need to automate security as they move workloads to the cloud.