Businesses are expected to spend $12.6 billion on cloud security tools by 2023, up from $5.6 billion in 2018 and with an especially close focus on public cloud native platform security, Forrester reports.
The data comes from its "Cloud Security Solutions Forecast, 2018 to 2023," which investigates the ways companies will invest in cloud security tools over the next five years. This global increase in cloud security spend aligns with a broader trend toward cloud spend overall: Researchers report public cloud services spend will reach $236 billion by 2020, up from $178 billion spent in 2018.
More than half (54%) of infrastructure decision makers have implemented or are expanding use of the public cloud, up from 25% in 2015. While respondents have become used to public cloud services, they're still wary of risk. Businesses typically use a mix of public, private, and hybrid clouds and work with multiple service providers. Different implementations serve different needs, but complexity creates challenges in monitoring data and detecting threats.