What is driving increased spend to cloud-based security?
The security software market is projected to rise from ~$135 billion in 2019 to nearly $200 billion by 2024, representing one of the fastest growing segments in global technology. In parallel, we see an evolving geopolitical and defense landscape adding to a security focus on digital risks and technological weapons, benefiting cybersecurity service providers.
Our proprietary survey of Chief Information Security Officers representing $30 billion in IT spending suggests the security software market will change radically over the next 3-5 years, with more investment in cloud-based security. This is likely to drive further government emphasis on all-new technology platforms, with R&D spanning new weapon paradigms and threat management from non-traditional vulnerabilities.
What we’re watching:
- Joint Enterprise Defense Infrastructure (JEDI)
- Allocation of wallet to cloud-based security
- Automation of security tasks
Cloud’s share of security budgets is expected to rise to 38% of budgets by the end of 2020.
—Nick Yako, Evolution Of Security Creates Opportunity