Cloud Security Spending in the US Expected to Reach $1.93 billion by 2021
November 2019 by PreciseSecurity.com
According to PreciseSecurity.com, cloud security spending in the United States is expected to reach $1.93 billion by 2021. Back in 2016, the US region spent $675 million on cloud security solutions in total, meaning it will triple in the following years.
The United States as the Leading Region
In comparison with other regions, the United States also represents the leading cloud security spending region in the World, followed by the Asia Pacific with $638 million cloud security costs expected in 2021. With $573 million in expenses on cloud security solutions by 2021, Europe takes third place on this global list. In the same period, The Latin America region is estimated to spend $86 million on cloud security services.
Analyzing the difference between the 2021 and 2016 data brings apparent changes in the global cloud security spending list. Although the United States kept the leading position, the other dominant regions switched the places. For example, three years ago, Europe was the second largest region on this global list, with $171 million in costs of cloud security services. At the same time, the Asia Pacific positioned in fourth place with $63 million expenses. Statistics show that the Asia Pacific has become the fastest-growing region in cloud security spending globally.
Cloud Security Key Challenges
The increasing need for cloud security services is a result of rapid cloud computing market transformation and growth, followed by a significant number of threats and malicious attacks. Account hijacking has become one of the most significant threats to global cloud security, and the cybercriminal uses different ways to attempt access to a highly privileged account. Phishing attempts are on the top of that list.
Data breaches have also become one of the most critical cloud security threats, causing both financial and reputational damage to the companies. Other significant threats to cloud security are the lack of cloud security strategy, deficient access management, and account hijacking.