International. Cloud security spending in the U.S. is expected to reach $1.93 billion by 2021, according to PreciseSecurity.com
In 2016, the U.S. region spent $675 million on cloud security solutions in total, meaning it will triple in the following years.
United States as the leading region
Compared to other regions, the United States also represents the leading region for cloud security spending in the world, followed by Asia Pacific with $638 million in cloud security costs expected for 2021. With $573 million in spending on cloud security solutions by 2021, Europe takes third place on this global list. In the same period, the Latin American region is estimated to spend US$86 million on cloud security services.
Analyzing the difference between the 2021 and 2016 data brings about changes to the global list of cloud security spend. Although the United States maintained the leading position, the other dominant regions changed places. For example, three years ago, Europe was the second largest region on this global list, with $171 million in cloud security service costs. At the same time, Asia Pacific ranked fourth with expenditures of $63 million. Statistics show that Asia Pacific has become the fastest growing region in cloud security spending globally.
Key Cloud Security Challenges
The growing need for cloud security services is the result of a rapid transformation and growth of the cloud computing market, followed by a significant number of malicious threats and attacks.
Account hijacking has become one of the most significant threats to global cloud security, and cybercriminals use different ways to try to access a highly privileged account. Phishing attempts are at the top of that list.
Data breaches have also become one of the most critical cloud security threats, causing financial and reputational damage to businesses. Other major threats to cloud security are a lack of a cloud security strategy, poor access management, and account hijacking.
Source: PreciseSecurity.com.
