Home BUDGET Cloud Security Spending to Grow 250.3% in 2021: Gartner

Cloud Security Spending to Grow 250.3% in 2021: Gartner

SHARE
Read Aloud

Indian companies are expected to spend more on Information Security and Risk Management in 2021 and a chunk of that investment goes towards Cloud Security, said market research firm Gartner.  In its latest forecast report, Gartner projects total Information Security to reach $2,199 mn (8.8% growth) compared to 2020. Spending on cloud security will reach $30 mn (250.3% growth).

Overall, IT spending in India is projected to total $81.9 billion in 2021, an increase of 6% from 2020, according to the latest forecast by Gartner. Total IT spending in 2020 is expected to total $79.3 billion, down 8.4% from 2019. 

“The COVID-19 pandemic stalled many digital transformation projects for Indian enterprises, mainly because of the market uncertainties and reduced cash flows,” said Arup Roy, research vice president at Gartner. “Organizations that were digitally sound in a pre-pandemic world could contain the impact on their business. The pandemic situation was a wake-up call for many organizations to relook and revive their IT strategies and increase their spending on IT in 2021.”

Table: Total Information Security and Risk Management End-User Spending for All Segments in India, 2018-2021 (Millions of U.S. Dollars)

Market Data Year
2018 YR 2019 YR 2020 YR 2021 YR
Application Security Sum of End User Spending (M) 72 78 79 82
Growth (%) 9.2% 0.8% 3.9%
Cloud Security Sum of End User Spending (M) 1 4 9 30
Growth (%) 215.9% 128.9% 250.3%
Consumer Security Software Sum of End User Spending (M) 134 138 131 134
Growth (%) 2.7% -4.8% 2.2%
Data Security Sum of End User Spending (M) 77 91 98 114
Growth (%) 18.4% 8.2% 16.3%
Identity Access Management Sum of End User Spending (M) 157 172 173 185
Growth (%) 8.9% 0.8% 7.1%
Infrastructure Protection Sum of End User Spending (M) 180 207 208 228
Growth (%) 15.4% 0.4% 9.4%
Integrated Risk Management Sum of End User Spending (M) 65 79 95 121
Growth (%) 22.9% 19.4% 27.5%
Network Security Equipment Sum of End User Spending (M) 229 266 277 303
Growth (%) 16.4% 4.3% 9.1%
Other Information Security Software Sum of End User Spending (M) 24 26 25 26
Growth (%) 7.2% -1.9% 3.6%
Security Services Sum of End User Spending (M) 863 928 925 975
Growth (%) 7.5% -0.3% 5.4%
Total Sum of End User Spending (M)   1,801 1,989 2,021 2,199
Total Growth (%) 10.4% 1.6% 8.8%

 

Prateek Bhajanka, Senior Principal Analyst, Gartner

CISO MAG spoke to Prateek Bhajanka, Senior Principal Analyst, Gartner to discuss factors driving increased spending on Information Security, particularly for Cloud Security. He said cloud security spending is increasing primarily because enterprises are using more SaaS applications.

“If you look into the definition of cloud security spending, as per the forecasting report that we put out, that is more on the CASB side, which is Cloud Access Security Broker. It is about securing enterprise resources like ERP and Salesforce, which are delivered through SaaS models,” said Bhajanka.

He said organizations want to maintain the same set of policies across these cloud applications.

“You want to make sure that all the identity orchestration and access management happens consistently. And that is the reason why cloud security expenditure has been increasing in India and also worldwide,” he added.

Related Story:

Endpoint Security is a Lot More Than Just Technology: Gartner