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Cloud security spend booms as Aussie infosec market approaches $5B

Cloud security spend booms as Aussie infosec market approaches $5B

The largest market segment, meanwhile, is expected to be security services, at nearly $3.2 billion.

Credit: Photo 127367144 © Razvan Nitoi | Dreamstime.com

The Australian cloud security market is set to see massive growth in 2021, with forecasts it will jump up 38 per cent year-on-year, to $20 million. 

This comes from industry research firm Gartner, which claimed that the broader information security and risk management technology and services market in Australia would hit $5.1 billion during the year — an increase of 7.3 per cent year-on-year. 

The cloud security market segment is expected to see the most growth over the year, but it is also the smallest. The largest is security services — including consulting, hardware support, implementation and outsourced services — which is expected to reach nearly $3.2 billion. 

The overall global market growth however is more than double of the Australian forecast, which is currently forecast to grow by 12.4 per cent year-on-year to reach US$150.4 billion. 

That growth rate, according to the firm, reflects the continued demand for remote worker technologies and cloud security. 

“Organisations continue to grapple with the security and regulatory demands of public cloud and software as a service,” said Lawrence Pingree, managing research vice president at Gartner.  

“Looking ahead, we’re seeing early market signals of growing automation and further adoption of machine learning technologies in support of AI security. To combat attacks, organisations will extend and standardise threat detection and response activities.” 

Credit: Gartner

Falling in line with Australia’s trends, cloud security represented the smallest yet fastest growing market segment, expecting to rise by 41.2 per cent over the period to US$841 million. However, Gartner claimed the global growth is seeing a notable rise with cloud access security brokers (CASB). 

“The pace of client inquiry indicates that CASB is a popular choice for cloud-using organisations,” said Pingree.  

“This is due to the growing popularity of using non-PC devices for interacting with core business processes, which creates security risks that can be mitigated effectively with a CASB. CASBs also enable safer interaction between SaaS applications and unmanaged devices.” 

On the other end of the scale, the security services segment was also the largest globally, just like in Australia, with it anticipated to grow by 11.4 per cent over the period, to US$72.4 billion. 


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