The Cybersecurity Primer: Accelerating Cloud Shift report produced by Bloomberg Intelligence shows that spending on cybersecurity is on track to surpass $200 billion a year by 2024 due to organizations’ continued migration to the cloud to accommodate the rising number of remote workers, according to Information Age
. The report forecasts that the fastest growth will be in the network and endpoint security sectors.
The cloud security market, which was valued at around $132 billion in 2020, had already been growing before the pandemic and was already in regular use in systems software, customer relationship management, enterprise resource planning and databases, according to the report.
Bloomberg Intelligence forecasts that CrowdStrike, Okta and Zscaler, among other firms, will see growth exceeding the overall market over the next few years and Crowdstrike may seek to challenge the industry’s big-name firms for market dominance alongside other emerging companies. Meanwhile, larger security companies including Fortinet, Palo Alto Networks and Check Point are likely to focus on mergers and acquisitions to fuel a push into the cloud market and to strengthen their balance sheets.
The report also predicts that the majority of companies’ IT budgets will be on security to address the threat of cyberattacks and the resulting hit to their reputation.