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The State Of Cloud Security In 2023
Cloud security is the fastest-growing market in cybersecurity as enterprises of all sizes try to secure their
users, applications, and data across cloud resources.
As more businesses migrate to the cloud, multiple
security companies are vying to become the first comprehensive cloud-native application protection
platform, or CNAPP.
Over the last five years, worldwide cloud spend has increased to 68% of total external IT spend. Cloud
vendors have invested significantly in securing their cloud services, namely Microsoft, which generated $20 billion in ARR from security products alone in 2022. In turn, Google has spent nearly $6 billion acquiring vendors like Mandiant and Siemplify, and AWS has launched new offerings in data security.
Leading companies like Palo Alto Networks and Zscaler have grown to $6.2 billion and $1.3 billion
in revenue, respectively, thanks to favorable tailwinds in cloud security. As the market expands, we’re
excited about the possibility for disruption in identity, application security, automation, and data security
Presented by HG Insights® and Bain Capital Ventures
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