San Francisco, NFAPost: Worldwide spending on information security and risk management technology and services is forecast to grow 12.4% in 2021, to reach $150.4 billion, according to the latest forecast from Gartner, Inc.
Security and risk management spending grew 6.4% in 2020. Gartner analysts said the strong growth rate reflects continuing demand for remote worker technologies and cloud security.
Gartner Managing Research Vice President Lawrence Pingree said Organisations continue to grapple with the security and regulatory demands of public cloud and software as a service.
“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,” said Lawrence Pingree.
In the Gartner 2021 CIO Agenda Survey, cybersecurity was the top priority for new spending, with 61% of the more than 2,000 CIOs surveyed increasing investment in cyber/information security this year.
Security services including consulting, hardware support, implementation and outsourced services represent the largest category of spending in 2021, at almost $72.5 billion worldwide (see Table 1).
The smallest but fastest-growing market segment is cloud security, particularly cloud access security brokers (CASB).
Lawrence Pingree said the pace of client inquiry indicates that CASB is a popular choice for cloud-using organisations.
“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,” said Lawrence Pingree.
Integrated risk management (IRM) technology is also seeing robust double-digit growth resulting from risks highlighted during the global pandemic crisis.
Gartner senior research director John Wheeler said areas of significant risk driving near-term demand include the advent of new digital products and services and the related health and safety uses, as well as third-party risks such as customer data breaches or supply chain attacks.
Gartner clients can read more in the report “Forecast: Information Security and Risk Management, Worldwide, 2019-2025, 1Q21 Update.”
The Gartner Security & Risk Management Summit 2021 brings together security, risk and identity and access management (IAM) decision-makers looking to adapt and evolve their organisation through disruption and uncertainty, navigate risks and prioritise investments.