After a solid 2020, in which spending on security technology and risk management increased by 6.4 percent, 2021 will continue on the same track.
According to the latest report by Gartner market analysts, global spending in this area will increase by 12.4 percent this year to reach $ 150.4 billion.
These expenses are driven by two key factors – remote working technology and cloud security (opens in a new tab).
“Organizations continue to struggle with security and regulatory requirements for public cloud and software as a service,” said Lawrence Pingree, vice president of research at Gartner. “Looking to the future, we can see early market signals for increasing automation and the continued adoption of machine learning technologies to support AI security. To combat attacks, organizations will extend and standardize their threat detection and response efforts. “
Cybersecurity as the highest priority
When it comes to new spending, cybersecurity remained the top priority, the report continued, stating that of the 2,000 CIOs surveyed in the report, nearly two-thirds (61%) prioritized investment in cybersecurity / information security.
This includes consulting, hardware support, implementation and outsourcing services, an industry now worth nearly $ 72.5 billion. Cloud security is the smallest (but fastest growing) segment of the market. More specifically – Cloud Access Security Brokers (CASB).
“The speed of customer inquiries indicates that CASB is a popular choice for cloud-enabled organizations,” said Mr. Pingree. “This is due to the growing popularity of using non-PC devices to interact with core business processes, creating security risks that can be effectively mitigated with CASB. CASBs also enable safer interaction between SaaS applications and unmanaged devices. “
The advancement of Integrated Risk Management (IRM) technology is also double-digit, fueled by Covid-19 threats.
“Significant risk areas driving short-term demand include the emergence of new digital products and services and related OSH applications, as well as third party threats such as customer data breaches or supply chain attacks,” added John Wheeler, senior director Research at Gartner.