Growth in Cloud use will boost security spending
O Gartner, a global leader in research and advice for businesses, predicts that global end-user spending on security and risk management is expected to reach US$ 215 billion in 2024, which represents an increase of 14.3% over estimates for this year ( US$ 188.1 billion).
“The continued adoption of A cloud, hybrid workforce, the need and use of Generative Artificial Intelligence (GenAI), as well as the evolving regulatory environment, are forcing security and risk management (SRM) leaders to improve their spending,” predicts Shailendra Upadhyay, Analyst at Gartner. At the same time, she said, they are focusing their efforts on adopting technical security capabilities that provide much greater visibility and responsiveness across the enterprise's digital ecosystem and restructuring the way the security function operates to enable seamless agility. compromise security.
Spending on data privacy and cloud security is forecast to record the highest growth rates in 2024, with each segment increasing by more than 24% year-on-year. Privacy remains an organizational priority as regulations affecting the processing of personal data continue to emerge, including those related to the use of Artificial Intelligence.
Gartner predicts that by 2025, 75% of the world's population will have their personal data protected by modern privacy regulations.
Global End-User Spending on Security and Risk Management
2022-2024 (In millions of US dollars)
Continued growth in public cloud services will drive spending on security tools. In the Cloud security segment, combined spending on Cloud Access Security Tuning Software (CASB) and Cloud Workload Protection Platforms (CWPP) is estimated to reach US$$ 7 billion in 2024, which represents an increase of 24.7% compared to 2023. The demand for Cloud-based detection and response solutions, such as endpoints (EDR) and managed detection and response (MDR), is also expected to increase in 2024.
Security Services Segment will represent 42% of global Security and Risk Management spending: Gartner predicts that spending on security services (consulting, IT outsourcing, implementation and hardware support) will total US$ 90 billion in 2024, which represents an increase of 11% compared to 2023. Security services are expected to represent 42% of total end-user spending on security and risk management in 2024 and remain the largest share of investments. “In the face of increasing cyber risks, the proliferation of cyber threats, and a changing operating environment, it is more critical than ever for companies to build and optimize a cybersecurity program,” says Upadhyay. “These are the initiatives to cybersecurity that help the security and risk management leaders to secure new environments, protect against expanded attack surfaces, consume protective capabilities in new ways, and create better efficiencies through automation.”
Gartner provides a free e-book for anyone who wants more information about human risks to build a digital security-conscious company: “4 Ways to Achieve Secure
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