Gartner has identified four growth drivers for security spending. These are the continued adoption of cloud technologies, the consistent evolution of a hybrid workforce, the rapid emergence of generative AI, and the evolution of the regulatory environment.
Expected end-user spending on information security and risk management in Australia is expected to increase by 11.5% to reach approximately A$7.74 billion by 2024, while security spending in New Zealand will increase by 11.0%. It is expected to reach close to NZ$1 billion by then. According to the forecast, the largest category of security spending in both countries is security services, with cloud security and data privacy expected to be the fastest growing market segment next year.
Globally, global end-user spending on security and risk management is expected to total $215 billion in 2024, an increase of 14.3% from 2023. By 2023, global end-user spending on security and risk management is expected to reach $188.1 billion. According to Gartner’s latest forecasts. ”
Shailendra Upadhyay, senior research principal at Gartner, said, “The continued adoption of the cloud, the continuing hybrid workforce, the rapid emergence and use of generative AI, and the evolving regulatory environment are forcing security and risk management leaders to “We need to step up spending on security and risk management.” ”
Further, Upadhyay noted the evolution in the way these areas operate, saying that leaders are “introducing and compromising technical security capabilities that provide far greater visibility and responsiveness across an organization’s digital ecosystem.” “We’re focused on doing that by re-engineering the way we operate security functions to enable agility without the need for security.” safety. “
Additionally, Gartner predicts that spending on data privacy and cloud security will see the highest growth rate in 2024, with each segment increasing by more than 24% year over year. Gartner also predicts that by 2025, modern privacy regulations will cover 75% of the world’s population’s personal data.
Gartner further predicts that the continued growth of public cloud services will increase spending on cloud security tools. In the cloud security sector, combined spending on cloud access security broker software (CASB) and cloud workload protection platforms (CWPP) is expected to total $7 billion in 2024, an increase of 24.7% from 2023. . Solutions such as endpoint detection and response (EDR) and managed detection and response (MDR) are also expected to increase in 2024. ”
Additionally, Gartner’s forecasts highlight that spending on security services (consulting, IT outsourcing, implementation, and hardware support) is expected to reach a total of $90 billion in 2024, an 11% increase from 2023. I am. Additionally, it said security services are expected to cost $42. % of total end-user spending in 2024, and is expected to remain the largest area of security and risk management spending in 2024.
Emphasizing the importance of strengthening security plans in light of rising cyber risks, Mr. Upadhyay said, “Given rising cyber risks, the prevalence of cyber threats, and changes in the operating environment, it is important for organizations to build a cybersecurity program.” It is more important than ever to optimize the This is the foundation of his cybersecurity initiatives that help SRM leaders secure new environments, protect against expanding attack surfaces, leverage security capabilities in new ways, and create better efficiency through automation. ”