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. “Organizations continue to grapple with the security and regulatory demands of public cloud and software as a service,” said Lawrence Pingree, managing research vice president at Gartner. “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, organizations will extend and standardize threat detection and response activities.” 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). “The pace of client inquiry indicates that CASB is a popular choice for cloud-using organizations,” said Mr. Pingree. “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.
Integrated risk management (IRM) technology is also seeing robust double-digit growth resulting from risks highlighted during the global pandemic crisis. About Gartner Security & Risk Management Summits 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 organization through disruption and uncertainty, navigate risks and prioritize investments. Follow news coming from the Gartner Security & Risk Management Summit on the Gartner Newsroom and on Twitter using #GartnerSEC. Upcoming dates and locations for Gartner Security & Risk Management Summits include: • November 29-December 1 in London • September 20-22 in Orlando, FL • October 6-8 in Tokyo About the Gartner Information Technology Practice The Gartner IT practice provides CIOs and IT leaders with the insights and tools to drive the organization through digital transformation to lead business growth. Additional information is available at https://www.gartner.com/en/ information-technology. Follow news and updates from the Gartner IT practice on Twitter and LinkedIn using #GartnerIT. About Gartner Gartner, Inc. (NYSE: IT) is the world’s leading research and advisory company and a member of the S&P 500. We equip business leaders with indispensable insights, advice and tools to achieve their mission-critical priorities and build the successful organizations of tomorrow. Our unmatched combination of expert-led, practitioner-sourced and data-driven research steers clients toward the right decisions on the issues that matter most. We are a trusted advisor and objective resource for more than 14,000 enterprises in more than 100 countries — across all major functions, in every industry and organization size.