Worldwide security spending to exceed $124 billion by next year

The top drivers of this spending increase are security risks, business needs and industry changes

A businessman opening a box of flying money to symbolise corporate spending

Gartner has revealed that worldwide security spending is set to exceed $124 billion by the end of next year as businesses realise the potential security risks to their organisation and their business needs change.

Skills shortages are also having a big impact on the need for leaders to turn to technology platforms to prevent their organisations being attacked. Coupled with the introduction of the General Data Protection Regulation (GDPR) driving increased spending on data loss prevention and identity management systems, tech leaders are increasing spend on security to stay secure from both internal and external threats.

"Security leaders are striving to help their organisations securely use technology platforms to become more competitive and drive growth for the business," said Siddharth Deshpande, research director at Gartner. "Persisting skills shortages and regulatory changes like the EU's Global Data Protection Regulation (GDPR) are driving continued growth in the security services market."

The sector most likely to be impacted by increased spend in the security sector is cloud security, which is set to increase by more than 148% between 2017 and 2019. Although it's still experiencing the lowest level of spending, reaching an estimated 304 million, the demand for cloud-based services will make a big difference in the security landscape this year and next. 

Advertisement
Advertisement - Article continues below
Advertisement - Article continues below

Gartner has predicted that subscriptions and managed security services will represent half of all security software delivery by 2020, with as-a-service deployments surpassing on-premises and hybrid deployments in the coming years.

"On-premises deployments are still the most popular, but cloud-delivered security is becoming the preferred delivery model for a number of technologies," Deshpande added.

Data security will also see big gains over the next few years, with spending increasing by 37.5%, from $2.53 billion to $3.5 billion in two years. 

Featured Resources

Digitally perfecting the supply chain

How new technologies are being leveraged to transform the manufacturing supply chain

Download now

Three keys to maximise application migration and modernisation success

Harness the benefits that modernised applications can offer

Download now

Your enterprise cloud solutions guide

Infrastructure designed to meet your company's IT needs for next-generation cloud applications

Download now

The 3 approaches of Breach and Attack Simulation technologies

A guide to the nuances of BAS, helping you stay one step ahead of cyber criminals

Download now
Advertisement

Recommended

Visit/security/internet-security/354417/avast-and-avg-extensions-pulled-from-chrome
internet security

Avast and AVG extensions pulled from Chrome

19 Dec 2019
Visit/security/354156/google-confirms-android-cameras-can-be-hijacked-to-spy-on-you
Security

Google confirms Android cameras can be hijacked to spy on you

20 Nov 2019

Most Popular

Visit/microsoft-windows/32066/what-to-do-if-youre-still-running-windows-7
Microsoft Windows

What to do if you're still running Windows 7

14 Jan 2020
Visit/operating-systems/25802/17-windows-10-problems-and-how-to-fix-them
operating systems

17 Windows 10 problems - and how to fix them

13 Jan 2020
Visit/operating-systems/microsoft-windows/354526/memes-and-viking-funerals-the-internet-reacts-to-the
Microsoft Windows

Memes and Viking funerals: The internet reacts to the death of Windows 7

14 Jan 2020
Visit/web-browser/30394/what-is-http-error-503-and-how-do-you-fix-it
web browser

What is HTTP error 503 and how do you fix it?

7 Jan 2020