Gartner forecasts a 14% increase in global risk management and security spending in 2024, reaching $215 billion. This growth is driven by cloud adoption, generative AI, and data privacy protection. Security services are expected to account for 42% of total spending on security and risk management.
In 2024, global spending on risk management and security is expected to reach $215 billion, a 14.3% increase from 2023, according to Gartner. This growth is driven by several factors, including the growing adoption of the cloud and the rapid rise of generative AI usage.
Focus on Cloud Security and Data Privacy
Spending on data privacy and cloud security is expected to see the most significant growth, increasing by over 24% from 2023 to 2024. The emergence of new laws affecting personal data processing continues to push organizations to invest more in security.
With the continued growth of cloud adoption, there is an increasing need to secure these environments. Gartner predicts that spending on Cloud Workload Protection Platforms (CWPP) and Cloud Access Security Brokers (CASB) will reach $7 billion in 2024, a 24.7% increase from 2023.
The Growing Importance of Strengthened Cybersecurity
In the face of rising cyber risks and proliferating cyber threats, organizations must optimize their cybersecurity programs. According to Gartner, these initiatives are crucial for securing new environments, protecting against an expanded attack surface, and leveraging security capabilities in new ways while improving efficiency through automation.
Security Services on the Rise
Spending on security services, including hardware support, outsourcing, and consulting, is expected to reach $90 billion in 2024, an 11% increase year-over-year. These services will account for 42% of overall organizational spending on security and risk management.
Source : ICTjournal
