Online security

Cybersecurity spending expected to hit $188 billion: Gartner

Spending on information security and risk management is expected to grow 11.3% to more than $188.3 billion in 2023, according to a Gartner report.

Cybersecurity spending in 2022 is expected to increase by 14.3% to $169.156 billion. This indicates that cybersecurity spending growth next year will be slightly lower than 2022.

Cybersecurity verticals

Spending on application security is expected to grow 24.7% to $7.503 billion in 2023.

Cloud security spending is expected to grow 26.8% to $6.688 billion in 2023.

Spending on data privacy is expected to grow 16.9% to $1.477 billion in 2023.

Data security spending is expected to grow 14.2% to $3.997 billion in 2023.

Spending on identity access management is expected to grow 15.1% to $20.746 billion in 2023.

Infrastructure protection spending is expected to increase by 16.1% to $31.810 billion in 2023.

Spending on integrated risk management is expected to increase by 13.1% to $7.034 billion in 2023.

Spending on network security equipment is expected to increase 9.7% to $20.936 billion in 2023.

Spending on other information security software is expected to increase 13.4% to $2.305 billion in 2023.

Spending on security services is expected to increase by 6.7% to $76.468 billion in 2023.

Spending on consumer security software is expected to grow 8.3% to $9.374 billion in 2023.

Cloud security is expected to experience the strongest growth over the next two years.

The risk management (IRM) market will show double-digit growth through 2024 as companies focus more on ESG, third-party risk, cybersecurity risk and privacy risk.

Security services, including consulting, hardware support, implementation and outsourced services, is the largest spending category, at nearly $72 billion in 2022, and is expected to grow to $76.5 billion in 2023.

The demand for technologies enabling a secure remote and hybrid working environment will increase beyond 2022. Technologies such as Web Application Firewalls (WAF), Access Management (AM), Protection Platform Terminals (EPP) and Secure Web Gateway (SWG) will see short-term demand until at least 2022.

Zero Trust Network Access (ZTNA) is the fastest growing network security segment, with projected growth of 36% in 2022 and 31% in 2023, driven by increased demand for zero trust protection for workers remotely and reducing organizations’ reliance on VPNs for secure access.

At least 70% of new remote access deployments will be primarily served by ZTNA as opposed to VPN services by 2025, up from less than 10% by the end of 2021.

Organizations face increased security risks as well as the complexity of operating and managing multiple technologies due to multi-cloud environments. This will lead to a push towards cloud security and the market share of cloud-native solutions will increase, according to Gartner.

The combined Cloud Access Security Broker (CASB) and Cloud Workload Protection Platform (CWPP) market will grow 26.8% to reach $6.7 billion in 2023. demand for cloud-based detection and response solutions, such as endpoint detection and response (EDR) and managed detection and response (MDR) solutions – will also increase in the coming years.

“The CISO must focus on an expanding attack surface created by digital transformation initiatives such as cloud adoption, IT/OT-IoT convergence, remote working, and third-party infrastructure integration” , said Ruggero Contu, senior analyst director at Gartner.