{"id":53949,"date":"2023-10-03T22:00:00","date_gmt":"2023-10-03T22:00:00","guid":{"rendered":"https:\/\/www.darkreading.com\/cloud\/gartner-forecasts-global-security-and-risk-management-spending-to-grow-14-in-2024"},"modified":"2023-10-03T22:00:00","modified_gmt":"2023-10-03T22:00:00","slug":"gartner-forecasts-global-security-and-risk-management-spending-to-grow-14-in-2024","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/gartner-forecasts-global-security-and-risk-management-spending-to-grow-14-in-2024\/","title":{"rendered":"Gartner Forecasts Global Security and Risk Management Spending to Grow 14% in 2024"},"content":{"rendered":"
<\/div>\n

LONDON, U.K., September 28, 2023 \u2013 <\/strong>Worldwide end-user spending on security and risk management is projected to total $215 billion in 2024, an increase of 14.3% from 2023, according to new forecast from Gartner, Inc. In 2023, global security and risk management end-user spending is estimated to reach $188.1 billion.<\/p>\n

\u201cThe continuous adoption of cloud<\/a>, continuous hybrid workforce, rapid emergence and use of generative AI<\/a> (GenAI), and the evolving regulatory environment are forcing security and risk management (SRM) leaders to enhance their security and risk management spending,\u201d said Shailendra Upadhyay, Senior Research Principal at Gartner. \u201cAt the same time, they are focusing their efforts by adopting technical security capabilities that provide far greater visibility and responsiveness across the organization\u2019s entire digital ecosystem and restructuring the way the security function operates to enable agility without compromising security.\u201d<\/p>\n

Spending on data privacy and cloud security are projected to record the highest growth rates in 2024, with each segment increasing more than 24% year-over-year. Privacy remains a top organizational priority as regulations that impact the processing of personal data continue to emerge, including those related to the use of AI. Gartner predicts that by 2025, 75% of the world\u2019s population will have its personal data covered by modern privacy regulations.<\/p>\n

The continued growth in public cloud services will bolster spending on cloud security tools. In the cloud security segment, the combined spending on cloud access security brokers software (CASB) and cloud workload protection platforms (CWPP) is projected to total $7 billion in 2024, up 24.7% from 2023. Demand for cloud-based detection and response solutions \u2014 such as endpoint detection and response (EDR) and managed detection and response (MDR) \u2014 is also expected to increase in 2024.<\/p>\n

Security Services Segment to Represent 42% of Global Security and Risk Management Spending<\/strong><\/p>\n

Spending on security services \u2013 consulting, IT outsourcing, implementation and hardware support \u2013is forecast to total $90 billion in 2024, an increase of 11% from 2023. Security services is expected to represent 42% of total security and risk management end-user spending in 2024, and to remain the largest area of security and risk management spending in 2024. <\/p>\n

\u201cIn light of cyber risks increasing, cyberthreats proliferating and a changing operating environment, it is more critical than ever for organizations to build and optimize a cybersecurity program,\u201d said Upadhyay. \u201cIt is the cornerstone of cybersecurity<\/a> initiatives which help SRM leaders<\/a> secure new environments, protect against the expanded attack surface, consume security capabilities in new ways and create better efficiencies through automation.\u201d<\/p>\n

Gartner clients can read more in \u201cForecast Analysis: Information Security and Risk Management, Worldwide<\/a>.\u201d<\/p>\n

Learn how to manage human risk to build a security-conscious organization in the complimentary Gartner ebook 4 Ways to Achieve Secure Employee Behaviors<\/a>.<\/p>\n

Gartner Security & Risk Management Summit <\/strong><\/p>\n

Gartner analysts are presenting the latest research and advice for security and risk management leaders at the Gartner Security & Risk Management Summit, taking place September 26-28 in London<\/a>. Follow news and updates from the conferences on X using #GartnerSEC<\/a>.<\/p>\n

About Gartner for Cybersecurity Leaders<\/strong>
Gartner for Cybersecurity Leaders equips security leaders with the tools to help reframe roles, align security strategy to business objectives and build programs to balance protection with the needs of the organization. Additional information is available at https:\/\/www.gartner.com\/en\/cybersecurity<\/a>.<\/p>\n

Read More HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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