Global spending on security products and services is to reach over $114 billion in 2018, Gartner reports-- a 12.4% increase over 2017, with the market growth further (specifically by 8.7%) in 2019 to reach $124bn.
"Security leaders are striving to help their organisations securely use technology platforms to become more competitive and drive growth for the business," the analyst says. "Persisting skills shortages and regulatory changes like the EU’s Global Data Protection Regulation (GDPR) are driving continued growth in the security services market."
A 2017 Gartner survey involving 480 respondents in 8 countries (Australia, Canada, France, Germany, India, Singapore, the UK and US) reveals the top 3 security spending drivers are security risks, business needs and industrial changes, with privacy concerns as an upcoming key factor. The analyst says privacy concerns will drive at least 10% of security spending through 2019, and will impact segments including identity and access management (IAM), identity governance and administration (IGA) and data loss prevention (DLP).
Furthermore, highly publicised breaches such as the recent attack on SingHealth (which compromised the personal health records of 1.5m patients in Singapore) reinforce the need to view sensitive data and IT systems as critical infrastructure. As such, the main drivers for security spending in 2019 are an increased focus on detection and response capabilities, privacy regulations such as GDPR and the need to address digital business risks.
Gartner predicts at least 30% of organisations plan to spend on GDPR-related consulting and implementation services through 2019, while risk management and privacy concerns will drive further security spending for over 40% of organisations through 2020. Subscription and managed services represent "at least" 50% of security delivery by 2020. On-premises deployments will remain the most popular, but the cloud is set to become the preferred delivery model for at least some technologies.
Go Gartner Forecast: Information Security WW, 2016-2022 Q2 2018 Update
