Three factors influencing growth in security spending are the increase in remote and hybrid work, the transition from virtual private networks (VPNs) to zero trust network access (ZTNA) and the shift to cloud-based delivery models, according to a recent report from Gartner, Inc.
Spending on information security and risk management products and services is forecasted to grow 11.3%, reaching more than $188.3 billion in 2023. Cloud security is the category forecasted to have the strongest growth over the next two years. As organizations increase focus on environmental, social & governance (ESG), third-party risk, cybersecurity risk and privacy risk, Gartner forecasts that the integrated risk management (IRM) market will show double-digit growth through 2024.
Remote work continues to drive investment
As organizations look to create secure work-from-home environments, technologies such as web application firewalls (WAF), access management (AM), endpoint protection platform (EPP) and secure web gateway (SWG) will witness short-term demand at least until 2022.
The rise of zero trust network access
ZTNA is forecast to grow 36% in 2022 and 31% in 2023, driven by the increased demand for zero trust protection for remote workers and organizations’ reducing dependence on VPNs for secure access. As organizations become familiar with ZTNA, there is a growing trend to use it not only for remote working use cases, but also for workers in the office.
Shift to cloud-based delivery models
Due to multi-cloud environments, organizations face increased security risks as well as the complexity of operating and managing multiple technologies. This will lead to a push toward cloud security and the market share of cloud-native solutions will grow, according to Gartner. The combined market for cloud access security brokers (CASB) and cloud workload protection platform (CWPP) will grow 26.8% to reach $6.7 billion in 2023.
For more cybersecurity spend information, read the report.