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.