Worldwide end-user spending on security and risk management is projected to total US$215 billion in 2024, an increase of 14.3 per cent from 2023, according to new forecast from Gartner, Inc. In 2023, global security and risk management end-user spending is estimated to reach US$188.1 billion.
“The continuous adoption of cloud, continuous hybrid workforce, rapid emergence and use of generative artificial intelligence (GenAI), and the evolving regulatory environment are forcing security and risk management (SRM) leaders to enhance their security and risk management spending,” said Shailendra Upadhyay, senior research principal at Gartner.
“At the same time, they are focusing their efforts by adopting technical security capabilities that provide far greater visibility and responsiveness across the organization’s entire digital ecosystem and restructuring the way the security function operates to enable agility without compromising security.”
Spending on data privacy and cloud security are projected to record the highest growth rates in 2024, with each segment increasing more than 24 per cent year-over-year.