In a recently released report from Gartner, it has been predicted that information security spending is expected to reach $123 billion in 2020, a growth of 2.4%. This is down from the 8.7% growth projected in December of 2019, due to the coronavirus pandemic driving cost-saving measures for most businesses.
Key insights from the report include:
Cloud Security measures are predicted to grow by 33.3% to a $585M market.
The global pandemic has and will continue to impact IT spending. Overall, spending on security is going to increase just at a lower rate than predicted at the end of last year. We see a major increase in cloud security spending due to the rise in remote work. As companies have deployed cloud technologies in order for their employees to be able to work from home, we see the increase in spending in this category to keep their businesses safe.
Security for your organization still needs to be top of mind. With cyberattacks success rates on the rise and employees continuing to work remotely for the remainder of the year, investing in the right services is vital for any size business. In fact, 60% of businesses are forced into bankruptcy within 6 months of a data breach.
Network Security Equipment is the only market estimated to decrease in 2020.
Network Security Equipment is the only market Gartner has predicted to decrease its spending, from $13B to $11B. This equipment includes firewalls, antivirus software, and access controls. A decrease in spending in this category could be attributed to the global decline in spending overall and the short-term focus on spending for security in the cloud instead.
Over the past 6 months, we have seen businesses majorly impacted by the global pandemic. The travel and hospitality industries essentially halted overnight, and businesses in the restaurant and entertainment space are just now beginning to make a profit again.
While security spending is not where it was predicted to be at the end of last year, it is uplifting to see that organizations will continue to invest in cybersecurity measures. The global pandemic has already been devastating to most businesses, so contact us today and let us help protect yours.