Gartner Inc. forecasts worldwide information security spending to climb to $93 billion next year. With 2017 already predicted to total $86.4 billion in spending before the year’s end, a nearly seven percent growth from 2016, it seems that information security spending is rapidly becoming a growing concern and major priority all over the globe.
Experts suggest security services will continue to be the fastest growing segment – especially IT outsourcing, consulting, and implementation services. However, there will be a slowdown in hardware support service growth due to the adoption of virtual appliances, public cloud and software as a service (SaaS) editions of security solutions, all of which reduces the need for attached hardware support overall.
Some find Gartner’s report to be on the conservative side. Joseph Carson, Chief Security Scientist at Thycotic believes that the actual number will be much higher due to the aggressive regulations that will come into play in 2018, such as the EU General Data Protection Regulation (GDPR). Nathan Wenzler, Chief Security Strategist at AsTech, also believes that the Gartner’s prediction is low. Due to the trend of online attacks targeting applications and people rather than servers and workstations, Wenzler predicts there will be a huge increase in DevOps and services spending and says a more likely estimate of information security spending will be near $101 billion.
Information security is just one subset of the broader cybersecurity market, which is predicted to exceed $1 trillion in worldwide cumulative spending from 2017 to 2021, according to Cybersecurity Ventures.