Security News > 2022 > October > CISOs, rejoice! Security spending is increasing

Three factors influencing growth in security spending are the increase in remote and hybrid work, the transition from virtual private networks to zero trust network access and the shift to cloud-based delivery models, according to Gartner.

End-user spending on information security and risk management products and services is forecast to grow 11.3% to reach more than $188.3 billion in 2023.

Cloud security is the category forecast to have the strongest growth over the next two years.

Security services including consulting, hardware support, implementation and outsourced services is the largest category of spending, totalling $71.7 billion in 2022, and expected to reach $76.5 billion in 2023.

Due to multicloud environments, organizations face increased security risks as well as the complexity of operating and managing multiple technologies.

The combined market for cloud access security brokers and cloud workload protection platform will grow 26.8% to reach $6.7 billion in 2023.

News URL

https://www.helpnetsecurity.com/2022/10/19/factors-security-spending/