Press Release

Gartner Forecasts Worldwide Security and Risk Management Spending to Exceed $150 Billion in 2021

Gartner

Worldwide spending on information security and risk management technology and services is forecast to grow 12.4% in 2021, to reach $150.4 billion, according to the latest forecast from Gartner, Inc. Security and risk management spending grew 6.4% in 2020.

Gartner analysts said the strong growth rate reflects continuing demand for remote worker technologies and cloud security.

“Organizations continue to grapple with the security and regulatory demands of public cloud and software as a service,” said Lawrence Pingree, managing research vice president at Gartner. “Looking ahead, we’re seeing early market signals of growing automation and further adoption of machine learning technologies in support of AI security. To combat attacks, organizations will extend and standardize threat detection and response activities.”

In the Gartner 2021 CIO Agenda Survey, cybersecurity was the top priority for new spending, with 61% of the more than 2,000 CIOs surveyed increasing investment in cyber/information security this year.

Security services including consulting, hardware support, implementation and outsourced services represent the largest category of spending in 2021, at almost $72.5 billion worldwide (see Table 1).

Table 1

Information Security & Risk Management End User Spending by Segment, 2020-2021 (Millions of U.S. Dollars)

Market Segment

 

2020 2021 Growth (%)
Application Security 3,333 3,738 12.2
Cloud Security 595 841 41.2
Data Security 2,981 3,505 17.5
Identity Access Management 12,036 13,917 15.6
Infrastructure Protection 20,462 23,903 16.8
Integrated Risk Management 4,859 5,473 12.6
Network Security Equipment 15,626 17,020 8.9
Other Information Security Software 2,306 2,527 9.6
Security Services 65,070 72,497 11.4
Consumer Security Software 6,507 6,990 7.4
Total 133,776 150,409 12.4

Source: Gartner (May 2021)

 

The smallest but fastest growing market segment is cloud security, particularly cloud access security brokers (CASB).

 

“The pace of client inquiry indicates that CASB is a popular choice for cloud-using organizations,” said Mr. Pingree. “This is due to the growing popularity of using non-PC devices for interacting with core business processes, which creates security risks that can be mitigated effectively with a CASB. CASBs also enable safer interaction between SaaS applications and unmanaged devices.”

 

Integrated risk management (IRM) technology is also seeing robust double-digit growth resulting from risks highlighted during the global pandemic crisis.

 

“Areas of significant risk driving near-term demand include the advent of new digital products and services and the related health and safety uses, as well as third-party risks such as customer data breaches or supply chain attacks,” said John Wheeler, senior research director at Gartner.

 

Gartner clients can read more in the report “Forecast: Information Security and Risk Management, Worldwide, 2019-2025, 1Q21 Update.” 

 

About Gartner Security & Risk Management Summits

The Gartner Security & Risk Management Summit 2021 brings together security, risk and identity and access management (IAM) decision makers looking to adapt and evolve their organization through disruption and uncertainty, navigate risks and prioritize investments. Follow news coming from the Gartner Security & Risk Management Summit on the Gartner Newsroom and on Twitter using #GartnerSEC.

 

Upcoming dates and locations for Gartner Security & Risk Management Summits include:

November 29-December 1 in London

September 20-22 in Orlando, FL

October 6-8 in Tokyo

 

About the Gartner Information Technology Practice

The Gartner IT practice provides CIOs and IT leaders with the insights and tools to drive the organization through digital transformation to lead business growth. Additional information is available at https://www.gartner.com/en/information-technology. Follow news and updates from the Gartner IT practice on Twitter and LinkedIn using #GartnerIT.

 

About Gartner

Gartner, Inc. (NYSE: IT) is the world’s leading research and advisory company and a member of the S&P 500. We equip business leaders with indispensable insights, advice and tools to achieve their mission-critical priorities and build the successful organizations of tomorrow.

 

Our unmatched combination of expert-led, practitioner-sourced and data-driven research steers clients toward the right decisions on the issues that matter most. We are a trusted advisor and objective resource for more than 14,000 enterprises in more than 100 countries — across all major functions, in every industry and organization size.

 

To learn more about how we help decision makers fuel the future of business, visit www.gartner.com.

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