Global security spending will hit $96.3 billion in 2018 at an increase of 8% from this year, according to the latest figures from Gartner.
The analyst firm puts security spending for 2018 into five buckets; security services, which comprises the majority (60%) of the overall market, followed by infrastructure protection (18.1% market share at $17.5bn), network security equipment (12.1% share at $11.7bn), consumer security software (4.9%, $4.7bn) and identity access management (4.9%, $4.7bn).
To give an idea of what those different indicators mean, Gartner had, around 18 months prior, surveyed more than 500 respondents from eight countries across four continents around security buying behaviour, finding that of the 53% of organisations citing security risks as the primary driver for overall security spending, the majority said a security breach was the biggest warning sign.
This means that areas such as security testing, IT outsourcing, and security information and event management (SIEM) will be among the areas underpinning the growth of the infrastructure protection and security services segments. As a survey from OneLogin found back in July, two in five of the 500 US IT decision makers polled admitted they do not use SIEM products to help with employee de-provisioning.
The disgruntled ex-employee is but one area where organisations can suffer a breach, of course. Yet plenty of other factors are driving greater security spending. The European General Data Protection Regulation in May 2018 is – or should be – something all companies are aware of, as well as other areas of regulatory compliance.
Another reason organisations will want to improve their security is around a lack of skills, where the outsourcing will presumably kick in. Gartner argues spending on security outsourcing services will hit $18.5bn in 2018, an 11% increase from the previous year.
“Overall, a large portion of security spending is driven by an organisation’s reaction toward security breaches as more high profile cyberattacks and data breaches affect organisations worldwide,” said Ruggero Contu, Gartner research director. “Cyberattacks such as WannaCry and NotPetya, and most recently the Equifax breach, have a direct effect on security spend, because these types of attacks last up to three years.”
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