BackGlobal information security spending growth to decline to 2.4% in 2020: Gartner
Information security spending is expected to grow at 2.4% to $123.8 billion in 2020Cloud security spending is expected to grow at 33.3% to $585 million in 2020.
PremiumBENGALURU: Global spending on information security and risk management technology and services will continue to grow through 2020, although at a slower pace than earlier forecast, according to research firm Gartner.
Information security spending is expected to grow at 2.4% to $123.8 billion in 2020, down from the 8.7% growth Gartner projected in December. In 2019, the expenditure stood at $120.9 million.
The coronavirus pandemic is driving short-term demand in areas such as cloud adoption, remote worker technologies and cost saving measures, Gartner said.
“Like other segments of IT, we expect security will be negatively impacted by the covid-19 crisis," said Lawrence Pingree, managing vice president at Gartner. “Overall we expect a pause and a reduction of growth in both security software and services during 2020."
However, there are a few factors in favour of some security market segments, such as cloud-based offerings and subscriptions, “being propped up by demand or delivery model. Some security spending will not be discretionary and the positive trends cannot be ignored," he said.
The ongoing shift to a cloud-based delivery model makes the security market somewhat more resilient to a downturn, with an average penetration of 12% of overall security deployments cloud-based in 2019, according to Gartner research.
Cloud security spending is expected to grow at 33.3% to $585 million in 2020. “Cloud-based delivery models have reached well above 50% of the deployments in markets such as secure email and web gateways," Gartner said.
Most IT majors are in fact betting on their cloud business during the covid-19 crisis wherein everyone is working from home and the demand for remote cloud-based infrastructure is on the rise.
Networking security equipment including firewall equipment and intrusion detection and prevention systems (IDPS) will be most severely impacted by spending cuts this year. Consumer spending on security software is also forecast to decline in 2020.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
