Organizations will spend a collective $188.3 billion on information security and risk management products and services in 2023, according to Gartner.
The market will balloon in the years following, generating nearly $262 billion in global spending in 2026, reflecting a constant-currency compound annual growth rate of 11% from 2021, the research firm projects.
Gartner identified three factors that are fueling growth:
- A continued increase in remote and hybrid work.
- A transition from VPNs to zero trust network access.
- A shift to cloud-based delivery models are all propelling the cybersecurity market to new heights.
Cloud security is forecast to be the strongest category for growth in 2023, following a similar market-leading pace of growth in 2022. Gartner predicts organizations will spend nearly $6.69 billion on cloud security in 2023, rising almost 27% year-over-year.
Application security, which Gartner identified as the second-fastest growing category, is expected to rise about 25% and capture $7.5 billion in 2023 spending.
More than 40% of what’s projected to be spent in 2023 will be banked by security services…
