Security spending globally is forecast to rise by almost a quarter to hit $124.12bn in 2019, largely driven by the low supply of highly skilled talent and regulatory changes.
That’s according to Garner analysts, who predict that this year alone security spend is set to rise 12 percent from $101.54bn to $114.15bn.
Siddharth Deshpande, research director at Gartner, said: “Security managers aspire to help their organizations use their technology platforms to become more competitive and contribute to the growth of the company.
“Persistent skills shortages and regulatory changes like the GDPR in Europe are driving continued growth in the security services market.”
The segment that will rake in the biggest bucks is security services, which are expected to account for ten percent of IT security expenditure.
Gartner added that highly publicized data breaches have reinforced the need to view protecting sensitive data and IT systems as a vital business investment.
“Security and risk management have to be a critical part of any digital business initiative,” Deshpande said.
Identity and access management, identity governance and administration, and data loss…
