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Information Security and Risk Management Technologies & Services Market to Hit $ 150.4 Billion in 2021

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Gartner, Inc., published the latest forecast on global spending on information security and risk management technologies and services, which are expected to rise from 12.4 percent to $150.4 billion in 2021. In 2020, spending on security and risk management had grown by 6.4 percent.

The high growth rate, according to Gartner analysts, represents the continued demand for remote worker technology and cloud security.

Cybersecurity was the top priority for new spending in the Gartner 2021 CIO Agenda Survey, with 61 percent of the more than 2,000 CIOs surveyed are planning to increase their investments in cyber/information security this year.

Security services, which include consultancy, hardware support, implementation, and outsourced services, will account for nearly $72.5 billion in global spending in 2021.

The Information Security and Risk Management End User Spending under various segments from 2020-2021 shows application security was 3,333 in 2020 and is now 3,738 which is estimated to rise up to 12.2 percent.

Cloud Security was 595 last year and is at 841 now with a growth expectancy of 41.2 percent. Data Security was 2,981, is 3,505 now to grow at 17.5 percent. Identity Access Management was 12,036 and is 13,917 now to rise up to 15.6 percent.

Infrastructure Protection went from 20,462 to 23,903 with a growth expectancy of 16.8 percent this year. Integrated Risk Management went from 4,859 to 5,473 to reach 12.6 percent. Network Security Equipment was 15,626 and is now 17,020 expected to rise about 8.9 percent.

Other Information Security Software was 2,306 and is 2,527 to reach 9.6 percent. Security Services sprang from 65,070 to 72,497 to grow at 11.4 percent and Consumer Security Software went from 6,507 to 6,990 that is expected to reach 7.4 percent.

The overall spendings showed that the scores went from 133,776 to 150,409 with a growth expectancy of 12.4 this year.

“The pace of client inquiry indicates that CASB is a popular choice for cloud-using organizations. 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,” said Lawrence Pingree, Managing Research Vice President, Gartner.

Cloud security, especially cloud access security brokers, is estimated to be the smallest but fastest growing market segment (CASB).

“Organizations continue to grapple with the security and regulatory demands of public cloud and software as a service. 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”, said Pingree.

“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, Gartner.

“The pace of client inquiry indicates that CASB is a popular choice for cloud-using organizations. 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,” said Mr. Pingree.

As a result of the risks highlighted during the global pandemic crisis, integrated risk management (IRM) technology is now seeing double-digit growth.

“Organizations continue to grapple with the security and regulatory demands of public cloud and software as a service. 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”, said Pingree.

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