Cybersecurity spending will grow 5.6 percent — in its best-case scenario — to reach $43.1 billion in 2020, Canalys forecasts.
Cybersecurity spending covers endpoint security, network security, web and email security, data security, and vulnerability and security analytics.
Cybersecurity will be a top priority for most organizations as threats and vulnerabilities persist and compliance, regulations and ecosystem requirements strengthen. It underpinned the mass shift to remote working during lockdown by securing newly provisioned endpoints, providing secure access to corporate resources and extending perimeter defenses beyond physical corporate networks.
The shift to subscriptions will shield cybersecurity from immediate IT spending cuts, but additional expenditure will be affected for the rest of the year as organizations begin the next stage in their response to the pandemic.
Switch from free trials to paid-for subscriptions will be a factor in maintaining cybersecurity growth. But the mix of cost containment measures, workforce reduction and cashflow issues will result in greater scrutiny of existing projects and smaller deals.
“Delays and cancellations of initiatives will increase, except those that enable cost reductions and secure high-priority digital transformation initiatives,” Matthew Ball, chief analyst at Canalys, said.