Spending on information security and risk management is forecast to grow 11.3 percent to more than $188.3 billion in 2023, a report from Gartner said.
Cyber security spending in 2022 is expected to grow at 14.3 percent to $169.156 billion. This indicates that the growth in the cyber security spending next year will be slightly below 2022.
Cyber security verticals
Spending on Application Security is forecast to grow 24.7 percent to $7.503 billion in 2023.
Spending on Cloud Security is forecast to grow 26.8 percent to $6.688 billion in 2023.
Spending on Data Privacy is forecast to grow 16.9 percent to $1.477 billion in 2023.
Spending on Data Security is forecast to grow 14.2 percent to $3.997 billion in 2023.
Spending on Identity Access Management is forecast to grow 15.1 percent to $20.746 billion in 2023.
Spending on Infrastructure Protection is forecast to grow 16.1 percent to $31.810 billion in 2023.
Spending on Integrated Risk Management is forecast to grow 13.1 percent to $7.034 billion in 2023.
Spending on Network Security Equipment is forecast to grow 9.7 percent to $20.936 billion in 2023.
Spending on Other Information Security Software is forecast to grow 13.4 percent to $2.305 billion in 2023.
Spending on Security Services is forecast to grow 6.7 percent to $76.468 billion in 2023.
Spending on Consumer Security Software is forecast to grow 8.3 percent to $9.374 billion in 2023.
Cloud security is forecast to have the strongest growth over the next two years.
The risk management (IRM) market will show double-digit growth through 2024 as enterprises increase focus on ESG, third-party risk, cybersecurity risk and privacy risk.
Security services including consulting, hardware support, implementation and outsourced services is the largest category of spending, at almost $72 billion in 2022, and expected to reach $76.5 billion in 2023.
Demand for technologies that enable a secure remote and hybrid work environment will increase beyond 2022. Technologies such as web application firewalls (WAF), access management (AM), endpoint protection platform (EPP) and secure web gateway (SWG) will witness short-term demand at least until 2022.
Zero Trust Network Access (ZTNA) is the fastest-growing segment in network security, forecast to grow 36 percent in 2022 and 31 percent in 2023, driven by the increased demand for zero trust protection for remote workers and organizations’ reducing dependence on VPNs for secure access.
At least 70 percent of new remote access deployments will be served predominantly by ZTNA as opposed to VPN services by 2025, up from less than 10 percent at the end of 2021.
Organizations face increased security risks as well as the complexity of operating and managing multiple technologies due to multi-cloud environments. This will lead to a push toward cloud security and the market share of cloud-native solutions will grow, according to Gartner.
The combined market for cloud access security brokers (CASB) and cloud workload protection platform (CWPP) will grow 26.8 percent to $6.7 billion in 2023. Demand for cloud-based detection and response solutions — such as endpoint detection and response (EDR) and managed detection and response (MDR) — will also increase in the coming years.
“CISO needs to focus on an expanding attack surface created by digital transformation initiatives such as cloud adoption, IT/OT-IoT convergence, remote working and third-party infrastructure integration,” said Ruggero Contu, senior director analyst at Gartner.