As the digital landscape continues evolving at an unprecedented pace, so do the threats that organizations face in cybersecurity. In the wake of this ever-changing landscape, spending on cybersecurity services is on track to surpass 2023 forecasts amid intensifying cyber threats, which brings both anticipation and a sense of urgency to the forefront for more organizations.
Gartner, a globally renowned research and advisory firm, recently released its updated projections for the security and risk management sector through 2024, and the numbers are nothing short of remarkable. According to their report, global spending in this critical area is projected to reach $215 billion next year, a year-over-year increase of 14.3 percent from 2023.
According to Gartner’s new forecast, 2023 security services spending is estimated to grow 10.1 percent over 2022, reaching $188.1 billion. The research firm’s prior forecast suggested security services spending would only increase by 6.7 percent over 2022. This growth indicates the escalating need for organizations to fortify their defenses against an ever-expanding array of cyber threats.
The key drivers behind this substantial increase in security and risk management spending are multifaceted. Firstly, the persistent risk of cyber threats that can take place 24/7/365 is forcing businesses to look to managed security services to safeguard their assets, data, and reputation.
Secondly, “The continuous adoption of cloud, continuous hybrid workforce, rapid emergence and use of generative AI (GenAI), and the evolving regulatory environment are forcing security and risk management (SRM) leaders to enhance their security and risk management spending,” said Shailendra Upadhyay, senior research principal at Gartner. Consequently, organizations are adding more resources and tools and spending more than ever to ensure the security of these newly adopted technologies.
Services Spending Poised to Make Up Half of 2024 Total
Looking ahead, spending on security services – consulting, IT outsourcing, implementation, and hardware support – is likely to grow to $90 billion in 2024, an increase of 11 percent from 2023. Gartner now predicts that security services will represent 42 percent of total security and risk management end-user spending in 2024 and remain the largest area of security and risk management spending that year.
Gartner's forecasts are a wake-up call for end users and channel partners worldwide. Balancing investment and implementation will become critical for organizations looking to build and optimize a cybersecurity program and stay ahead of the curve. With the right strategies and technologies in place, Sophos can help you and your customers navigate these challenges and emerge stronger and more resilient than ever before.
Contact Sophos to learn more.