Cybersecurity spending on pace to surpass $260B by 2026 - Cybersecurity Dive

Cybersecurity spending on pace to surpass $260B by 2026 Gartner pinned annual double-digit growth on three transitionary megatrends: remote work, zero trust network access, and the cloud. Published Oct. 18, 2022 Matt Kapko Senior Reporter Share License Add us on Google Getty Images Organizations will spend a collective $188.3 billion on information security and risk management products and services in 2023, according to Gartner.  The market will balloon in the years following, generating nearly $262 billion in global spending in 2026, reflecting a constant-currency compound annual growth rate of 11% from 2021, the research firm projects.  Gartner identified three factors that are fueling growth: A continued increase in remote and hybrid work. A transition from VPNs to zero trust network access. A shift to cloud-based delivery models are all propelling the cybersecurity market to new heights. Cloud security is forecast to be the strongest category for growth in 2023, following a similar market-leading pace of growth in 2022. Gartner predicts organizations will spend nearly $6.69 billion on cloud security in 2023, rising almost 27% year-over-year. Application security, which Gartner identified as the second-fastest growing category, is expected to rise about 25% and capture $7.5 billion in 2023 spending. More than 40% of what’s projected to be spent in 2023 will be banked by security services providers, according to Gartner. The research firm expects security services to land $76.5 billion in 2023 spending.  By 2025, Gartner predicts at least 70% of new remote access deployments will be served by zero trust network access instead of VPN services. That marks a significant shift from 2021 when zero trust network access accounted for 10% of such deployments. “The modern CISO needs to focus on an expanding attack surface created by digital transformation initiatives,” Ruggero Contu, senior director analyst at Gartner, said in a statement. Cloud adoption, remote working, third-party infrastructure integration and the convergence of IT, OT and IoT are all contributing to this expanded attack surface, he said. Add us on Google Share PURCHASE LICENSING RIGHTS Filed Under: Strategy