Global cybersecurity spending is expected to reach $150 billion in 2021

In the context of the increasing global cybercrime, companies and organizations will continue to increase investment in security tools and technologies. The latest report released by market research company Gartner predicts that global spending on information security and risk management services is expected to increase by 12.4%, reaching $150.4 billion in 2021.

In 2020, spending on security and risk management increase by 6.4%. Gartner analysts believe that the strong growth rate reflects the continued demand for remote worker technology and cloud security. Gartner 2021 CIO Agenda Survey also pointed out that cybersecurity is the top priority for new expenditures. Among the more than 2,000 CIOs surveyed, 61% plan to increase investment in network/information security this year.

Gartner predicts that spending in all security areas will grow, including applications, cloud, data, identity access management, infrastructure protection, integrated risk management, network security equipment, security services, and consumer security software. But security services including consulting, hardware support, implementation, and outsourcing services will be the largest expenditure category in 2021, reaching nearly $72.5 billion globally.

In 2021, spending on infrastructure protection will also reach $24 billion, spending on network security equipment will reach $17 billion, and spending on identity access management will reach $14 billion. And given the threats that emerged during the pandemic, expenditures on integrated risk management technologies will also achieve double-digit growth.

The report also pointed out that the smallest but fastest-growing market segment is cloud security, especially cloud access security brokers (CASB). In 2020, spending on protecting online assets was $595 million. By 2021, such expenditures are expected to reach $841 million, an increase of 41%.