With the increased digital transformation plans across industries, organizations are grappling with security and regulatory demands in the public cloud and software-as-a-service solutions.
The worldwide spending on information security, as well as risk management technology and services, is projected to grow around 12.4%, reaching $150.4 billion by the end of 2021, reveals Gartner.
A recent study focuses on the growing technology market and found that security and risk management spending increased about 6.4% in 2020. The analysts from Gartner indicated a strong growth rate reflecting the ongoing demand for improved remote worker technologies along with cloud security solutions.
Today, businesses are grappling with the security and regulatory demands around the public cloud and software as a service. As per the Gartner 2021 CIO Agenda Survey, cyber-security is the top priority for fresh spending.
In this matter, nearly 61% of the more than 2,000 surveyed CIOs are increasing their investment in cyber innovation and information security in 2021. The plans for security services include consulting, implementation and outsourced services, and hardware support.
This overall represents the largest category of technology spending across the business this year – reaching as high as $72.5 billion worldwide. The study highlighted the smallest but fastest-growing market segment currently is cloud security – especially cloud access security brokers (CASB).
In this context, Lawrence Pingree, VP of managing research at Gartner explained, “Looking ahead, we’re seeing early market signals of growing automation and further adoption of machine learning technologies in support of AI security. To combat attacks, organizations will extend and standardize threat detection and response activities.”
The pace of client inquiry represents that CASB is a preferred choice for cloud-using enterprises. This is happening more due to the growing popularity of non-PC devices usage for interacting with core business processes.
This in return is creating critical security risks – however, it could be mitigated effectively with a cloud access security broker (CASB). In fact, CASBs also allow safer interaction between SaaS apps and unmanaged devices.
According to the statistics, integrated risk management (IRM) technology is seeing robust double-digit growth. This is also resulting from risks highlighted amid the widespread pandemic crisis which brought severe technical disruption.
Hence, John A. Wheeler, Senior Research Director at Gartner cited – “Areas of significant risk driving near-term demand include the advent of new digital products and services and the related health and safety use, as well as third-party risks such as customer data breaches or supply chain attacks.”