IT security spending is growing at a healthy 12.4% and will continue to expand based on demand generated by concerns of security risks, business needs, and industry changes, according to a new Gartner forecast.
Security spending should be more than $114 billion in 2018 and grow by 8.7% to $124 billion in 2019. Privacy will drive many of the new expenditures, with identity and access management, identity governance and administration, and data loss prevention key areas of interest.
Capital purchases are not the only reason for spending: ongoing skills shortages and concerns over regulations such as GDPR are driving organizations to build more relationships with security services to bridge gaps in their capabilities. Gartner estimates that services will represent at least half of security software delivery by 2020.
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