Security And Risk Management Spending In India To Grow 13.6% In 2024: Gartner

End-user spending on security and risk management in India is expected to total $3 billion in 2024, an increase of 13.6% from 2023, according to a report by research and consulting firm Gartner. In 2023, end-user spending on security and risk management in India is estimated to reach $2.7 billion.

Worldwide end-user spending on security and risk management is projected to reach $215 billion in 2024, an increase of 14.3% from the 2023 total, which is expected to be $188.1 billion, the report said.

Cloud, AI, Hybrid Work Driving Security Spending

Enterprises are facing increased security and risk exposure due to expanding digital landscape, cloud migration and remote/hybrid work. This will continue to drive security spending through 2023 and early 2024, the report said.

“The continuous adoption of cloud, continuous hybrid workforce, rapid emergence and use of generative artificial intelligence, and the evolving regulatory environment are forcing security and risk management leaders to enhance their security and risk management spending,” said Shailendra Upadhyay, senior research principal at Gartner.

According to Upadhyay, SRM leaders are focusing their efforts by adopting technical security capabilities that provide far greater visibility and responsiveness, across the organisation's entire digital ecosystem and restructuring, the way the security function operates to enable agility without compromising security.

Spending On Data Privacy, Cloud Security To Grow The Most

Global spending on data privacy and cloud security is projected to record the highest growth rates in 2024. While the growth rate of cloud security spending in 2024 is expected to be 24.7%, that of data privacy is forecast to be 24.6%. Privacy remains a top organisational priority as regulations that impact the processing of personal data continue to emerge, including those related to the use of AI. Gartner predicts that by 2025, 75% of the world's population will have its personal data covered by modern privacy regulations.

The continued growth in public cloud services will bolster spending on cloud security tools, the report said. In the cloud security segment, the combined spending on cloud access security brokers software and cloud workload protection platforms is projected to total $7 billion in 2024, up 24.7% from 2023. Demand for cloud-based detection and response solutions—such as endpoint detection and response and managed detection and response—is also expected to increase in 2024.

Security Services To Represent 42% Of Security And Risk Management Spending

Global spending on security services—consulting, IT outsourcing, implementation and hardware support—is forecast to total $90 billion in 2024, an increase of 11% from 2023. Security services are expected to represent 42% of total security and risk management end-user spending in 2024, and to remain the largest area of security and risk management spending in 2024.

“In light of cyber risks increasing, cyber threats proliferating and a changing operating environment, it is more critical than ever for organisations to build and optimise a cybersecurity program,” said Upadhyay. “It is the cornerstone of cybersecurity initiatives which help SRM leaders secure new environments, protect against the expanded attack surface, consume security capabilities in new ways and create better efficiencies through automation.”