An integrative security architecture and a proactive investment will help organizations get the greatest ROI from their cybersecurity spending.
Published Oct. 2, 2023
Publisher: John Phan, CapSentinel President
Gartner’s recent projection on the upsurge in security and risk management spending, forecasting a total of $215 billion in 2024, an increase of 14.3% from 2023, manifests an imperative for organizations to realign and reinforce their cybersecurity frameworks. Amidst the rapid technological advancements and evolving operational paradigms, it’s becoming clear that cybersecurity isn’t just an IT concern, but a cornerstone of sustainable business operations.
Table 1. Security and Risk Management End-User Spending for All Segments, Worldwide, 2022-2024 (Millions of U.S. Dollars)
| Segment | 2022 Spending | 2023 Spending | 2023 Growth (%) | 2024 Spending | 2024 Growth (%) |
| Application Security | 5,047.60 | 5,765.20 | 14.2 | 6,670.30 | 15.7 |
| Cloud Security | 4,487.40 | 5,616.70 | 25.2 | 7,002.60 | 24.7 |
| Data Privacy | 1,129.20 | 1,338.70 | 18.5 | 1,667.30 | 24.6 |
| Data Security | 3,072.90 | 3,692.10 | 20.1 | 4,333.30 | 17.4 |
| Identity Access Management | 13,944.10 | 16,169.10 | 16 | 18,556.50 | 14.8 |
| Infrastructure Protection | 24,089.00 | 28,359.60 | 17.7 | 33,319.60 | 17.5 |
| Integrated Risk Management | 5,157.30 | 5,687.10 | 10.3 | 6,277.70 | 10.4 |
| Network Security Equipment | 18,932.50 | 21,383.60 | 12.9 | 24,360.10 | 13.9 |
| Security Services | 73,394.70 | 80,835.70 | 10.1 | 89,996.70 | 11.3 |
| Consumer Security Software | 7,443.40 | 7,901.70 | 6.2 | 8,406.70 | 6.4 |
| Others | 8,029.80 | 11,365.40 | 41.5 | 14,362.80 | 26.4 |
| Total | 164,728.00 | 188,114.80 | 14.2 | 214,953.70 | 14.3 |
The table released by Gartner underscores the spending trajectory from 2022 to 2024 across various security segments and carries pivotal insights. A close examination reveals an uptick in spending across segments like Cloud Security, with an expected 56% growth from $4.487 billion in 2022 to an anticipated $7.003 billion in 2024. Similarly, Application Security and Data Security are on an upward spiral, earmarked by respective growth rates of 32% and 41%, from 2022 to 2024. The increased spending emphasizes a shift towards creating a robust security architecture that can weather the storm of contemporary cyber threats.
Bridging the Organizational Domains
A striking inference from this data is the seamless integration of cybersecurity with other organizational domains. The delineated growth in Data Privacy from $1.129 billion in 2022 to $1.667 billion in 2024 mirrors the rising importance of intertwining robust data security frameworks with operational and financial risk management strategies. This integration necessitates a breed of cybersecurity professionals who are adept not just in IT but carry a holistic understanding of other functional realms like finance and operations. Their cross-disciplinary expertise will be pivotal in enhancing the cybersecurity posture of enterprises, while ensuring compliance with evolving regulatory landscapes.
A Proactive Investment
The increase in spending on Security Services from $73.395 billion in 2022 to a forecasted $89.997 billion in 2024 encapsulates an organizational shift towards a comprehensive cybersecurity approach. This isn’t merely a reaction to the escalating threat landscape, but a proactive stance aimed at preemptively mitigating risks. It reiterates the need for a sturdy security infrastructure, fortified not just by state-of-the-art technology but by a knowledgeable cadre of experts who can navigate the complex interplay of cybersecurity with other organizational facets.
Gartner’s forecast is a clarion call for organizations to foster a culture of continuous enhancement in their cybersecurity strategy. Cybersecurity is an ever-evolving domain that extends beyond merely ramping up spending, requiring a synergistic relationship with operations and finance. An integrative approach will not only brace organizations against advanced and sophisticated cyber threats, but will pave the way for a resilient, secure, and sustainable operational framework in the long haul.
