Gartner: Managed Security Services A Key Driver In Cybersecurity Growth

As organizations continue to adopt cloud solutions and hybrid work models and dive deeper into generative AI, security and risk management leaders are being forced to increase their budgets. Learn what specific areas they are investing in.

  • November 10, 2023 | Author: Allison Bergamo
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The volume and intensity of cyber threats are translating into more opportunities for managed security service providers. According to the latest research from Gartner, end-user spending on security and risk management worldwide is projected to total $215 billion in 2024, an increase of 14.3 percent from 2023. In 2023, global security and risk management end-user spending is estimated to eclipse $188 billion.

Organizations are continuing to adopt cloud solutions and hybrid work models and dive deeper into generative AI (Gen AI), forcing security and risk management (SRM) leaders to increase their security and risk management spending. So, what areas are they investing in?

Gartner notes that spending on data privacy and cloud security is projected to show the highest growth rates in 2024, with each segment increasing by more than 24 percent year over year. Data privacy is a top priority for organizations as regulations around the processing of personal data continue to emerge, especially related to the use of AI. Gartner also predicts that by 2025, 75 percent of the world’s population will have its personal data covered by “modern privacy regulations.”

All these factors translate into more opportunities for MSPs and MSSPs. Gartner forecasts that spending on security services including consulting, IT outsourcing, implementation and hardware support will total $90 billion in 2024, an 11 percent increase from 2023. Security services is expected to represent 42 percent of total security and risk management end-user spending.

“In light of cyber risks increasing, cyber threats proliferating and a changing operating environment, it is more critical than ever for organizations to build and optimize a cybersecurity program,” notes Shailendra Upadhyay, senior research principal at Gartner.

Take advantage of this security spending surge to enhance your services portfolio with solutions designed to address modern cyber threats. The Fortinet Security Fabric spans the extended digital attack surface and cycle, enabling self-healing security and networking to protect devices, data and applications. Our future-ready technologies are integrated with AI-powered centralized analysis and automated prevention to deliver cohesive and consistent security, and simplified operations across different technologies, locations and deployments.

View our video to learn about Fortinet’s Security Fabric and how it delivers broad, automated and integrated security.

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