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.
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