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Information security spending growth to slow in 2020

(Image credit: Image Credit: MK photograp55 / Shutterstock)

Businesses around the world will continue spending money on information security technology and services in 2020, albeit not at the pace previously forecast. This is according to analyst firm Gartner, which now believes spending will grow 2.4 percent, hitting $123.8 billion.

In December 2019, before Covid-19 forced much of the world population into lockdown and “battery-saving” mode, Gartner expected growth for the year to be 8.7 percent.

However, there is also a silver lining to the pandemic for the IT market, with demand for cloud services, remote working technology and cost-saving measures seeing short-term spikes.

“Like other segments of IT, we expect security will be negatively impacted by the Covid-19 crisis,” said Lawrence Pingree, Managing Research Vice President at Gartner. “Overall we expect a pause and a reduction of growth in both security software and services during 2020.”

“However, there are a few factors in favour of some security market segments, such as cloud-based offerings and subscriptions, being propped up by demand or delivery model. Some security spending will not be discretionary and the positive trends cannot be ignored,” he said.

With businesses moving towards a cloud-based delivery model, the security market should not suffer much of a downturn, according to Gartner.

At the other end of the spectrum, however, sits networking security equipment such as firewalls and intrusion detection and prevention tools, which the analyst firm believes will be most severely impacted.