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Malware threats send worldwide security spending to new high

(Image credit: Image Credit: ESB Professional / Shutterstock)

The world will spend even more money on security products this year, according to new figures from Gartner. 

The market analysts’ latest report says worldwide spending on security services will hit $11 billion, up 12.4 per cent compared to last year. The spending will continue next year, as well, Gartner claims, saying it will grow 8.7 per cent and hit $124 billion.

Security risks, business needs and industry changes seem to be the three biggest drivers for security spending, with privacy concerns elbowing their way into the list, as well.

According to Gartner, privacy concerns will account for roughly 10 per cent of all market demand for security services next year.

"Persisting skills shortages and regulatory changes like the EU’s Global Data Protection Regulation (GDPR) are driving continued growth in the security services market," said said Siddharth Deshpande, research director at Gartner.

For the next year, Gartner believes GDPR, will be one of the main drivers for security spending. Besides GDPR, other notable trends include risk management, privacy concerns within digital transformation, as well as various services (subscription and managed).

"On-premises deployments are still the most popular, but cloud-delivered security is becoming the preferred delivery model for a number of technologies," said Mr Deshpande.

Gartner’s full report can be found on this link.

Image Credit: ESB Professional / Shutterstock

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.