A recent forecast from market analyst Gartner states that worldwide spending on security products will increase 12.4 percent this year, up to $114 billion. The forecast also predicts another 8.7 percent growth in spending in 2019, which puts the projected total spent on information security next year at $124 billion.
A 2017 survey conducted by Gartner found that security risks, business needs, and industry changes have led to increased cybersecurity spending.
The main drivers of spending are an "increased focus on building detection and response capabilities"; privacy regulations such as the European Union's Global Data Protection Regulation (GDPR); and "the need to address digital business risks." In addition, the organization predicts that privacy concerns will cause at least 10 percent of market demand for security services through next year.
The organization also found that security as a service may soon surpass on-premises deployments. According to its forecast, subscription and managed services will comprise at least 50 percent of security software delivery by 2020. "Gartner Forecasts Worldwide Information Security Spending to Exceed $124 Billion in 2019" gartner.com (Aug. 15, 2018).