Several key factors are driving the global increase in cybersecurity spending. Firstly, adopting cloud computing has increased investment in securing cloud environments, with spending on cloud security projected to rise by 24.7% in 2024. Cloud Access Security Brokers (CASB) and Cloud Workload Protection Platforms (CWPP) will be crucial in safeguarding cloud assets.
The COVID-19 pandemic has accelerated the shift towards remote and hybrid work models, leading organizations to invest in endpoint detection and response (EDR) and managed detection and response (MDR) solutions to protect their distributed workforce. These technologies provide real-time threat detection and response capabilities, mitigating risks in a dynamic work environment.
Generative AI, or GenAI, is emerging as both a tool for security teams and a weapon for threat actors. Organizations are increasing their investments in AI-powered security solutions to stay ahead of adversaries and harness the full potential of AI for defensive purposes.
Privacy regulations have undergone a global overhaul, and companies are adapting to new data protection rules. Spending on data privacy is projected to grow by over 24% in 2024 as organizations strive to comply with stringent data processing rules. Modern privacy regulations are reshaping how personal data is handled, with an estimated 75% of the world's population falling under these regulations by 2025.
Data privacy and cloud security are paramount concerns, with regulations like GDPR and CCPA holding organizations accountable for the data they collect and process. Spending on data privacy is surging as companies aim to protect sensitive information. Cloud security spending is also expected to rise significantly. CASBs and CWPPs play a crucial role in ensuring a secure cloud journey.
Regarding segment-wise cybersecurity spending trends, application security spending is set to increase by 15.7% in 2024, reflecting the need to protect critical software from vulnerabilities and attacks. Identity access management is projected to grow by 14.8%, while infrastructure protection spending is expected to rise by 17.5%. Security services, including consulting, IT outsourcing, implementation, and hardware support, will total $90 billion in 2024.
Organizations recognize the importance of investing in cybersecurity to address evolving threats, legal requirements, and technological advancements. The forecasted increase in cybersecurity spending reflects the growing significance of protecting digital assets in today's digital economy.
You can read more about the breakdown on The Cyber Express publication: https://thecyberexpress.com/cybersecurity-spending-trends-2024/