Plus global cybersecurity spending is predicted to exceed $1 trillion cumulatively over the next five years, from 2017 to 2021, according to Cybersecurity Ventures.
The latest forecast from Gartner Inc. says worldwide information security spending will grow 7 percent to reach $86.4 billion (USD) in 2017 and will climb to $93 billion next year.
Gartner’s forecast concentrates on corporate IT and includes categories such as IT security outsourcing, managed security services, consulting and implementation, infrastructure protection, application security testing, data loss prevention (DLP), endpoint protection, security information and event management (SIEM), secure email and web gateways, identity governance and administration, web access management, and other IAM.
Lawrence Pingree, research vice president, Technology and Service Providers – Security Technologies at Gartner, said in an email exchange that the forecast includes all end-user spending, both by enterprises and by consumers.
The consumer security subsegment of the market covered by the Gartner forecast includes stand-alone suites of endpoint security products, including antivirus, anti-spyware, personal firewalls and host-based intrusion prevention systems (HIPSs), parental control, fraud detection, and mobile security — plus desktop and subscription antivirus sold or rented to the small office/home office segment and consumers.
Information security is a subset of the broader cybersecurity market, which is predicted to exceed $1 trillion in cumulative spending over the next five years, from 2017 to 2021, according to Cybersecurity Ventures.
Cybersecurity includes IT security, consumer security products such as biometrics and personal malware protection, medical device security, IoT and embedded systems security, Industrial Control Systems (ICS) and Industrial Internet of Things (IIoT) security, automotive cybersecurity, aviation cybersecurity, military cyber defense technology, and others that don’t fall under the traditional IT umbrella.
The Gartner forecast doesn’t cover IoT security and ICS security, said Contu Ruggero, a research director based in Italy, and chair of the Gartner India Security and Risk Summit, in an email exchange.
IoT security and ICS security are fast-growing markets. Together, just those two security sectors are estimated to be worth upwards of a combined $43 billion annually by 2022, according to one market research firm.
Taken as a whole, Cybersecurity Ventures anticipates 12-15 percent year-over-year cybersecurity market growth through 2021.