Worldwide growth in Infosecurity spending is set to experience slow growth in 2020. As IT security is a major priority, spending continues to increase but not to the extent forecast earlier. Gartner revised its forecast of Infosec spending growth at 2.4% compared to its earlier forecast of 8.7% in December 2019.
The leading Analyst firm noted COVID is driving “short-term demand in areas such as cloud adoption, remote worker technologies and cost-saving measures“.
“Like other segments of IT, we expect security will be negatively impacted by the COVID-19 crisis,” said Lawrence Pingree, managing vice president at Gartner.
“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.”
The ongoing shift to digital and online coupled with the constant cybersecurity threats mean the spending on IT Security will not decline and retains enterprise focus.
Gartner noted Cloud-based delivery models have reached well above 50% of the deployments in markets such as secure email and web gateways.
Overall we expect a pause and a reduction of growth in both security software and services during 2020
Lawrence Pingree, Managing VP Gartner
Last month, Gartner forecast global IT spending to decline by 8 per cent to $3.4 trillion while Australian IT spending is set to decline by 6 per cent to just under A$88.8 billion in 2020. The biggest fall seen in devices (PCs, tablets, smartphones) and data centre technologies.
As the COVID-19 pandemic continues to spur remote working, sub-segments such as public cloud services (which falls into multiple categories) will be a bright spot in the forecast, growing 19% in 2020, noted Gartner.
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