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.”
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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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