Gartner predicts that zero-trust network access, also known as cybersecurity, will continue its big spending trend in 2023, spending a total of $188.3 billion on information security and risk management products and services.
Despite the high expenditures recorded in recent years and projected for the coming years, the market will still grow rapidly in the coming years to nearly $262 billion in global spending in 2026, which is only 11% of the annual growth rate from 2021 onwards.
This is evident from the Gartner report on the three megatrends of transition that drive double-digit annual growth: Cloud, Remote Work, and Zero Trust Network Access.
Cloud security is expected to repeat its feat of being the fastest-growing category of cybersecurity in 2023, with companies spending nearly $6.69 billion on cloud security in 2023, an increase of nearly 27% over the previous year.
Application security, the second fastest-growing category of cybersecurity, is expected to grow by 25% and raise $7.5 billion in spending by 2023.
While security service providers, which rank third, are expected to spend $76.5 billion, more than 40% of total spending in 2023.
According to Gartner, the three factors driving growth in both the market and infrastructure are the continued growth of remote and hybrid work, the transition from VPNs to zero-trust network access, and the shift to cloud-based deployment models.
The sources for this piece include an article in CIODive.