Cybersecurity services spending is on track to exceed expectations in 2023, according to research firm Gartner. The firm now projects that spending on security services will grow 10.1 percent in 2023, year-over-year, up from its prior forecast of 6.7 percent growth.
The increase in spending is being driven by a number of factors, including:
- The growing threat landscape: The number and sophistication of cyberattacks is increasing, forcing organizations to invest more in security to protect themselves.
- The rising cost of data breaches: The average cost of a data breach is now over $4 million, up from $3.92 million in 2021. This is leading organizations to invest more in preventive security measures, such as managed security services.
- The increasing complexity of IT environments: As organizations adopt more cloud-based applications and services, their IT environments are becoming increasingly complex. This makes it more difficult for organizations to manage their own security and is leading them to turn to managed service providers (MSPs).
The trend of increased spending on cybersecurity services is expected to continue in the coming years. Gartner projects that spending on security services will reach $173.1 billion in 2026, up from $113.7 billion in 2022.
What does this mean for businesses?
The increase in spending on cybersecurity services is a good sign for businesses of all sizes. It shows that organizations are taking cybersecurity more seriously and are willing to invest in the resources they need to protect themselves.
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