Published on March 17th, 2021 📆 | 4973 Views ⚑0
Gartner Forecasts Enterprise Information Security and Risk Management Spending in India to Grow 9.5% in 2021
Enterprises’ Rapid Shift to Cloud Continues to Increase Spending on Cloud Security
Enterprise information security and risk management end user spending in India is on pace to total US$2.08 billion in 2021, an increase of 9.5% from 2020, according to the latest forecast from Gartner, Inc.
“The overnight move to remote-working in reaction to the pandemic exposed organizations’ vulnerabilities” said Prateek Bhajanka, senior principal research analyst at Gartner. “While security leaders had to cut-down on their security spending in 2020 because of IT budget-cuts, in 2021, this trend is reversing. A secure digital environment is now foundational to organizations’ growth and in preparation to another crisis that may arise. Security leaders are ready to reinvest in cybersecurity with a renewed and refreshed rigor.”
Gartner analysts shared how security and risk management leaders (CISOs) can advance their IT cybersecurity and risk strategy at the Gartner Security & Risk Management Summit India taking place virtually through Thursday.
In 2021, organizations are expected to increase their spending across all segments of security and risk management. Continuing the trend from last year, cloud security and integrated risk management will experience the highest growth in 2021, up 251% and 27.8%, respectively (see Table 1).
Enterprise Information Security & Risk Management End User Spending by Segment, India, 2020-2021 (Millions of U.S. Dollars)
Identity Access Management
Integrated Risk Management
Network Security Equipment
Other Information Security Software
Source: Gartner (March 2021)
Shift to cloud drives triple-digit spending on cloud security
“India is at an early stage of cloud adoption and the pandemic only accelerated this shift as organizations moved to the cloud to achieve cost efficiency and business continuity,” said Mr. Bhajanka. “In 2020, hyperscalers, such as Amazon Web Services, Microsoft Azure and Google Cloud, increased their investment in data centers in India, further catalyzing Indian organizations’ move to cloud during the pandemic.”
CISOs and security leaders are aware of the risks and vulnerabilities that their organizations can be exposed to while migrating to cloud from legacy systems. To manage these risks, organizations are increasing their spending on cloud security tools, driving the market up 251.1% in 2021. Cloud access security brokers (CASB) and cloud workload protection platform (CWPP) will be some of the major technologies that CISOs in India will increase their spending on within the cloud security segment in 2021.
In addition, Indian CISOs and security leaders will focus on establishing and deploying threat detection and response programs and capabilities, such as endpoint detection and response (EDR),and move to cloud delivered security capabilities to have consistent security coverage whether working from office, home or off-site.
Gartner clients can read more in the report “Forecast: Information Security and Risk Management, Worldwide, 2018-2024, 4Q20 Update.”
Gartner Security & Risk Management Summits
The Gartner Security & Risk Management Summit 2020 brings together security, risk and identity and access management (IAM) decision makers looking to adapt and evolve their organization through disruption and uncertainty, navigate risks and prioritize investments. Follow news coming from the Gartner Security & Risk Management Summit on the Gartner Newsroom and on Twitter using #GartnerSEC.
About the Gartner Information Technology Practice
The Gartner IT practice provides CIOs and IT leaders with the insights and tools to drive the organization through digital transformation to lead business growth. Additional information is available at https://www.gartner.com/en/information-technology. Follow news and updates from the Gartner IT practice on Twitter and LinkedIn using #GartnerIT.
Gartner, Inc. (NYSE: IT) is the world’s leading research and advisory company and a member of the S&P 500. We equip business leaders with indispensable insights, advice and tools to achieve their mission-critical priorities and build the successful organizations of tomorrow.
Our unmatched combination of expert-led, practitioner-sourced, and data-driven research steers clients toward the right decisions on the issues that matter most. We are a trusted advisor and an objective resource for more than 14,000 organizations in more than 100 countries — across all major functions, in every industry and organization size.
To learn more about how we help decision makers fuel the future of business, visit www.gartner.com.
originally appeared on Source link