Worldwide enterprise security spending is tipped to hit $96.3bn in 2018, up 8%, driven by regulations, a shifting buyer mindset, awareness of emerging threats and the evolution to a digital business strategy, claims Gartner.
"Overall, a large portion of security spending is driven by an organisation's reaction toward security breaches as more high profile cyber attacks and data breaches affect organisations worldwide," said Ruggero Contu, Research Director at Gartner.
"Cyber attacks such as WannaCry and NotPetya, and most recently the Equifax breach, have a direct effect on security spend because these types of attacks last up to three years."
Gartner says that security testing, IT outsourcing and security information and event management (SIEM) will be among the fastest growing security subsegments driving growth in the infrastructure protection and security services segments.
Gartner forecasts that by 2020 more than 60% of organisations will invest in multiple data security tools such as data loss prevention, encryption and data-centric audit and protections tools, up from approximately 35% today.
Enterprise security budgets are also shifting towards detection and response, and this trend will drive security market growth during the next five years.
"This increased focus on detection and response to security incidents has enabled technologies such as endpoint detection and response, and user entity and behaviour analytics to disrupt traditional markets such as endpoint protection platforms and SIEM," added Contu.