The global cybersecurity spending is expected to grow by 5.6% in 2020 in its best-case scenario, says Canalys, with investment continuing to outpace the economy.
In its latest report on the cybersecurity market, the firm anticipates the cost of cybersecurity-focused shipments to reach US$43.1 billion this year. The shipments, in this case, cover everything including endpoint security, network security, web and email security, data security, and vulnerability, and security analytics.
In the worst possible scenario, putting into consideration the maximum level of negative economic impact and duration of the COVID-19 pandemic, the market is still expected to grow but by a minute 2.5 percent.
The research firm cites persistent threats and vulnerabilities as a major push for continued investment in the sector for companies around the world despite the economic slowdown caused by the pandemic.
“The shift to subscriptions will shield cybersecurity from immediate IT spending cuts, but additional expenditure will be affected for the rest of the year as organizations begin the next stage in their response to the pandemic,” said Matthew Ball, Chief Analyst at Canalys.
Growth will vary per different categories; endpoint security is expected to record the highest growth rate as employees continue to work remotely, while spending on traditional appliance-based perimeter defenses will decrease.
Companies will be forced to change spending habits on security as they seek to tackle the new challenges brought about by having a decentralized workforce.
The focus will turn to web and email security, data security, and vulnerability and security analytics, as well as cloud deployment options and securing cloud-deployed workloads.