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Global cyber security spending to reach $223.8 billion by 2023, up 13%

Canalys Research: Global cyber security spending to reach $223.8 billion by 2023, up 13%, ransomware still the biggest threat

Global cybersecurity spending (including enterprise products and services) is forecast to grow by 13.2 percent in 2023, and remains a key growth area for channel partners, according to new Canalys forecasts. Under ideal conditions, total spending is expected to reach $223.8 billion in 2023, with cybersecurity service deliveries exceeding product shipments. The continued high level of cyber threats is driving companies to prioritize increased investment in cyber security. As budget holders come under increasing pressure and not all projects will be approved, they must scrutinize spending and focus on the most urgent cyber security needs to minimize the risk of breaches. Government and business spending in this area will increase, but as economic conditions deteriorate, input from small businesses will decrease.

Canalys analysts said, “Ransomware remains the biggest threat to businesses from an operational, financial and branding perspective. But the emergence and misuse of generative AI models such as ChatGPT is taking the cyber risk to another level in 2023. This will enable more cyber security threat actors to accelerate the creation of malicious code at an industrial scale, and increase the frequency and scope of attacks. Organizations are already struggling to deal with current threats and cannot afford to cut back on this spending, as they could become vulnerable to cyber threats if they let their guard down. Instead, they need to work more closely with their channel partners in order to make smarter investments.”

Image source Pexels

The delivery of cybersecurity services (including consulting, outsourcing, deployment, integration, maintenance and managed services) is expected to grow by 14.1 percent to $144.3 billion in 2023. This will account for 64.5% of the global cyber security market share in 2023,” said Canalys research analysts. “This year, organizations will continue to transform their cyber security strategies to improve their defensive capabilities. Implementing a zero-trust architecture to address cybersecurity vulnerabilities that have emerged since the new crown epidemic. This will drive more consulting services from channel partners and create opportunities to deploy and integrate multiple products from different vendors while reducing operational complexity through managed services. Overall, in 2023, more than 90 percent of cyber security product and service spend will be channeled through channel partners.”

In 2023, shipments of cyber security products (including endpoint security, network security, web and email security, data security, rights management, and vulnerability and security analytics) will grow by 11.7% to $79.5 billion. This implies strong growth in the technology sector, but slower growth compared to 2022. At that time, enterprises increase spending to upgrade existing defenses and introduce new capabilities, particularly cloud, IoT / OT and identity security. 2023 will see continued expansion in deal size. However, the sales cycle will be extended as more levels of sign-off are required. It will be even more important for channel partners to conduct risk assessments and demonstrate a return on investment. However, total cyber security spending will still fall short of being able to turn the cyber security threat landscape around due to chronic underinvestment.

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