New Zealand organisations are expected to spend over $727 million on enterprise information security and risk management products and services by the end of 2021.
This is according to analyst firm Gartner, which claimed spending in the market this year will increase by 8.1 per cent, year-on-year — higher than 2020’s 6.6 per cent.
Out of the whole enterprise information security and risk management market, security services are expected to be the segment with the highest value this year, with it forecast to reach $438 million in 2021 — representing growth of 6.4 per cent, year on year.
Meanwhile, cloud security is anticipated to be the highest growing segment with growth of 35 per cent forecast for this year, up to $3 million. While up by over a third, this is down from its growth in 2020, when the segment grew by 51.5 per cent.
The only two segments predicted to record a hit to their spend are data security with a decline of 1.2 per cent to $10 million, and other information security software with a drop of 0.5 per cent to $8 million.
Regardless, the growth in this segment should come as no surprise when considering the firm’s 2021 Gartner CIO Agenda survey from October.
Back then, it found 67 per cent of respondents in Australia and New Zealand planned to increase investments in cyber security this year, coming second only to business intelligence and data analytics. Additionally, the survey also found 53 per cent of CIOs intended to invest into cloud services and solutions.