Cybersecurity spending slumps – but swift recovery expected

I’ve seen projects put on hold or pushed back, consistent with this study’s findings…:

Despite a new impetus to take cybersecurity more seriously as a result of increasing volumes of cyber-attacks due to COVID-19, spending on IT security will fall in 2020 as a result of economic constraints – also due to the pandemic.

That’s according to new research from GlobalData, which also found that the industry will recover after this initial slump to be worth almost US$238 billion by 2030, with a compound annual growth rate (CAGR) between 2019 and 2030 of 6%.

GlobalData’s research comes to a similar conclusion to a recent report from Canalys, which found that planned increases in cybersecurity spending and investment over the next 12 months will be either reduced or halted completely due to budget pressures and supply chain constraints.

“The unprecedented shift to remote working from March resulted in strong demand for endpoint security to protect new company-deployed notebooks, as well as consumer-owned devices used as part of business continuity measures,” says Canalys chief analyst Matthew Ball.

“Endpoint security shipments increased by 16.9% to represent 15.4% of the total cybersecurity market. This strong growth continued into Q2, as more countries implemented lockdown measures.

“But network security only grew 4.0% as the hardware appliance business for some vendors was affected by supply chain constraints.”

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Original article here