Latest News | Growth in End-user Spends on Security, Risk Mngmt to Slow Down in 2022: Report

Mumbai, Mar 8 (PTI) Growth in end-user spending on security and risk management in India is estimated to decline to 9.4 per cent to USD 2.6 billion in 2022, as per a report.

The segment had witnessed a 12.2 per cent growth in 2021, according to an estimate by analysts at Gartner.

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In 2022, the growth in spends will be driven by the trend of work from anywhere culture, hybrid and virtual-first workplaces, it said, adding that spending will be witnessed on cloud security and integrated risk management.

“Hybrid or remote working is the new normal in 2022. Some organisations have even shifted to a virtual-first approach following the learnings from 2020," said Prateek Bhajanka, senior principal research analyst at Gartner.

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"This model of working puts the spotlight on cloud, endpoint and identity security as employees become the 'branch of one' for an organisation,” he added.

There is a significant shortage of skilled cybersecurity professionals that leads many end-user organisations in India to often engage with security service providers to meet their cybersecurity objectives, the report said.

As a result, spending on security services is forecast to total USD 1 billion in 2022, the highest among all segments, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)