Cloud security and data privacy will be the fastest growing areas next year.

Australian end-user spending on security and risk management (SRM) is to reach A$7.74 billion in 2024, according to Gartner. 

The analyst firm claimed SRM spending is growing by 11.5 per cent with security services accounting for the lion’s share of spending.

Meanwhile, cloud security and data privacy will be the fastest growing next year, Gartner predicted. 

Globally security and risk management will account for a total of US$215 billion in 2024, an increase of 14.3 per cent from the US$188.1 billion expected to be reached in 2023. 

Gartner senior research principal Shailendra Upadhyay said the continuous adoption of cloud, continuous hybrid workforce and rapid emergence of generative artificial intelligence are driving security leaders to increase their SRM spending.

"At the same time, they are focusing their efforts by adopting technical security capabilities that provide far greater visibility and responsiveness across the organisation's entire digital ecosystem and restructuring the way the security function operates to enable agility without compromising security," Upadhyay added. 

Spending on data privacy and cloud security is projected to record the highest growth rates in 2024, with both segments increasing more than 24 per cent year-over-year. 

Meanwhile, spending on security services including consulting, IT outsourcing, implementation and hardware support is forecast to increase by 11 per cent to a total of US$90 billion in 2024, representing 42 per cent of total SRM end-user spending. 

"In light of cyber risks increasing, cyber threats proliferating and a changing operating environment, it is more critical than ever for organisations to build and optimise a cyber security program," said Upadhyay. 

"It is the cornerstone of cyber security initiatives which help SRM leaders secure new environments, protect against the expanded attack surface, consume security capabilities in new ways and create better efficiencies through automation."