Broker Check

Slower Growth in Cyber Security Spending

August 28, 2020

It's understandable that in a recession businesses with lowered revenues will spend less. So it's not surprising that as reported in Cyber Security Intelligence that market analysts now expect only minimal expansion in the cyber security market this year. Previous forecasts of 8-10% growth in 2020 have been replaced by estimates from 2.4% to 5.6%. The market is expected to recover by 2023.

This slowdown is taking place as cyber attacks continue to increase, privacy regulations are tighter and businesses are transitioning to cloud based services. Managing these challenges with tight budgets will be difficult. Companies will try to do more with less, and expect their suppliers and providers to do the same. We can only hope this crisis will soon end and spending on cyber security will resume its growth.