Security software spendingThe more companies expand their web presence, the higher the risks. Therefore, security software expenditure must be the main priority on a company’s security spending list. For instance, productivity software, industry-specific apps, operating systems, and security software are the top leading segments in terms of software budget distribution for companies in North America and Europe. Nevertheless, as of 2021, companies worldwide allocated the highest share of their annual security budget to skilled staff, while on-premises tools and software accounted for 17 percent of a company’s security budget.
As the software market is migrating more and more from an on-premises model to a cloud subscription model, cloud-based security solutions, such as defending against malware, are also highly emphasized in an organization’s security budget. In fact, these solutions are seeing the most significant increase in the level of spending compared to other types of security spending. After the coronavirus (COVID-19) determined and accelerated the widespread remote work practice, it is no surprise that companies are taking cloud security as well as identity access management (IAM) seriously. Moreover, as of 2022, software-defined wide area network (SD-WAN) was the emerging IT security technology that most global companies already had running.