(22 October 2019 – Global) Investment in security products and services will jump sharply by 2023 as large global corporates attempt to meet regulatory requirements and defend against mounting security threats according to new research by International Data Corporation (IDC).
IDC’s research shows that worldwide spending on security related hardware, software, and services will be US$106.6 billion in 2019, representing an increase of 10.7 percent year-on-year. This figure is forecast to expand to US$151.2 billion by 2023, representing a 9.4 percent compound annual growth rate (CAGR). Services account for the largest share of security spending, with a total of US$47 billion in 2019 at a five year CAGR of 11.2 percent (the services sector includes managed security services, integration services, consulting services, IT education and training). Banking, manufacturing, and government sectors will account for almost 30 percent of global security spending in 2019, devoting a significant portion of their expenditure on managed security services and integration services.
“Looking at security spending across industries, banking, manufacturing, and government control the largest security IT budgets as they are charged with protecting highly sensitive data and meeting myriad compliance mandates. Robust investment in key security solutions is due to myriad facets of security needs, including data loss and prevention, compliance and risk management, increasingly sophisticated cyber schemes, and digital transformation complexity” stated IDC Research Manager Customer Insights and Analysis, Karen Massey.