The analyst company IDC has announced that worldwide security spending will grow this year by 12.1% to $219 billion as a result of ongoing cyberattacks. The spending will include investments in hardware, software, and services related to cybersecurity. It also said that providing a secure hybrid work environment, and meeting data privacy and governance requirements will also be causes for increased spending.
"Spend on security products and services will continue to outperform growth in overall IT spending," said Serena Da Rold, associate research director, IDC Data & Analytics. "Almost all industries and company size segments will see low double-digit growth through 2026, driven by the expansion of cloud and container deployments, the need to secure remote access to resources, and the compliance requirements of privacy and data protection legislation. The more mature industries, and largest spenders, will grow faster than average as they continue to invest in cutting edge security solutions to prevent and fend off ransomware attacks on their distributed workforce and to protect critical infrastructure, which is increasingly connected to the IT network."
IDC said that the sectors that are spending the most on security products and services this year were banking, discrete manufacturing, professional services, and governments. Combined, these industries will make up a third of all security spending done in 2023. Through 2021-2026, the fastest spending growth in security will be experienced by the following sectors: securities and investment services, telecommunications, and banking.
Unsurprisingly, the United States will account for the most security spending this year and Western Europe comes in second. China is expected to see the fasted growth between 2021-2026 with a five-year compound annual growth rate (CAGR) of 18.8%.