Will Security Continue to be a Top Priority?

Security remains a top-of-mind priority for companies in every vertical as they seek to protect themselves from cyber-attacks while meeting stringent new regulatory requirements. The latest IDC Spending Guide, which has a forecast period of 2017 – 2022, projects worldwide spending on security solutions (hardware, software and services) will reach $133.7 billion in 2022. Security spending in 2022 will be 45% greater than the $92.1 billion forecast for 2018.

Security Services, Endpoint Security Software and Integration

Security-related services will be the largest and the fastest-growing category of worldwide security spending ($40.2 billion in 2018, or 11.9%, while managed security services will be the largest segment within the services category, responsible for half of the category total in at the end of the forecast period. Integration services and consulting services will make up the remainder.

The second-largest category with spending expected to total $34.4 billion in 2018 will be security software, of which endpoint security software will be the largest software segment throughout the forecast period. Next in line are identity and access management software and security and vulnerability management software. As far as hardware spending, businesses have put aside budgets for unified threat management, firewall and content management solutions.

The Biggest Spenders: Banking, Manufacturing and Government

The vertical most keen to beef up on cyber-security will be the banking sector, growing from $10.5 billion in 2018 to $16.0 billion in 2022. More than half of the industry’s spend throughout the forecast will be on services.

Discrete manufacturing and federal/central government are the second and third largest spenders with $8.9 billion and $7.8 billion in 2018, respectively. These industries are set to follow a similar pattern, with services representing around half of each industry’s total spending.

Geographically, the United States will be largest market for security solutions with total spending of $39.3 billion this year, followed by the United Kingdom with $6.1 billion, and China ($5.6 billion), Japan ($5.1 billion), and Germany ($4.6 billion).

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