Global spending on security-related hardware, software, and services is forecast to reach $103.1 billion in 2019, an increase of 9.4% over 2018.
That’s according to the latest data from IDC, which says the pace of growth is expected to continue for the next several years as industries invest heavily in security solutions to meet a wide range of threats and requirements.
According to the Worldwide Semiannual Security Spending Guide, worldwide spending on security solutions will achieve a compound annual growth rate (CAGR) of 9.2% over the 2018-2022 forecast period and total $133.8 billion in 2022.
The three industries that will spend the most on security solutions in 2019 – banking, discrete manufacturing, and federal/central government – will invest more than $30 billion combined.
Three other industries (process manufacturing, professional services, and telecommunications) will each see spending greater than $6.0 billion this year.
The industries that will experience the fastest spending growth over the forecast period will be state/local government (11.9% CAGR), telecommunications (11.8% CAGR), and the resource industries (11.3% CAGR).
IDC says spending growth will make telecommunications the fourth largest industry for security spending in 2022, while state/local government will move into the sixth position ahead of professional services.
“When examining the largest and fastest growing segments for security, we see a mix of industries – such as banking and government – that are charged with guarding highly sensitive information in regulated environments. In addition, information-based organizations like professional services firms and telcos are ramping up spending. But regardless of industry, these technologies remain an investment priority in virtually all enterprises, as delivering a sense of security is everyone’s business,” said Jessica Goepfert, program vice president, Customer Insights and Analysis.