Spending on security technology to exceed US$81 billion by year end

Lindsay James
Lindsay James
By Lindsay James on 06 November 2017
Spending on security technology to exceed US$81 billion by year end

A new update to the Worldwide Semiannual Security Spending Guide from International Data Corporation (IDC) forecasts worldwide revenues for security-related hardware, software and services will reach US$81.7 billion in 2017, an increase of 8.2% over 2016.

Global spending on security solutions is expected to accelerate slightly over the coming years, achieving a compound annual growth rate (CAGR) of 8.7% through 2020, when revenues will be nearly US$105 billion.

“The rapid growth of digital transformation is putting pressures on companies across all industries to proactively invest in security to protect themselves against known and unknown threats,” said Eileen Smith, IDC’s programme director for Customer Insights and Analysis. “On a global basis, the banking, discrete manufacturing, and federal/central government industries will spend the most on security hardware, software, and services throughout the 2015-2020 forecast. Combined, these three industries will deliver more than 30% of the worldwide total in 2017.”

In addition to the banking, discrete manufacturing, and federal/central government industries, three other industries (process manufacturing, professional services, and telecommunications) will each spend more than US$5 billion on security products this year. These will remain the six largest industries for security-related spending throughout the forecast period, while a robust CAGR of 11.2% will enable telecommunications to move into the number five position in 2018.

Following telecommunications, the industries with the next fastest five-year CAGRs are state/local government (10.2%), healthcare (9.8%), utilities (9.7%) and banking (9.5%).

 

 

Number of views (623)/Comments (-)

Tags: Security

Comments are only visible to subscribers.