Worldwide spending on security-related hardware, software, and services is forecast to reach $91.4 billion in 2018, an increase of 10.2% over the amount spent in 2017. This 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 IDC, worldwide spending on security solutions will achieve a compound annual growth rate (CAGR) of 10.0% over the 2016-2021 forecast period and total $120.7 billion in 2021.
“Banks, discrete manufacturers, especially within the high-tech sector, and the federal government are spending the most on security to avoid large scale cyber-attacks and adhere to regulatory compliance,” said Eileen Smith, program director, Customer Insights and Analysis. “Looking ahead to 2021, as the need the to protect IoT connected devices and infrastructure becomes paramount, industries like telecom and state and local government will drive growth in worldwide security spending.”
Read more about the IDC forecast on Help Net Security.