Security Market Segment LS
Thursday, 21 March 2019 11:39

Global security spending to reach $144.5b this year: IDC

By
Global security spending to reach $144.5b this year: IDC Image by Gerd Altmann from Pixabay

Global expenditure on security-related hardware, software and services will reach US$103 billion (A$144.5 billion) this year, a rise of 9.4% since 2017, the analyst firm IDC says, adding that growth at a similar pace is expected over the next several years.

The firm's Worldwide Semiannual Security Spending Guide forecast a compound annual growth rate of 9.2% in security spending over the 2018-2022 period, with 2022 seeing expenditure of US$133.8 billion.

Banking, discrete manufacturing and federal/central governments would spend more than US$30 billion together in 2019, IDC said, with process manufacturing, professional services and telecommunications splashing out more than US$6 billion apiece for the year.

Sectors that would see the fastest spending growth over the 2018-22 period were state/local governments (11.9% CAGR), telecommunications (11.8% CAGR) and resources (11.3% CAGR). This would make telecommunications fourth in the security spending ranks in 2022 while state/local governments would move ahead of professional services to sixth position.

"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," said Jessica Goepfert, program vice-president, Customer Insights and Analysis.

"In addition, information-based organisations 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."

The US will be the single biggest market for security solutions with a spending forecast of US$44.7 billion in 2019. Discrete manufacturing and the federal government will account for nearly a fifth of this total.

The second largest will be China, where security purchases by three industries — state/local government, telecommunications, and central government — will make up 45% of the total. Japan and the UK are the next two, with security spending led by the consumer sector and the banking industry respectively.

IDC said managed security services would be the largest technology category in 2019, with firms spending more than US$21 billion for monitoring and management of security operations centres, and also the largest category of spending for the top five industries this year.

The second largest would be network security hardware, which includes unified threat management, firewalls, and intrusion detection and prevention technologies. The third and fourth largest investment categories will be integration services and endpoint security software.

Technology categories likely to see the fastest spending growth over the 2018-2022 period would be managed security services (14.2% CAGR), security analytics, intelligence, response and orchestration software (10.6% CAGR), and network security software (9.3% CAGR).

"The security landscape is changing rapidly, and organisations continue to struggle to maintain their own in-house security solutions and staff," said Martha Vazquez, senior research analyst, Infrastructure Services.

"As a result, organisations are turning to managed security service providers to deliver a wide span of security capabilities and consulting services, which include predicative threat intelligence and advanced detection and analysis expertise that are necessary to overcome the security challenges happening today as well as to prepare organisations against future attacks."

DIGITAL MARKETING HAS NO SOCIAL DISTANCING OR TRAVEL RESTRICTIONS

As part of our Lead Machine Methodology we will help you get more leads, more customers and more business. Let us help you develop your digital marketing campaign

Digital Marketing is ideal in these tough times and it can replace face to face marketing with person to person marketing via the phone conference calls and webinars

Significant opportunity pipelines can be developed and continually topped up with the help of Digital Marketing so that deals can be made and deals can be closed

- Newsletter adverts in dynamic GIF slideshow formats

- News site adverts from small to large sizes also as dynamic GIF slideshow formats

- Guest Editorial - get your message out there and put your CEO in the spotlight

- Promotional News and Content - displayed on the homepage and all pages

- Leverage our proven event promotion methodology - The Lead Machine gets you leads

Contact Andrew our digital campaign designer on 0412 390 000 or via email andrew.matler@itwire.com

CONTACT US!

LAYER 1 ENCRIPTION A KEY TO CYBER-SECURITY SOLUTION

Security requirements such as confidentiality, integrity and authentication have become mandatory in most industries.

Data encryption methods previously used only by military and intelligence services have become common practice in all data transfer networks across all platforms, in all industries where information is sensitive and vital (financial and government institutions, critical infrastructure, data centres, and service providers).

Get the full details on Layer-1 encryption solutions straight from PacketLight’s optical networks experts.

This white paper titled, “When 1% of the Light Equals 100% of the Information” is a must read for anyone within the fiber optics, cybersecurity or related industry sectors.

To access click Download here.

DOWNLOAD!

Sam Varghese

website statistics

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

VENDOR NEWS & EVENTS

REVIEWS

Recent Comments