Security Solutions Expected to Reach $133.7 Billion Worldwide in 2022

International Data Corporation (IDC) forecasts worldwide spending on security devices, software and services to reach $133.7 billion in 2022, showing an annual growth rate of 9.9% between 2017 and 2022.

With security-related services being both the largest and fastest growing category of worldwide security spending, managed security services will be the largest subcategory. It is expected that the banking industry will have the largest investment in security solutions, growing 65% between 2018 and 2022.

Security is at the forefront of every industry as they attempt to protect themselves from large scale cyber-attacks.

Additional findings include:

• The United States will be largest geographic market for security solutions with total spending of $39.3 billion this year, followed by the UK at $6.1 billion and China at $5.6 billion.
• Spending in the security software category is expected to total $34.4 billion in 2018.
• Discrete manufacturing and federal/central government represent the second and third largest industries making major investments in security solutions.

For more information, click here.