According to IDC, European IT security spending will continue to grow at a healthy pace
Despite the changing geopolitical situation and the resulting inflationary pressure, European IT security spending will continue to grow at a healthy pace, with an expected growth of 10.8% year-on-year (YoY) in 2022. , according to IDC.
IDC’s new Worldwide Security Spending Guide highlights that European IT security spending will reach nearly $47 billion in 2022. The projected five-year (2021-2026) compound annual growth rate (CAGR) is 9 .4%, exceeding $66 billion in 2026.
Security services will see the greatest growth, due to the lack of skilled cybersecurity professionals. over the forecast period (CAGR of 10.2%). Services will also be the largest expense category, followed by software and hardware.
The highest annual growth rate of IT security spending in 2022 in the region will be in the Czech Republic and Poland, both above 15%. Over the period 2021-2026, the Czech Republic will still be the fastest growing country, followed by a Western European bloc consisting of Belgium, France, Germany and Switzerland.
“The evolution of the European cybersecurity market continues to progress at high speed. The increase in the threat landscape, shift to hybrid work environments and greater reliance on cloud services have expanded the organization’s attack surface that needs protection and monitoring,” said Stefano Perini, Research Manager, IDC European Data & Analytics. “This has pushed European organizations to upgrade their security infrastructure, especially in cloud, network and data security.”
Overview of business areas
Banking is Europe’s largest industry for IT security spending in 2022, with over $6 billion. More advanced in cybersecurity maturity, the banking industry is expected to further increase spending with a focus on building cyber resilience.
Discrete manufacturing and professional services are expected to be the second and third largest security spenders in 2022 (with over $5 billion and $4 billion spent respectively). With the increasing volume and complexity of cyberattacks, discrete manufacturing companies need to address gaps in their IT and OT cyberdefenses, while professional services companies place greater emphasis on cloud and enterprise security solutions. terminals.
Government will be the fastest growing IT security spending sector in 2022 (11.9%), followed by transportation and wholesale, both above 11%. The top 3 security priorities for the government sector are cloud workload protection, securing collaboration platforms, and data security. In transportation, supply chain security is the primary focus, for enhanced on-board security and protection of remote devices and contactless payment systems.
The Worldwide Security Spending Guide quantifies global revenue opportunities for entry-level and next-generation security purchases with detailed security spending forecast data for 20 industries across nine regions and 44 countries. This version (V2 2022) of the Spending Guide incorporates updated estimates of the impact of the Russian-Ukrainian war on all technology markets as of the end of July 2022.