IT security spending in Europe expected to rise 10.8% to $47 billion: IDC
According to an IDC report, European spending on IT security will increase by 10.8% to $47 billion in 2022.
IT security spending in Europe will grow at a five-year (2021-2026) compound annual growth rate (CAGR) of 9.4% to reach $66 billion in 2026.
Security services will experience the highest growth over the forecast period (CAGR of 10.2%) and will also be the largest spending category, followed by software and hardware.
The highest IT security spending growth rate in 2022 in the European region will be in the Czech Republic and Poland, both above 15%. Over the period 2021-2026, the Czech Republic will be the fastest growing country in terms of cybersecurity spending in Europe, followed by a Western European bloc consisting of Belgium, France, Germany and Switzerland.
“After the start of the Russian-Ukrainian war and the resulting geopolitical dynamics, the risk of cyber threats aimed at both IT and OT systems – already significant before the conflict – has increased considerably,” said Stefano Perini, head of Research at IDC European Data & Analytics. “This has pushed organizations across Europe to focus more on contingency plans around cloud, network and data security in particular.”
The bank will be the largest European industry for IT security spending in 2022, with more than $6 billion. The bank, which has always been one of the most advanced security verticals, will even focus more on cyber defense to address the growing risk of malicious attacks.
Discrete manufacturing and professional services are expected to be the second and third largest cybersecurity spenders in 2022 (with over $5 billion and $4 billion spent respectively). While discrete manufacturing companies will face cyber threats not only to their IT systems but also OT, the security strategies of professional services companies will remain more stable, with a particular focus on cloud and endpoint security solutions. .
The European state/local government industry will be the fastest growing sector of IT security spending in 2022 (12.3%), followed by federal/central government and transport, both above 11 %.
Government organizations in Europe will be betting on cloud migration, remote collaboration and data security, while transport companies will rely on cybersecurity as a crucial support to avoid any further service restrictions.