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Global Cybersecurity Spending to Top $219 Billion this Year: IDC

by CIOAXIS Bureau

* Global security spending will reach $219 billion this year and grow to nearly $300 billion in 2026, according to an IDC forecast released Thursday.
* Investments in cybersecurity software, hardware and services will jump 12% from 2022 and outperform growth in overall IT spending, Serena Da Rold, associate research director at IDC Data and Analytics, said in the Worldwide Security Spending Guide.
* The biggest security spenders this year will include organizations in banking, manufacturing, professional services and federal governments. The four industries will account for more than one-third of all security spending this year, according to IDC.

Analysts expect cybersecurity spending to continue its run of sustained growth, a trend fueled by the persistent threat of cyberattacks, the demands of hybrid work and increased data privacy and governance regulations.

IDC forecasts low double-digit spending increases across all industries and company size segments in the next three years. Industries expected to increase spending at the fastest rate through 2026 include securities and investment services, telecommunications and banking.

Software, the fastest-growing segment, will capture 47% of all cybersecurity spending this year, followed by services at 39% and hardware at 13%, according to IDC’s forecast.

“The more mature industries, and largest spenders, will grow faster than average as they continue to invest in cutting edge security solutions to prevent and fend off ransomware attacks on their distributed workforce and to protect critical infrastructure, which is increasingly connected to the IT network,” Da Rold said.

– CyberSecurityDive

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