European companies are ignoring any economic worries to splash out on IT security.
Beancounters at IDC expect IT security to grow by almost 11 percent this year.
The IDC’s Worldwide Security Spending Guide highlights that European IT security spending will reach almost $47 billion in 2022, with a forecast five-year (2021-2026) compound annual growth rate (CAGR) of 9.4 percent to surpass $66 billion in 2026.
Security services will have the highest growth over the forecast period, IDC says, at a 10.2 percent CAGR and will also represent the biggest spending category, followed by software and hardware.
IDC European Data & Analytics research manager Stefano Perini said after the Russia-Ukraine war and the consequent geopolitical dynamics, the risk of cyberthreats addressing both IT and OT systems rose dramatically.
“This pushed European organisations to increase the focus on short-term emergency plans addressing especially cloud, network, and data security.”
Banking is expected to be the biggest European industry for IT security spending in 2022 at more than $6 billion.
Discrete manufacturing spending is supposed to top more than $5 billion and professional services as the third top spender on cybersecurity in 2022 will be $4 billion.
