IDC has released new projections for security spending practices by European organizations in 2019. According to the forecast, security spending will reach $27.3bn this year and that number will grow steadily in the years after, reaching $33.6bn by 2022.
Services will account for over half of security spending this year ($14.8bn), with the rest going to software ($8.6bn) and hardware ($3.9bn). The bulk of security services spending will go to managed security services ($5.8bn) and integration services ($5.4bn). Larger firms with more than 500 employees will account for about 60% of total spending.
Read more: Cybersecurity: This is how firms are spending their budget this year
