Spending on security hardware, software, and services continues to increase
A new report by IDC projects that worldwide spending on security hardware, software and services will grow from $106.6 billion this year to $151.2 billion in 2023. During the period, the compound annual growth will be around 9.4%. Frank Dickson of IDC said that “the market for cybersecurity products continues to grow, growth that is renewed and reinvigorated by a C-level focus on trust,” adding that “today’s new trust environment introduces new variables that go beyond the traditional ideas of security, risk and compliance, introducing concepts of privacy and ethical business operations.”
The $106.6 billion in security spending for this year consists of $47 billion for services such as managed security services, integration services, consulting services, and IT education and training; $38 billion for software such as endpoint security software, identity and digital trust software, and security analytics, intelligence, response and orchestration software; and finally $21 billion for security hardware, most of which will consist of network security solutions.