Global spending on security hardware, software and services will top $103 billion in 2019, up 9.4 percent from 2018, with large enterprises spending the most, according to IDC data.
IDC projects that global spending on security will grow at a compound annual growth rate of 9.2 percent from 2018 to 2022. In 2022, IDC forecasts security-related spending till be $133.8 billion.
Large companies with 500 to more than 1,000 employees will account for two thirds of security spending. The U.S. will spend the most on security and hit $44.7 billion in 2019 with manufacturing and federal government accounting for 20 percent of the total. China will be the second largest market followed by Japan and U.K.
IDC's 2019 forecast has a few notable points.
- Banking, discrete manufacturing and federal and central government will spend more than $30 billion combined on security.
- Process manufacturing, services and telecom will spend more than $6 billion.
- State and local government will have the fastest security spending compound annual growth rate at 11.9 percent.
- Managed security services will be the largest category with 2019 spending of more than $21 billion.
- Network security hardware---unified threat management, firewalls, intrusion detection and prevention will be the second largest spending category.