Worldwide Spending on Security Technology Forecast to Reach $81.7 Billion in 2017, According to New IDC Spending Guide
FRAMINGHAM, Mass., March 29, 2017 – A new update to the Worldwide Semiannual Security Spending Guide from International Data Corporation (IDC) forecasts worldwide revenues for security-related hardware, software, and services will reach $81.7 billion in 2017, an increase of 8.2% over 2016. Global spending on security solutions is expected to accelerate slightly over the next several years, achieving a compound annual growth rate (CAGR) of 8.7% through 2020 when revenues will be nearly $105 billion.
“The rapid growth of digital transformation is putting pressures on companies across all industries to proactively invest in security to protect themselves against known and unknown threats,” said Eileen Smith, program director, Customer Insights and Analysis. “On a global basis, the banking, discrete manufacturing, and federal/central government industries will spend the most on security hardware, software, and services throughout the 2015-2020 forecast. Combined, these three industries will deliver more than 30% of the worldwide total in 2017.”
In addition to the banking, discrete manufacturing, and federal/central government industries, three other industries (process manufacturing, professional services, and telecommunications) will each spend more than $5 billion on security products this year. These will remain the six largest industries for security-related spending throughout the forecast period, while a robust CAGR of 11.2% will enable telecommunications to move into the number 5 position in 2018. Following telecommunications, the industries with the next fastest five-year CAGRs are state/local government (10.2%), healthcare (9.8%), utilities (9.7%), and banking (9.5%).