Despite the changing geopolitical situation and inflation pressure, the investment in technology security in Europe will continue to rise at a constant rate, with YoY growth of 10.8% expected by 2022, according to data from the IDC consultancy, up to 47,000 million dollars. On the other hand, the forecast for the five-year period between 2021 and 2026 contemplates a sustained annual growth of 9.4%, which will make spending in this area reach 66,000 million dollars in 2026.
Security services will be the ones that concentrate most of the investment in the forecast period, driven by the lack of professional experts in cybersecurity. They will improve by 10.2% per year. Services will also represent the largest category of spending, followed by software and hardware.
The highest year-on-year growth rate in IT security in 2022 in Europe will be in the Czech Republic. In both countries it will grow above 15%. Between 2021 and 2026, the Czech Republic will still be the fastest growing country, followed by a Western European bloc made up of Belgium, France, Germany and Switzerland.
The banking is he European sector that will invest the most in IT security in 2022: more than 6,000 million dollars. More advanced in cybersecurity maturity, banking is the one that will increase spending the most, with the focus above all on the development of cyberresilience. Discrete manufacturing and professional services will be the second and third most invested sectors in security in 2022. Each will invest more than 5,000 and more than 4,000 million dollars, respectively.
With cyberattacks becoming more complex and larger, discrete manufacturing companies need to secure their IT defense holes. As for professional services companies, companies are putting more focus on cloud and endpoint security solutions.
Government organizations, however, will be the ones that pull up the investment in IT security in 2022. The investment of this type of entities in this concept will grow by 11.9%, followed by transport and wholesale sales. Both areas will register an investment in IT security above 11%.
The top three security priorities of the government sector are protection of cloud workloads, security collaboration platforms and data security. In transport the main concern is the security of the supply chain, and for wholesale it is greater security at the edge and the protection of remote devices and contactless payment systems.
Stefano Perini, Head of Research for European Data and Analytics at CIhas recalled that «the evolution of the European cybersecurity market continues to advance at high speed. The growth of the threat landscape, the shift to hybrid work environments, and a greater reliance on cloud services have increased the attack surface that an organization needs to protect and monitor. This has prompted European organizations to upgrade their security infrastructure, especially cloud, network and data security.«.
