The global investment in security solutions and services will reach the 219,000 million dollars in 2023, according to IDC. It is a figure that an increase of 12.1% compared to 2022. Investments in cybersecurity-related hardware, software and services will spend nearly $300 billion by 2026 according to forecasts, an increase driven by the continued threat of cyber-attacks, demands to offer a hybrid work environment security and the need to comply with existing data privacy and governance requirements.
The sectors that will make the largest investments in security products and services in 2023 are banking, discrete manufacturing, professional services, and federal and central governments. Both banks and discrete manufacturing companies and entities will invest roughly the same in software and services. The biggest spend in both will be on managed security services, in order to protect against cyber-attacks.
By comparison, professional services will see their largest investments in software, with the focus on governance, risk, and regulatory compliance. Also in endpoint security. Investment in services will also be the largest in the central and federal governments. Added together, these four sectors will account for more than a third of all investment in security in 2023. On the other hand, the sectors in which the greatest growth in spending is expected between 2021 and 2026 are Investment services and securities, telecommunications and banking.
Nearly half of all security investment this year will be in software, making this industry the largest security spend in 2023. Endpoint security will be the top-spending software category, followed by Identity & Security. Digital Trust, as well as Cybersecurity Analytics, Intelligence, Response, and Orchestration Software. The second largest area of investment in security technology will be Services, with the Managed Security Services category leading the way. Only in it, companies and entities are expected to spend around 42,000 million dollars in 2023.
Investment in hardware will be led by that registered in Network Security Devices. Software will be the fastest growing of the three technology groups, however, with a five-year annual growth rate of 13.7%. It will be followed by Services, with 11%.
The United States will be the region with the highest investment in security services and solutions in 2023. In that country, spending will be led by the discrete manufacturing and professional services sectors. The second most important region for security spending will be Western Europe, a region in which banking and discrete manufacturing will be the sectors with the highest investment.
As for the third position, it will be occupied by Asia-Pacific, excluding Japan and China; and the People’s Republic of China. According to forecasts, China will be the area where security spending grows the most between 2021 and 2026, with an annual growth rate of 18.8%.
According to Serena Da Rold, Research Assistant Director of Data and Analytics at IDChas highlighted that «spending on security products and services will continue to outpace growth in overall IT spending. Nearly every industry and business of all sizes will see double-digit growth through 2026, driven by expanding cloud and container deployments, the need to secure remote access to resources, and security requirements. compliance with privacy regulations and data protection legislation. The most mature industries, and the largest investors, will grow faster than average, while continuing to invest in state-of-the-art security solutions to prevent and evade ransomware attacks on their distributed workforce. Also to protect critical infrastructure, which is increasingly connected to the IT network«.
