Spending on IT security in Europe will grow by 10.8 percent driven by public spending | ICT Business | TechBuzz

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Despite the changing geopolitical situation and resulting inflationary pressure, European spending on IT security will continue to grow at a steady pace, with an expected growth of 10.8% annually in 2022, according to the International Data Corporation (IDC).

IDC’s new Worldwide Security Spending Guide points out that European spending on IT security will reach nearly $47 billion in 2022. The projected five-year (2021-2026) compound annual growth rate (CAGR) is 9.4%, surpassing $66 billion in 2026.

Security services will see the greatest growth, driven by a shortage of qualified cybersecurity professionals. during the forecast period (10.2% CAGR). Services will also represent the largest spending category, followed by software and hardware.

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The highest growth rate of spending on IT security in 2022 in the region will be in the Czech Republic and Poland, both above 15%. During 2021-2026, the Czech Republic will continue to be the fastest growing country, followed by the Western European bloc consisting of Belgium, France, Germany and Switzerland.

“The evolution of the European cyber security market continues to advance at a rapid pace. The increased threat landscape, the shift to hybrid operating environments and greater reliance on cloud services have broadened the attack surface of an organization that needs protection and monitoring,” said Stefano Perini, research leader, IDC European Data & Analytics. “This has prompted European organizations to upgrade their security infrastructure, particularly in cloud, network and data security.”

Banking is Europe’s largest industry for IT security spending in 2022, with more than $6 billion. More advanced in cybersecurity maturity, banking will further increase spending with a focus on building cyber resilience.

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Discrete manufacturing and professional services are projected to be the second and third largest spenders on security in 2022 (with more than $5 billion and $4 billion in spending, respectively). With the increasing volume and complexity of cyberattacks, discrete manufacturing companies must secure gaps in their IT and OT cyber defenses, while professional services companies increasingly focus on cloud and endpoint security solutions.

Government will be the fastest growing IT security spending industry in 2022 (11.9%), followed by transportation and wholesale, both above 11%. The top three security priorities for the government sector are cloud workload protection, securing collaboration platforms and data security. In the transport supply chain, security is a key focus, for stronger wholesale edge security and protection of remote devices and contactless payment systems.



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