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.
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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.