Worldwide security investments to grow 12.1 per cent>
CIO Tech Asia
Almost all industries and company size segments will see low double-digit growth Worldwide spending on security solutions and services is forecast to be $US219 billion in 2023, an increase of 12.1 per cent compared to 2022, according to the new Worldwide Security Spending Guide from International Data Corporation. Investments in hardware, software, and services related to cybersecurity are expected to reach nearly $US300 billion in 2026, driven by the ongoing threat of cyberattacks, the demands of providing a secure hybrid work environment, and the need to meet data privacy and governance requirements.

The industries that will deliver the largest investments in security products and services in 2023 are Banking, Discrete Manufacturing, Professional Services, and Federal/Central Government Software will be the largest technology group in 2023, representing nearly half of all security spending this year. Endpoint Security will be the leading software category, followed by Identity and Digital Trust software and Cybersecurity Analytics, Intelligence, Response, and Orchestration software. Services will be the second largest technology group, led by the Managed Security Services category with $US42 billion in spending expected this year. Hardware spending will be dominated by Network Security Appliances. Software will be the fastest growing of the three technology groups with a five-year compound annual growth rate of 13.7 per cent, followed by Services at 11.0 per cent.

The United States will be the largest geographic region for security spending in 2023. Discrete Manufacturing and Professional Services will the leading industries for security spending in the USA. The second largest region for security spending will be Western Europe, where the Banking and Discrete Manufacturing industries will be the leading investors.
Link: https://ciotechasia.com/worldwide-security-investments-to-grow-12-1-per-cent/