Spending on Security Hardware, Software, and Services Continues to Increase
Worldwide spending on security products and services will enjoy solid growth over the next five years as organizations continue to invest in solutions to meet a wide range of security threats and requirements.
According to an updated forecast from the IDC, worldwide spending on security-related hardware, software, and services will be $106.6 billion in 2019, an increase of 10.7% over 2018. This amount will reach $151.2 billion in 2023 with a compound annual growth rate (CAGR) of 9.4% over the 2019-2023 forecast period.
Services will receive the largest share of security spending in 2019 with more than $47 billion going toward managed security services, integration services, consulting services, and IT education and training. Services will also have the fastest spending growth with a five-year CAGR of 11.2%.
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