Spending on Security Hardware, Software, and Services Continues to Increase

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1 Min read

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.

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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%.

Read more: Help Net Security

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