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Spending on security is on track for large increases over the coming years. IDC estimates that security spending globally will increase nearly 10 percent annually through 2022. Spending on security in 2018 is estimated to be $92.1 billion.
Frank Dickson, research vice president at IDC, said that “privacy has grabbed the attention of Boards of Directors as regions look to implement privacy regulation and compliance standards similar to GDPR… Frankly, privacy is the new buzzword and the potential impact is very real. The result is that demand to comply with such standards will continue to buoy security spending for the foreseeable future.”
Eileen Smith, program director at IDC, said that “security remains an investment priority in every industry as companies seek to protect themselves from large scale cyber attacks and to meet expanding regulatory requirements. While security services are an important part of this investment strategy, companies are also investing in the infrastructure and applications needed to meet the challenges of a steadily evolving threat environment.”