GLOBAL sales of security hardware, software and services will reach $US81.7 billion in 2017, an increase of 8.2 per cent over the previous year, according to a new update to the Worldwide Semi-annual Security Spending Guide from International Data Corporation (IDC).

Global spending on security solutions is expected to accelerate slightly over the next several years, achieving a compound annual growth rate (CAGR) of 8.7 per cent through 2020 when revenues will be nearly $US105 billion.

“The rapid growth of digital transformation is putting pressures on companies across all industries to proactively invest in security to protect themselves against known and unknown threats,” says Eileen Smith, program director, Customer Insights and Analysis. “On a global basis, the banking, discrete manufacturing and federal/central government industries will spend the most on security hardware, software and services throughout the 2015-2020 forecast. Combined, these 3 industries will deliver more than 30 per cent of the worldwide total in 2017.”

In addition to the banking, discrete manufacturing and federal/central government industries, three other industries — process manufacturing, professional services and telecommunications — will each spend more than $5 billion on security products this year. 

“European organizations show a strong focus on security matters with data, Cloud and mobile security being the top 3 security concerns,” said Angela Vacca, senior research manager, Customer Insights and Analysis. “In this context, GDPR will drive up compliance-related projects significantly in 2017 and 2018, until organizations have found a cost-efficient and scalable way of dealing with data.” ♦