Worldwide spending on security-related hardware, software, and services is forecast to reach $133.7 billion in 2022, according to IDC.
Although spending growth is expected to gradually slow over the 2017-2022 forecast period, the market will still deliver a compound annual growth rate (CAGR) of 9.9%. As a result, security spending in 2022 will be 45% greater than the $92.1 billion forecast for 2018.
“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,” said Frank Dickson, research vice president, Security Products.