TECH SUPPLIER Oct 2019 - Market Perspective - Doc # US45575319

Worldwide Security Forecast, 2019–2023: Market Opportunity by Industry — 2H18

By: Karen MasseyResearch Manager, Customer Insights & Analysis

Abstract

This IDC Market Perspective describes how IDC's Customer Insights and Analysis group evaluates the worldwide security market opportunity, providing market forecasts from IDC's Worldwide Semiannual Security Spending Guide for 2018–2023 and touching upon key trends in the global security marketplace. This IDC study provides a detailed description of IDC's Worldwide Semiannual Security Spending Guide methodology and taxonomy. It should be used as a companion piece for IDC's Worldwide Semiannual Security Spending Guide and all of IDC's worldwide industry research. Technology suppliers may utilize this approach and structure to shape an industry-focused organization.

"Robust investment in key security solutions is due to myriad facets of security needs — data loss and prevention, compliance and risk management, increasingly sophisticated cyberschemes, and digital transformation complexity — and IDC estimates worldwide security spend to exceed $151 billion by 2023, growing at a healthy five-year CAGR of 9.4%," states Karen Massey, research manager, Customer Insights and Analysis, IDC. "The United States and Western Europe account for more than two-thirds of the worldwide spend, with the highest growth in Asia/Pacific, Latin America, and the People's Republic of China. Banking, manufacturing, and government lead in security spending, with state and local government, telecommunications, and resource industries leading in growth."


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