Publication date: 18 Aug 2022
Europe IT Security Spending to Grow 10.8% in 2022 with Government taking the lead, says IDC
Milan, August 18, 2022— Despite the changing geopolitical situation and consequent inflationary pressure, European IT security spending will continue to rise at a sustained pace, with expected growth of 10.8% year on year (YoY) in 2022, according to International Data Corporation (IDC).
Overall spending picture
IDC's new Worldwide Security Spending Guide highlights that European IT security spending will reach almost $47 billion in 2022. The forecast five-year (2021–2026) compound annual growth rate (CAGR) is 9.4%, surpassing $66 billion in 2026.
Security services will have the highest growth, driven by the lack of skilled cybersecurity professionals. over the forecast period (10.2% CAGR). Services will also represent the biggest spending category, followed by software and hardware.
The highest IT security spending YoY growth rate in 2022 in the region will be in Czech Republic and Poland, both above 15%. Over 2021–2026, Czech Republic will still be the fastest growing country, followed by a Western European bloc composed by Belgium, France, Germany, and Switzerland.
“The evolution of the European cyber security market continues to progress at high speed. The increased threat landscape, the shift to hybrid work environments and greater reliance on cloud services have expanded organization’s attack surface that needs protection and monitoring” said Research Manager Stefano Perini, IDC European Data & Analytics. " This has pushed European organizations to upgrade their security infrastructure, especially in cloud, network, and data security."
Overview of industries
Banking is the biggest European industry for IT security spending in 2022, at more than $6 billion. More advanced in cybersecurity maturity, banking is set to further increase spend with a driving focus on building cyber resiliency.
Discrete manufacturing and professional services are forecast to be the second and third top spenders on security in 2022 (with respectively more than $5 billion and $4 billion spending). With cyber-attacks increasing in volume and complexity, discrete manufacturing companies are having to secure gaps in their IT and OT cyber defenses, whilst professional services firms are putting an increased focus on cloud and endpoint security solutions.
Government will be the fastest growing IT security spending industry in 2022 (11.9%), followed by transportation and wholesale, both above 11%. The top 3 security priorities for the government sector are cloud workload protection, securing collaboration platforms and data security. In transportation supply chain security is the key focus, for wholesale stronger edge security and protecting remote devices and contactless payments systems.
The Worldwide Security Spending Guide quantifies the global revenue opportunity for both core and next-generation security purchases with detailed forecast data for security spending by 20 industries across nine regions and 44 countries. This version (V2 2022) of the Spending Guide incorporates updated estimates for the impact of the Russia-Ukraine war across all technology markets as of end of July 2022.
About IDC Spending Guides
IDC's Spending Guides provide a granular view of key technology markets from a regional, vertical industry, use case, buyer, and technology perspective. The spending guides are delivered via pivot table format or custom query tool, allowing the user to easily extract meaningful information about each market by viewing data trends and relationships.
For more information about IDC's Spending Guides, please contact Monika Kumar at email@example.com.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a subsidiary of IDG world's leading technology media, research, and events company. To learn more about IDC, please visit www.idc.com or follow IDC on Twitter at @IDC.
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