IDC projects that worldwide spending on security solutions will achieve a compound annual growth rate of 9.2% over the 2018-2022 forecast period and a total of $133.8bn (£102.3bn) in 2022.
Global security spending
Large organisations with 500 to 1000 employees will be responsible for two-thirds of security spending.
The US will spend the most on security with spending forecast expected to reach a total of $44.7bn (£34.1bn) in 2019.
Two industries – discrete manufacturing and federal government accounting – will make up 20% of the total, according to the report.
China will be the second largest market followed by Japan and the UK.
“While the U.S. and Western Europe will deliver two-thirds of the total security spending this year, the largest growth in security solutions spending will be seen in China, Asia/Pacific (excluding Japan and China), and Latin America, each with double-digit CAGRs over the five-year forecast period,” said Karen Massey, research manager, customer insights & analysis.
The IDC said banking, discrete manufacturing, and federal and central government will spend more than $30bn (£22.9bn) combined on security.
Fastest spending growth
Three other industries, processing manufacturing, professional services, and telecommunications, will each see greater spending than $6.0bn this year.
Sectors predicted to see the fastest spending growth between 2018-2022 will be (11.9% CAGR), telecommunications (11.8% CAGR), and the resource industries (11.3% CAGR).
IDC also said managed security services would be the largest technology category in 2019, with organisations spending more than $21bn (£16bn).
The second largest category in 2019 will be network security hardware, which includes unified threat management, firewalls, intrusion detection, and prevention technologies.
“The security landscape is changing rapidly, and organisations continue to struggle to maintain their own in-house security solutions and staff,” said Martha Vazquez, senior research analyst, infrastructure services.
“As a result, organisations are turning to managed security service providers (MSSPs) to deliver a wide span of security capabilities and consulting services, which include predicative threat intelligence and advanced detection and analysis expertise that are necessary to overcome the security challenges happening today as well as prepare organisations against future attacks.”