Security News > 2023 > March > IT security spending to reach nearly $300 billion by 2026

Worldwide spending on security solutions and services is forecast to be $219 billion in 2023, an increase of 12.1% compared to 2022, according to IDC. Investments in hardware, software, and services related to cybersecurity are expected to reach nearly $300 billion in 2026, driven by the ongoing threat of cyberattacks, the demands of providing a secure hybrid work environment, and the need to meet data privacy and governance requirements.

These four industries will account for more than a third of all security spending in 2023.

Software will be the largest technology group in 2023, representing nearly half of all security spending this year.

Services will be the second largest technology group, led by the managed security services category with $42 billion in spending expected this year.

Software will be the fastest growing of the three technology groups with a five-year compound annual growth rate of 13.7%, followed by services at 11.0%. The United States will be the largest geographic region for security spending in 2023.

Discrete manufacturing and professional services will the leading industries for security spending in the USA. The second largest region for security spending will be Western Europe, where the banking and discrete manufacturing industries will be the leading investors.

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https://www.helpnetsecurity.com/2023/03/20/it-security-spending-2026/