According to IDC, worldwide spending on security solutions and services is predicted to increase by 12.1% in 2023 compared to the previous year, reaching $219 billion. By 2026, it is estimated that investments in hardware, software, and services related to cybersecurity will almost reach $300 billion due to the ongoing threat of cyberattacks, the need to provide a secure hybrid work environment, and the requirement to comply with data privacy and governance regulations.

IDC Data & Analytics Associate Research Director Serena Da Rold stated that security product and service spending is expected to outperform growth in overall IT spending, with low double-digit growth anticipated across almost all industries and company size segments. Endpoint security will be the leading software category, followed by identity and digital trust software, and cybersecurity analytics, intelligence, response, and orchestration software. Banking, discrete manufacturing, professional services, and federal/central government are forecast to deliver the largest investments in security products and services in 2023, while the United States, Western Europe, Asia/Pacific (excluding Japan and China), and China are predicted to be the largest geographic regions for security spending. The fastest spending growth over the 2021-2026 forecast period is expected to be seen in securities & investment services, telecommunications, and banking.