IT security spending in Europe is projected to reach 47

IT security spending in Europe is projected to reach $47 billion in 2022

The International Data Corporation (IDC) has published a new forecast for the European market for IT security products and services: Analysts assume that the industry will continue to grow steadily despite the current geopolitical situation.

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This year, IT security spending in Europe could reach almost $47 billion. If these expectations are met, the growth compared to last year will be 10.8%. A CAGR (compound annual growth rate) of 9.4% is forecast for the following years. As a result, the volume of the industry will be as high as $66 billion in 2026.

It is noted that in the period from 2021 to 2026, various information security services will have the highest CAGR – 10.2%. This segment will also have the highest cost. The second place in terms of cost will be software, the third – hardware.

Banking will remain the largest consumer of IT security products and services in Europe, spending over $6 billion this year. More than $5 billion will come from discrete manufacturing and approximately $4 billion from professional services.

The state/local government industry will be the fastest growing spending area for IT security in 2022 (up 12.3%). Federal/central governments and the transport industry follow with growth of over 11%.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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