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The security market is still growing

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According to International Data Corporation, expenditures on security equipment, software and services in the security industry in Europe in 2019 will reach USD 27.3 billion, which is an increase of 8.3% compared to 2018.

Over the next few years, the upward trend will remain constant, driven by significant investments in new and traditional technologies. According to a report issued by the International Data Corporation (IDC) on global security, in 2022 European companies' security spending will exceed $ 33 billion.

It is estimated that more than half of spending on security in 2019 in Europe will go to services (USD 14.8 billion), followed by software (USD 8.6 billion) and hardware (USD 3.9 billion). Among the services will lead managed security services and integration, customization and updating of security systems. Besides, expenses for security advisory services will increase by 9.4%, which confirms them significantly in planning and updating security. Other fast-growing categories for 2019 are related to software, security analytics, spyware, coordination of activities, and identification software.

"Rapidly growing investments in key security solution segments are a response to the main trends shaping not only the security space but all digital business," concludes Mark Child, research manager at European Security, IDC. "The dynamically growing spectrum of threats and operational load highlight the shortage of security-related competences and encourage organizations to consciously use services in this area."

Over 90% of the European IT security market in 2019 will be spent in Western Europe (USD 24.7 billion), while less than 10% will be generated by Central and Eastern European countries (USD 2.6 billion). The leading countries in terms of investment in the security will be Great Britain (USD 6.4 billion), Germany (USD 4.9 billion) and France (USD 3.5 billion). Most investments will concern the provision of specialist equipment in the banking sector. On the other hand, the Czech Republic and Russia will be the fastest developing countries in terms of information security between 2018 and 2022.

"The IT security market in 2019 will continue to be dominated by Western European countries, fueled by investments in the banking and manufacturing sectors. However, Central and Eastern European countries will have the fastest growth over the period 2018-2022, "said Stefano Perini, senior research analyst at Customer Insights and Analysis, IDC.

Very large (over 1000 employees) and large enterprises (500-1000 employees) will generate over 60% of expenditure on European IT security in 2019. While all business expenses are expected to increase by more than 7% on average over this period, the market Consumer growth will grow at the slowest average rate of 3.7% per year, and total spending in 2019 will amount to USD 1.5 billion.

Source: International Data Corporation