UK set to see bountiful spending on cybersecurity - analyst

Worldwide spending on security products and services to hit over $106bn this year

The UK is set to see an influx of spending on cybersecurity products and services this year, according to IDC.

It ranks just behind the US and China - and alongside Germany - as the largest market for security solutions spending.

Worldwide spending on security-related hardware, software and services is set to hit $106.6bn in 2019, a 10.7 per cent increase on last year.

"The market for cybersecurity products continues to grow, growth that is renewed and reinvigorated by a C-level focus on trust," said Frank Dickson, programme VP of cybersecurity products at IDC.

"Today's new trust environment introduces new variables that go beyond the traditional ideas of security, risk and compliance, introducing concepts of privacy and ethical business operations.

"Trust is addressed in consideration of the relationships (B2B, B2C, B2E and G2C) and the attributes of interaction (people, technology, organisation, culture and process).

"Given the complexity of implementing trust, cybersecurity vendors are the clear beneficiaries."

Managed security services will be the prime beneficiary of this spending, with firms spending $21bn (£16.3bn) on security management.

The second largest technology category will be network security hardware, followed by integration services and endpoint security software, respectively.

Overall $47bn will be spent on services, including managed security, integration, consulting and IT education and training. Hardware spending will be more than $21bn this year with most of that spend going on network security products.

IDC predicted that banking will be the sector with the most spend on security solutions, followed by discrete manufacturing and central government.

These three industries will account for nearly 30 per cent of global security spending and will concentrate on managed security and integration services.

Karen Massey, research manager for customer insights and analysis at IDC, stated: "Looking at security spending across industries, banking, manufacturing and government control the largest security IT budgets as they are charged with protecting highly sensitive data and meeting myriad compliance mandates.

"Robust investment in key security solutions is due to myriad facets of security needs, including data loss and prevention, compliance and risk management, increasingly sophisticated cyber schemes, and digital transformation complexity."