European IT security spending to continue growth despite economic pressures - IDC

The researcher says spending will reach almost $47bn in 2022

Spending on IT security in Europe is expected to grow by almost 11 per cent this year despite the ongoing global economic challenges, according to IDC.

The IDC's Worldwide Security Spending Guide highlights that European IT security spending will reach almost $47bn in 2022, with a forecast five-year (2021-2026) compound annual growth rate (CAGR) of 9.4 per cent to surpass $66bn in 2026.

Security services will have the highest growth over the forecast period, IDC says, at a 10.2 per cent CAGR and will also represent the biggest spending category, followed by software and hardware.

"Following the start of the Russia-Ukraine war and the consequent geopolitical dynamics, the risk of cyberthreats addressing both IT and OT systems — already significant before the conflict — rose dramatically," said research manager Stefano Perini, IDC European Data & Analytics.

"This pushed European organizations to increase the focus on short-term emergency plans addressing especially cloud, network, and data security."

Banking is expected to be the biggest European industry for IT security spending in 2022 at more than $6bn.

Discrete manufacturing and professional services, meanwhile, are expected to be the second and third top spenders on cybersecurity in 2022 with more than $5bn and $4bn in spending respectively.