TECH

IT spending in Europe will reach $47 billion and the sector will continue to grow steadily

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

This year, IT security spending in Europe could reach nearly $47 billion. If these expectations are met, the growth over last year would be 10.8%. In the following years, a CAGR (Compound Annual Growth Rate) of 9.4% is projected. As a result, by 2026, the industry volume will be up to $66 billion.

It should be noted that in the period from 2021 to 2026, several services in the area of ​​information security will present the highest CAGR value – 10.2%. This segment will also have the highest costs. The second place in terms of costs will be the software, the third – the hardware.

The banking sector will continue to be the biggest consumer of IT security products and services in Europe, spending over US$6 billion this year. More than $5 billion will come from discrete manufacturing and about $4 billion from professional services.

The state/local government sector will be the fastest growing area of ​​IT security spending in 2022 (12.3% increase). It will be followed by the federal/central governments and the transportation industry with growth of over 11%.

AVnews