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Europe IT security spending to grow 10.8% in 2022

Despite the changing geopolitical situation and consequent inflationary pressure, European IT security spending will continue to rise at a sustained pace, with expected growth of 10.8% year on year (YoY) in 2022, according to International Data Corporation (IDC).

IDC’s new Worldwide Security Spending Guide highlights that European IT security spending will reach almost $47 billion in 2022. The forecast five-year (2021–2026) compound annual growth rate (CAGR) is 9.4%, surpassing $66 billion in 2026.

Security services will have the highest growth over the forecast period (10.2% CAGR) and will also represent the biggest spending category, followed by software and hardware.

The highest IT security spending YoY growth rate in 2022 in the region will be in Czech Republic and Poland, both above 15%. Over 2021–2026, Czech Republic will still be the fastest growing country, followed by a Western European bloc composed by Belgium, France, Germany, and Switzerland.

“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 will be the biggest European industry for IT security spending in 2022, at more than $6 billion. Banking, which has always been one of the most advanced verticals on security, will even increase its focus on cyberdefense to face the rising risk of malicious attacks.

Discrete manufacturing and professional services are expected to be the second and third top spenders on cybersecurity in 2022 (with respectively more than $5 billion and $4 billion spending). While discrete manufacturing companies will have to face cyberthreats not only for their IT but also OT systems, professional services firms’ security strategies will remain more stable, with a special focus on cloud and endpoint security solutions.

The State/local government industry will be the one with the fastest growing IT security spending sectors in 2022 (12.3%), followed by federal/central government and transportation, both above 11%. For all the three verticals, cybersecurity will be at the top of the agenda. Government organizations will bet especially on cloud migration, remote collaboration, and data security, while transportation companies will rely on cybersecurity as a crucial support to avoid any further service restriction.

CT Bureau

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