IDC report said European IT security spending will grow at 10.8 percent to reach $47 billion in 2022.
The IT security spending in Europe will achieve five-year (2021–2026) compound annual growth rate (CAGR) of 9.4 percent to $66 billion in 2026.
Security services will have the highest growth over the forecast period (10.2 percent CAGR) and will also represent the biggest spending category, followed by software and hardware.
The highest IT security spending growth rate in 2022 in the European region will be in Czech Republic and Poland, both above 15 percent. Over 2021–2026, Czech Republic will be the fastest growing country in terms of cyber security spending in Europe, 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 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.
Europe’s state / local government industry will be the fastest growing IT security spending sectors in 2022 (12.3 percent), followed by federal/central government and transportation, both above 11 percent.
Government organizations in Europe will bet 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.