Global data security spending estimated to reach $82 billion in 2017

In 2017, global data security spending is estimated to reach $81.7 billion. By 2020, it will be reaching $105 billion, according to the International Data Corp.

Specifically, organisations will be spending the funds on hardware that is related to security, as well as data security software, and services.

Eileen Smith, program director at International Data Corp, mentioned that organisations across all industries are facing an ever-increasing amount of pressure to invest in security to protect themselves against various threats, both known and unknown. She estimates that the following three industries will be spending the most on a global basis:

– Discrete manufacturing

– Banking

– Federal/central government

In 2017, these three industries will represent more than 30% of the international total.

The following industries are estimated to grow spending the most:

– Telecommunications (11.2%)

– State/local government (10.2%)

– Health care (9.8%)

– Utilities (9.7%)

– Banking (9.5%)

In 2017, spending on integration services, managed security services, and consulting will represent 38% of the 2017 total, estimated to reach $31.2 billion. Network security (both the hardware and the software subcategories) is estimated to be the main category of spending in 2017, reaching $15.2 billion. The third largest category will be endpoint security software, estimated to reach $10.2 billion.

When looking at specific regions, United States will be spending the most at $36.9 billion, Western Europe being right behind at $19.2 billion, and Asia/Pacific region (not counting Japan) will occupy the third place.

Large businesses, with more than 500 employees, will be spending two thirds of forecasted funds in the given period.