Global security-related hardware, software and services software will reach $91.4 billion in 2018, IDC reports-- a 10.2% increase over 2017, with such growth set to continue over the next few years.
Security spending should reach a CAGR of 10% over the 2016-2021 forecast period, growing to a total of $120.7bn in 2021.
"Banks, discrete manufacturers, especially within the high-tech sector, and the federal government are spending the most on security to avoid large scale cyber-attacks and adhere to regulatory compliance," the analyst adds. "Looking ahead to 2021, as the need the to protect IoT connected devices and infrastructure becomes paramount, industries like telecom and state and local government will drive growth in worldwide security spending."