New IDC research forecasts major increase in European security spending
James Thorpe
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New information from IDC has revealed that European security spending will grow 10.6% in 2023, with the total expected to reach $71 billion by 2026.
The company has claimed that this rapid market growth can be attributed to a need for enhanced security in the face of ransomware attacks as a direct result geopolitical tensions.
The company’s Worldwide Security Spending Guide has revealed that the UK, Germany and France are the highest spenders in security, accounting for over half of the European security market. Other findings suggest that Czech Republic will have the fastest growth in 2023 at over 12% YoY.
Romain Fouchereau, Research Manager, IDC European Security explained: “IDC research shows that ongoing disruptions and a dynamic threat landscape have led European organisations to rethink their cyber-resilience and proactively ensure their organisation maintains good cyber-hygiene.
“Adopting zero-trust principles to harden security measures and implement secure access controls across networks, applications, and devices has become a top priority, with a defined strategy and support from senior management for new investments and initiatives.”
“We’re seeing that in addition to software and hardware, European companies also have a very real need for security services to guarantee their continued operations and regulatory adherence,” added Vladimir Zivadinovic, Senior Research Analyst, IDC European Data and Analytics.
