Worldwide revenues for security-related hardware, software, and services will grow from $73.7 billion in 2016 to $101.6 billion in 2020, according to new research from International Data Corp. (IDC). This represents a compound annual growth rate (CAGR) of 8%, more than twice the rate of overall IT spending growth, over the five-year forecast period.
"Today's security climate is such that enterprises fear becoming victims of the next major cyber attack or cyber extortion," said Sean Pike, program vice president, security products, at IDC. "As a result, security has become heavily scrutinized by boards of directors demanding that security budgets are used wisely and solutions operate at peak efficiency."
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