IDC says spending on security hardware, software and services will hit almost $120B by 2021. That’s good news for anyone working in the market who wants to ensure some career longevity. And spending on security products and services for 2017 will total $83.5 billion , an increase of 10.3% over last year.
IDC forecasts that security spending this year will be spread fairly evenly across distribution and services ($19.7 billion), public sector ($18.6 billion), manufacturing and resources ($16.4 billion), and financial ($16.3 billion). But by 2021, the financial sector will move ahead – unsurprising given the world’s increasing dependence of electronic transactions.
More than 80% of security spending in 2017 will go to services and software with managed security services ($15.25 billion) and integration services ($12.5 billion). Software spending will be focused on endpoint security, identity and access management, and security and vulnerability management.
North America will be the highest spender this year with total spending of $37.8 billion this year. The second largest geographic market will be Europe, the Middle East and Africa follows with $26.2 billion followed by Asia/Pacific (excluding Japan) at $11.5 billion.
If you’re thinking about a career in infosec, or already in the business, this is good news. Continued market growth points to lots of opportunities. But, while IDC’s data points to market growth, it is important to note the skills required for a career in security are also evolving with AI, machine learning and behavioural analytics all looking like significant areas for career advancement.