Rising cyber crime and a surge in AI-powered threats is fueling a rise in security spending around the world, according to analysis from IDC.
The consultancy’s Worldwide Security Spending Guide shows global security spending is expected to grow by 12.2% this year, and to hit $377 billion by 2028.
The bulk of this spending (70%) will be in the US and Europe. But increases are expected in every geographical region, in particular Latin America, Central and Eastern Europe, and the Middle East and Africa.
"Growing digital transformation and hiking emerging technology adoption across the Middle East & Africa (MEA) region — especially countries in the Gulf Cooperation Council (GCC) — have pushed the demand significantly for security solutions to face the evolving threat landscapes," said Eman Elshewy, senior research manager with IDC Data and Analytics.
"MEA is witnessing substantial investments from both government and enterprises to fight rising cyber threats, with strong awareness of the importance of cybersecurity education and training programs to fortify organizations against possible attacks."
Banking, federal and central government, telecommunications, capital markets, and healthcare providers will be the biggest spenders this year.
Meanwhile, the fastest-growing sectors will be capital markets, media and entertainment, and life sciences with an expected year-on-year growth rate of 19.4%, 17.1% and 16.9% respectively.
"The protection from cyber threats — now enhanced by AI and GenAI — is becoming an increasingly strategic issue for organizations in all industries," said Stefano.
Stefano specifically highlighted spending increases among organizations managing critical infrastructure along with those developing critical assets such as aerospace and defense.
“Although national and international regulations still play an important role in guiding organizations' security strategies — especially in regulated industries — more of them are realizing that having a proactive approach to security is crucial, not only as a short-term operational protection measure but also as a competitive advantage in the long term," he said.
However, IDC found that while large businesses account for most security spending across all regions, small and medium-sized businesses will continue to increase their investments in security throughout the forecast period.
RELATED WHITEPAPER
More than half the cash will go on security software, with a 14.4% year-on-year growth rate. There's particular growth expected in cloud native application protection platform (CNAPP), identity and access management software, and security analytics software.
Security services will be the second fastest growing technology group in 2025, driven by the continuing expansion of managed security services, followed by security hardware, which IDC said will achieve single-digit but steady growth in 2025.
MORE FROM ITPRO
- Ten cloud security tips every IT leader should know
- Cloud security for SMBs: Simple steps to stay secure
- Organizations warned of the dangers of ‘long-lived’ cloud credentials
-
Bigger salaries, more burnout: Is the CISO role in crisis?In-depth CISOs are more stressed than ever before – but why is this and what can be done?
-
Cheap cyber crime kits can be bought on the dark web for less than $25News Research from NordVPN shows phishing kits are now widely available on the dark web and via messaging apps like Telegram, and are often selling for less than $25.
-
Security and lock-in still holds back the cloudNews An IDC survey shows both those looking to the cloud and those who have leapt in feet first have similar concerns.
-
UK has sixth lowest pirated software rateNews The BSA has called on more work to be done even though the UK has the world's sixth lowest software piracy rate.
-
Fibre-optic networks vulnerable to hackingNews Hackers can access data by tapping the fibre-optic networks used by businesses around the world, according to an IDC report.
-
Survey: Critical infrastructure risks cyber attackNews Half of the critical infrastructure providers that the UK, Europe and North America rely on are vulnerable to cyber attack, according to a new survey.
