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Europe increases spending on cyber security

The European information security market is expected to maintain near double-digit growth rates during the current five-year period 2022-2026
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Spending by European countries on information security (IS), including hardware, software products and related services, will increase by almost 11% in 2023, forecast analyst firm IDC.

Growing cybersecurity needs, new regulatory requirements and the increased risk of ransomware attacks due to the current geopolitical situation in Europe are contributing to higher IS spending, the IDC report said.

The European information security market is expected to maintain near double-digit growth rates during the current five-year period (2022-2026). The volume of the IS market in terms of value should reach $71 billion in 2026, analysts predict.

Among the countries of Europe, the United Kingdom, Germany and France stand out, forming the top three in terms of spending on information security. Together, these countries account for over half of Europe’s total cybersecurity spending.

In the Central and Eastern Europe region, the Czech market is growing faster than the rest: this year, an increase of more than 12% is expected there, compared to 2022.

Of the market segments, the highest growth rates in Europe are demonstrated by software products for information security – 11%. At the same time, the largest share of spending in 2023 will fall on information security services, reflecting their key role for European organizations in various industries.

“We see that in addition to software and hardware, European companies have a real need for cybersecurity services designed to ensure business continuity and compliance,” commented IDC. Such services are particularly suitable for organizations with limited information security competencies, particularly small and medium-sized enterprises operating in less digitally mature verticals.

Among industries, the financial sector will spend the most on information security in 2023, driven by the increased need for data protection and regulatory compliance. In second place in terms of IS costs are industrial enterprises, and third is the public sector. Their combined contribution to European cybersecurity spending will exceed 52% this year.

Earlier this year, IDC published a forecast for the global information security market. It is expected that in 2023, the turnover of the IS market will grow by 12.1% compared to 2022 and reach 219 billion dollars. The upward momentum will continue into the future, with global cybersecurity spending reaching $300 billion in 2026.

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