China’s spending on security solutions is projected to reach USD 7 billion in 2019, making it the second largest spender after the United States, according to a recent report published by marketing analysis consultancy International Data Corporation (IDC).
IDC predicts the compound annual growth rate of China’s security solution spending between 2018 and 2022 to be 25.6%, far outperforming the global growth rate at 9.2% for the same period.
“While the U.S. and Western Europe will deliver two-thirds of the total security spending this year, the largest growth in security spending will be seen in China, Asia/Pacific (excluding Japan and China), and Latin America, each with double-digit CAGRs over the five-year forecast period,” said Karen Massey, a customer insights & analysis research manager at IDC.
The country’s biggest security solutions buyers – central and local governments, the telecoms industry, and the finance industry – account for nearly 60% of the national spending, according to IDC.
Security-related hardware soaks up 61.9% of the country’s security solutions spending. Security-related services and software each account for 21.7% and 16.4% of the total spending.
Editor: Nadine Freischlad