China’s total expenditure on network security will reach 7.89 billion US dollars in 2020, up 11% year on year

According to the latest IDC global security spending guide, 2020V2), with novel coronavirus pneumonia epidemic impact and promotion, the total investment of hardware, software and service market in the global network security in 2020 will reach 125 billion 210 million US dollars, up 6% compared with 2019, and maintained a high consistency with the previous forecast. IDC believes that as governments and enterprises around the world pay more attention to network security and the market environment is generally better, the fluctuation of the epidemic situation on the global network security market is relatively small. During the forecast period of 2020-2024, the global cybersecurity related expenditure will achieve a CAGR of 8.1%, which is expected to reach US $174.73 billion in 2024. < / P > < p > compared with the world, China’s network security market in recent years, driven by national policies and regulations, digital economy, threat situation and other needs, the overall market scale continues to show a rapid development trend, and the proportion of China’s network security investment in the overall IT investment is increasing day by day. However, from the aspects of IT security investment, it security technology and service maturity, the development of China’s network security industry still lags behind that of the world, which fully reflects the development potential and development space of China’s network security market in the future. < / P > < p > according to the latest forecast of IDC, the total expenditure of China’s network security market will reach 7.89 billion US dollars in 2020, an increase of 11.0% compared with the same period in 2019, and the growth rate will continue to lead the global network security market. In 2020, security hardware will continue to occupy a dominant position in China’s overall network security expenditure, accounting for 53.5%; security software and security services will account for 18.3% and 28.2% respectively. During the forecast period of 2020-2024, China’s network security related expenditure will achieve CAGR of 18.7%, which is expected to reach US $16.72 billion in 2024. < p > < p > IDC China network security analyst Wang Yiting believes that at present, with the rapid development of digital economy, digital trust will become the cornerstone of digital transformation and development of all countries and enterprises in the future, and help countries and enterprises to establish a secure, efficient and trusted digital environment. It and ot security will become the infrastructure of digital trust and play a fundamental role. In 2020, the epidemic situation is both an opportunity and a challenge for the development of network security industry. During the epidemic period, Chinese network security practitioners actively promoted the iterative rate of product update, and the level of software and service of products was further improved. The demand of end users is changing from static defense to dynamic countermeasures, from passive security to active security, and from compliance driven to business driven. In the future, under various driving forces, China’s network security industry will continue to follow the overall development trend of ICT industry.