International. The growing range of security threats and requirements has forced businesses and organizations around the world to step up their investments in new security solutions.
According to PreciseSecurity.com research, the global information security market is expected to report a remarkable upward trend in the following years, resulting in revenue of US$151.2 billion by 2023.
Security services are driving market growth
The information security technology market includes software, hardware, and security-related services. Recent surveys show that global market revenue reached US$106.6 billion in 2019, representing an increase of 10.7% over the previous year. According to statistics, the entire information security technology market is expected to grow at a CAGR of 9.4% by 2023.
With more than $47 billion in expenses in 2019, security services represent the most significant revenue stream. This market segment includes managed security services, integration services, consulting services, education, and training. It is expected to have the fastest spending growth with a five-year CAGR of 11.2%. Software was the second largest source of revenue, generating nearly $38 billion in revenue over the past year. With $21 billion in revenue in 2019, hardware spending was the third largest source of revenue.
The banking market controls the largest security budget worldwide
Compared to markets, the banking industry is expected to spend more on security solutions in the following years, followed by discrete manufacturing and the federal government. Data from 2019 shows that these markets account for nearly 30% of total security spending globally, with managed security services as their highest cost. State and local government, telecommunications, and resource industries are expected to experience the fastest spending growth in the years to come.
With a profit of $21 billion in 2019, managed security services were the most lucrative technology category globally, followed by network security hardware, integration services, and endpoint security software. According to statistics, the coming years will bring intensified investments in security analytics, intelligence, response and orchestration software, which are expected to grow at a CAGR of 10.5% by 2023.
