Security technology – in enormous demand20. January 2020
The market for information security technology will reach a value of 151.2 billion dollars by 2023
New York, 20.2.2020
The ever-increasing range of security threats is forcing companies and organizations around the world to invest more heavily in new security solutions. According to a study by PreciseSecurity.com, the global information security market is expected to show a noticeable upward trend in the following years, leading to a turnover of 151.2 billion US dollars by 2023.
The market for information security technology comprises security-related software, hardware and services. The latest surveys show that global market sales reached $106.6 billion in 2019, an increase of 10.7% over the previous year. By 2023, the total market for information security technology is expected to grow at a CAGR of 9.4% according to statistics.
With more than $47 billion spent in 2019, security services were the most important source of revenue for companies in this industry. This market segment includes managed security services, integration services, consulting services and training and education. With a CAGR of 11.2% over five years, the fastest growth in spending is expected. Software was the second largest source of revenue, generating nearly $38 billion in profits last year. Hardware spending was the third largest source of revenue with $21 billion in 2019.
The banking industry is expected to spend the most on security solutions in the coming years, followed by discrete manufacturing and government. Data for 2019 shows that these markets will account for nearly 30% of total security spending worldwide, with Managed Security Services costing the most. State and local governments, telecommunications and extractive industries are expected to see the fastest growth in spending in the coming years.
Managed Security Services was the world’s most lucrative technology category, with a profit of $21 billion in 2019, followed by network security hardware, integration services and endpoint security software. According to statistics, the following years will bring increased investment in security analysis, intelligence, response and orchestration software, which is expected to grow by 10.5% by 2023.