The growing range of security threats and requirements has forced companies and organizations from all over the world to intensify their investments in new safety solutions. According to PreciseSecurity.com research, the global information security market is expected to report a noticeable upward trend in the following years, resulting in a $151.2bn revenue by 2023.
Security services are driving the market growth
The information security technology market includes security-related software, hardware, and services. The recent surveys show that the global market revenue reached $106.6bn in 2019, which represents a 10.7% increase from the year before. According to the statistics, the entire information security technology market is expected to grow at a CAGR of 9.4% by 2023.
With more than $47bn in spending in 2019, security services represent the most significant revenue stream. This segment of the market 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%. The software was the second-largest revenue source, which generated almost $38bn profit during the last year. With $21bn in income in 2019, hardware spending was the third-largest revenue stream.
Banking market controls the largest security budget globally
Compared by markets, the banking industry is expected to spend the most on the security solutions in the following years, followed by discrete manufacturing and the federal government. The 2019 data show that these markets account for almost 30% of total security spending globally, with managed security services as their highest cost. The state and local government, telecommunications and the resource industries are expected to experience the fastest spending growth in the years to come.
With a $21bn profit 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 the statistics, the following years will bring intensified investments in security analytics, intelligence, response, and orchestration software, expected to grow by CAGR of 10.5% by 2023.