IT Security Technology Market to Reach $151.2bn by 2023

The global information security market is expected to report a noticeable upward trend over the next three years, hitting revenue of $151.2 billion by 2023 as the growing range of security threats and requirements forces companies and organisations to intensify their investments in new solutions.

According to PreciseSecurity.com research, the information security technology market includes security-related software, hardware, and services. Its recent surveys show that the global market revenue reached $106.6 billion in 2019, which represents a 10.7% increase from the year before, with the entire information security technology market expected to grow at a CAGR of 9.4% by 2023. 

With more than $47 billion 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%. Software was the second-largest revenue source, which generated almost $38 billion profit during the last year. With $21 billion in revenue 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 securitysolutions 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 $21 billion 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 next three years will bring intensified investments in security analytics, intelligence, response, and orchestration software, expected to grow by CAGR of 10.5% by 2023.