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Information security market predicted to reach $151.2 billion by 2023

Homeland January 15, 2020

According to newly released data, the information security technology market is predicted to grow after increased threats to companies.

Research from PreciseSecurity.com has predicted that the information security technology market will grow to $151.2 billion in the next few years following increased investment amid growing threats. The growing range of security threats and requirements has forced companies and organisations from all over the world to intensify their investments in new safety solutions.

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, and consulting services, education, and training.

The software was the second-largest revenue source, which generated almost $38 billion profit during the last year. With $21 billion in income in 2019, hardware spending was the third-largest revenue stream.

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.

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. The state and local government, telecommunications and the resource industries are expected to experience the fastest spending growth in the years to come.

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Business cyber security Data finance industry ransomware technology

Post written by: Ciara Houghton