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Global IT security market to hit $151bn in 2023

960 640 Stuart O'Brien

The size of the information security technology market could reach $151.2 billion in 2023, driven by the banking and telecoms sectors.

That’s according to a report from PreciseSecurity.com, which predicts spending in the security technology market will reach $106.6 billion this year. 

The report asserts that information security technology spending continues to move forward with large investments from different companies and organisations around the world, with the whole market growing by 57% 2018 and 2023 from $96.3 billion to $151.2 billion. 

The banking industry is one of the sectors that is expected to invest the largest amount of funds in this market.

“Considering there have been many attempts for hackers to acquire funds from banks, the banking industry is expected to spend the most on security solutions,” say the authors.

The report shows that the industries that will experience the fastest spending growth include government, telecommunications, and resources. They will be growing at a CAGR of 12.5%, 11.9% and 11.0% Compound Annual Growth Rate (CAGR), respectively. 

Although the growth in investment from companies and organizations in the security information technology market is expected to increase, the firms stresses its estimates could be conservative estimations. 

Justinas Baltrusaitis, the editor at PreciseSecurity.com, said: “Increasing investment in security products and services is a natural response to the growing number of various hacks and attacks companies experienced. In my opinion, this projection could be certainly realistic but I am not closed to think this number could be even higher.” 

Technavio

Global cyber security market to grow 13% by 2021

960 640 Stuart O'Brien

The global cyber security market will grow at a CAGR of almost 13 per cent during 2017-2021, according to a new report from Technavio.

The study covers the present scenario and growth prospects of the global cyber security market across the forecast period.

Clearly, with the increase in the number of attacks and threats from hackers, the need for advanced security solutions is growing rapidly.

But Technavio says the major reason for its high growth forecast is the introduction of cyber detection technology, which is an advanced form of cyber security that has the capability to identify and mitigate an attack from its inception through four stages: network level, application level, data level, and endpoint level.

Specifically, Technavio analysts highlighted the following three factors that are contributing to the growth of the global cyber security market:

  • Increase in use of mobile devices
  • Implementing firewall as a disruptive deception capability
  • Increasing IT security budget

Amrita Choudhury, a lead IT security research analyst at Technavio, said: “With companies expanding across regions, there is an increased need for the exchange of global data and information. The global expansion of business has given a significant rise to employees traveling worldwide. This has resulted in an increase in services offering security and access to secure networks from mobile devices.”