Global Spending on Security Products and Services to Reach $151 Billion in 2023

The size of the information security technology market could reach $151.2 billion in 2023. This is according to a recent report released by PreciseSecurity.com in which they inform that this year, spending in the security technology market would reach $106.6 billion.

Information Security Technology Market To Surge The Next Years

The information security technology market continues to move forward with large investments from different companies and organizations around the world.

In a recent report released by PreciseSecurity.com, they inform that the whole market would be growing between 2018 and 2023 by 57% 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. About it, the report explains:

“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.”

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, these could be conservative estimations.

Justinas Baltrusaitis, the editor at PreciseSecurity.com, mentioned on the matter:

“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.”

Full story can be read here: https://www.precisesecurity.com/articles/global-spending-on-security-products-to-reach-151-billion-in-2023

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