sb-au logo
Story image

Worldwide spending on security products and services set to reach $151.2 billion in 2023

Worldwide spending on security products and services is set to reach $151.2 billion in 2023, according to a recent report from PreciseSecurity.com.

The report says the market would grow by 57% from $96.3 billion in 2018. It says the market is expected to reach $106.6 billion this year.

The information security technology market continues to move forward with large investments from different companies and organisations around the world, with the banking industry one of the sectors that is expected to invest the largest amount of funds in this market, the company says.

"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 says.

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% respectively. 

"Although the growth in investment from companies and organisations in the security information technology market is expected to increase, these could be conservative estimations," the report says. 

"Increasing investment in security products and services is a natural response to the growing number of various hacks and attacks companies experienced."

Story image
Attivo Networks expands Active Directory suite for greater protection
"We see Active Directory exploitation used in the majority of ransomware, insider and advanced attacks. We are pleased to now offer our customers early and efficient solutions for preventing the misuse of Active Directory.”More
Story image
5G network security a US$9 billion dollar opportunity - report
The cloud-native nature of 5G networks will have a disruptive and positive impact on the cybersecurity industry in the next few years, with 5G network security presenting a US$9 billion enterprise market opportunity by 2025.More
Story image
Why organisations should rethink the approach to retail demand planning and forecasting
Why organisations should rethink the approach to retail demand planning and forecastingMore
Story image
Tesserent to acquire Secure Logic's managed security services business
Secure Logic delivered an audited turnover of $9 million in FY 2020 and a $4.2 million EBITDA, with reportedly ‘strong’ earnings going into FY 2021.More
Story image
IT leaders prioritising automation, Zero Trust and API-based security investments
"The study shows that a cocktail of multiplying threats, the proliferation of hybrid and cloud architectures, blended with a pandemic-fuelled explosion in distributed and remote work has created a perfect storm for network security teams."More
Story image
SAS digs deeper into the core tenets of responsible AI
What is responsible artificial intelligence (AI)? Is it a technology that does not discriminate against certain groupsMore