The global information security technology market is expected to grow to $151.2 billion by 2023. This would represent an increase of 57% compared to 2018. Meanwhile, in 2019, the market could reach $106.6 billion.

This worldwide spending on different security technology products and services is expected to grow thanks to the investment made by institutions and other companies in the market.

The International Data Corporation (IDC) Worldwide Semiannual Security Spending Guide informs that by 2023, the spending on this industry could surpass $150 billion.

Karen Massey, research manager, Customer Insights & Analysis, explained why the market could grow:

“Robust investment in key security solutions is due to myriad facets of security needs, including data loss and prevention, compliance and risk management, increasingly sophisticated cyber schemes, and digital transformation complexity.”

Services will receive the largest share of security spending in 2019. Just this year, more than $47 billion will be invested in managed security services, integration services, and other areas.

In addition to it, the software will also attract significant spending, considering it includes endpoint security solutions, identity software, and analytics, among others. This year, companies are expected to place $38 billion in software solutions. Furthermore, hardware spending will reach $21 billion this year.

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. Discrete manufacturing and the government would follow in terms of investments.

These three industries represent 30% of all security spending around the world on both managed security services and integration services.

The report explains that the industries that will experience the fastest spending growth include government, telecommunications, and resource industries, with 12.5%, 11.9%, and 11.0% Compound Annual Growth Rate (CAGR), respectively.

Firms will spend more than $21 billion for around-the-clock monitoring and management of security operations centers.

Furthermore, the second-largest category related to technology is expected to be network security hardware. This includes unified threat management, firewalls, and intrusion detection and prevention technologies. Other classes are integration services and endpoint security software.

The report mentions that the fastest spending growth in technology categories will be seen in managed security services with an expansion of 13,9% CAGR, security analytics, intelligence, response and orchestration software (10.5% CAGR), and finally, consulting services (9.3% CAGR).

The whole market continues to expand, and the report explains how companies and firms are going to spend their funds in the Information Security Technology Market. Firms are focused on offering the best security to users, and this will directly affect the level of spending in security solutions.