February 21, 2024
Ict

The global Security Spending Market Growth Accelerated by Increased Focus on Cyber Security

Security spending plays a vital role in protecting businesses and individuals from cyber threats. With growing use of internet and advancing technologies, cyber crimes are on the rise which is driving greater demand for security hardware, software and services across various industries. Security solutions help organizations safeguard their IT infrastructure, sensitive data, payment processes and customers’ privacy. Technologies like AI, cloud computing and IoT have revolutionized business operations but have also introduced new avenues for cyber attacks. This has propelled organizations to strengthening their security posture with advanced solutions.

The global security spending marketi is estimated to be valued at US$ 230 billion in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing focus on cyber security with growing sophistication of cyber crimes is a key trend driving growth of the security spending market. As cyber threats continue to evolve, organizations across industries are allocating greater resources to security measures. Adoption of advanced technologies has transformed business operations but have also widened the attack surface for cyber criminals. This has prompted companies to invest aggressively in next-generation security solutions that leverage capabilities of AI, machine learning and automation to predict, detect and prevent cyber breaches in real-time. Growing awareness about data protection regulations is further augmenting investments in building robust security infrastructure.

Key players: Key players operating in the security spending market are Cisco, IBM, Broadcom, Palo Alto Networks, Fortinet and Check Point. Cisco leads the network security market with its wide portfolio of firewalls, VPNs and network access control solutions. IBM dominates the identity and access management segment through its security intelligence and analytics offerings.

Segment Analysis
The global security spending market is dominated by the IT security segment. With increasing digitization across industries and growing sophistication of cybercrimes, IT security solutions such as network access control, antivirus and antimalware have recorded high demand. These solutions provide enhanced protection from malware, ransomware, and phishing attacks which could disrupt organizations’ IT infrastructure and compromise critical data. The comprehensive security suites offered in the IT security segment covering endpoint security, web and email security, governance and compliance have helped it maintain the leading position over other segments like physical security.

Regional analysis: North America dominates the global security spending market currently, attributed to stringent data privacy regulations, rising digitization of critical infrastructure sectors and presence of key security vendors in the region. However, Asia Pacific is projected to emerge as the fastest growing regional market for security spending driven by increasing adoption of cloud services, IoT and smart infrastructure projects in countries like China and India.

Key Takeaways
The global security spending marketi is expected to witness high growth over the forecast period. Rapid digital transformation, work from anywhere trends accelerated by the pandemic and growing threat of cyber-attacks have necessitated higher security investments across industries. The global Security Spending Market is estimated to be valued at US$ 230 billion in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023-2030/.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it