The global Security Spending Market is estimated to be valued at US$ 152.81 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
With an increasing number of cyber threats like ransomware, phishing and DDoS attacks, security spending has become indispensable for organizations across industries to protect valuable data and ensure business continuity. Technologies like firewalls, antivirus software, identity and access management help in assessing vulnerabilities, ensure compliance with regulations and secure networks, applications and endpoints from intrusions and data breaches.
Market Overview:
Security spending includes hardware, software, and services for protecting IT infrastructure and data from cyber threats. Firewalls, intrusion prevention systems, antivirus software are commonly deployed for network protection while identity and access management, data loss prevention and encryption play a major role in data security.
Market key trends:
The market is witnessing rapid adoption of cloud-based security solutions as more businesses migrate workloads and applications to public and hybrid cloud infrastructures. Growing deployment of Software-Defined Wide Area Network (SD-WAN) is also driving the need for advanced cloud security solutions to protect access and ensure policy enforcement across distributed enterprise networks. Leading vendors are focused on consolidating security capabilities across on-premise and hybrid cloud platforms through cloud-delivered or cloud-native security-as-a-service offerings.
Segment Analysis
The global security spending market is segmented on the basis of components, deployment, security types, organizations, and regions. The components segment is further segmented into hardware, software, and services. The services sub-segment dominated the global market in 2022 and is expected to witness high growth over the forecast period. This is owing to the growing demand for managed security services across industries to tackle advanced cyber threats.
Key Takeaways
The global Security Spending Market Growth is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing cyber threats and risks. The rising instances of data breaches and phishing attacks are compelling organizations to substantially invest in advanced security solutions and services.
Regional analysis - North America dominated the global security spending market in 2022 and is estimated to continue its dominance over the forecast period. This is attributed to the early adoption of advanced security technologies and the presence of major security solution providers in the region. Asia Pacific is projected to witness the highest growth rate during the analysis period, with countries like India, China, and Japan emerging as highly lucrative markets.
Key players operating in the security spending market are Cisco Systems, Palo Alto Networks, IBM Security, Check Point Software Technologies, Symantec, Fortinet, McAfee, Trend Micro, CrowdStrike, Proofpoint, FireEye, Darktrace, Splunk, RSA Security, and Akamai Technologies. Key players are focusing on inorganic growth strategies like mergers & acquisitions to expand their product portfolios and geographic footprint. They are also investing heavily in R&D to develop advanced AI and analytics-driven security solutions.
For more insights, read- https://www.ukwebwire.com/global-security-spending-projected-to-boost-the-growth-of-the-global-security-spending-market/
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