Burlingame, Sept. 20, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global security spending market is estimated to be valued at US$ 152.81 billion in 2022 and is expected to exhibit a CAGR of 7.8% during the forecast period (2023-2030). Security spending is financial resources allocated by organizations, individuals, or governments for protecting against different threats, such as physical breaches, cybersttacks, or emergencies. This expenditure includes investments in personnel, technology, infrastructure, and policies aimed at safeguarding data, assets, and people. Effective security spending is important for mitigation of risks and ensuring the resilience of an entity against disruptions or harm.
Key Developments
In February 2023, Cisco Systems completed acquisition of SecureWorks, a leading threat intelligence and security service provider. Cisco will be able expand its security service offerings and offer more comprehensive view of security posture of their customers, due to this acquisition.
In January 2023, Palo Alto Networks announced acquisition of Demisto, a SOAR software provider. With this acquisition, the company will be expanding its SOAR offerings and offer customer with a more integrated and automated security solutions.
Market Drivers:
Increasing threats related to cybersecurity to augment market growth
Proliferation of data breaches, cyberattacks, ransomware, and other digital threats are major driving factors for security spending. Companies are recognizing the potential reputational, operational, and financial damages caused by cyber incidents. This is prompting growing investment in strong measures of cybersecurity for protecting sensitive information and ensuring continuity of business.
Growing digital transformation to boost market growth
Adoption of digital technologies is on rise all over the world along with integration of Internet of Things (IoT) devices into business operations creating new points of entry for cyber threats. As companies are digitizing process and expanding their digital footprint, the demand for robust measures of cybersecurity is increasing rapidly, which is important for mitigating secure interconnected systems and vulnerabilities.
Market Opportunities:
Increasing innovations in cybersecurity solutions to produce growth opportunities in the global security spending market. With the constant evolution of cyber threats, market players are provided with opportunities of developing innovative cybersecurity solutions and companies to provider cutting-edge technologies such as behavioral analytics, threat detection, and zero-trust architecture. This will further find a receptive market that is in search for solutions capable of effectively counting sophisticated cyberattacks.
Read full market research report, "Security Spending Market, By Security Solutions, By Verticals, By Deployment Models, By Organization Size, By Security Spending Components, And By Region, Market Size & Share Analysis - Growth Trends & Forecasts, 2023-2030", published by Coherent Market Insights.
Security Spending Market Report Coverage
| Report Attribute | Details |
| Forecast Period: | 2023 to 2030 |
| Market Size in 2023: | US$ 152.81 Billion |
| 2030 Value Projection: | US$ 258.51 Bn |
| Growth rate | CAGR of 7.8% from 2023 to 2030 |
| Base year for estimation | 2022 |
| Historical data | 2017 - 2021 |
Market Restrain:
Limited budgets to hinder market growth
Budget constraints such as limited budget create major challenge for companies looking for investing in comprehensive security solutions. Allocation of sufficient funds for covering the cost of skilled personnel, advanced security technologies, and ongoing maintenance is complicated, specifically for smaller business. This factor acts as a major challenge in growth of the global market.
Key Market Takeaways:
Global security spending market is expected to exhibit a CAGR of 7.8% during the forecast period. The security spending market is growing rapidly in response to the rise in number of high profile data breaches driving the awareness regarding potential impacts of security breaches on customer trust and brand reputation.
On the basis of Security Solutions, Endpoint Security Segment is expected to dominate the market during the forecast period and this is attributed to the higher use to protect end point devices such as computers from malicious threats.
On the basis of Verticals, Financial Services Segment is expected to dominate the market during the forecast period, as this sector is highly susceptible to cyber threats due to growing digitization.
On the basis Deployment Models, Cloud-Based Segment is expected to dominate the market during the forecast period and this is attributed to the growing adoption of cloud solutions across various industries.
On the basis Organization Size, Large Enterprises Segment is expected to dominate the market over the forecast period and this is attributed to the availability of budget for security solutions.
On the basis Security Spending Components, Software Segment is expected to dominate the market during the forecast period and this is attributed to the increasing adoption software solutions across various sectors.
On the basis Security Spending Types, Preventive Spending Segment is expected to dominate the market during the forecast period and this is attributed to the growing need to prevent risk associated with financial transactions.
On the basis Security Spending Verticals, Cybersecurity Spending Segment is expected to dominate the market over the forecast period and this is attributed to the increase growing number of cyber threats and attacks.
On the basis End User Industries, Government and Public Sector Segment is expected to dominate the market during the forecast period and this is attributed to the increasing expenditure by government on cybersecurity projects.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to presence of advanced digital infrastructure, reliance on technology, and extensive business operations in the region, making it a major target for cyberattacks and related security threats. Thus, the demand for security spending is high in the region, driving growth of the global market.
Key players operating in the global security spending market include Akamai Technologies, Cisco Systems, RSA Security, Palo Alto Networks, Splunk, IBM Security, Darktrace, Check Point Software Technologies, FireEye, Symantec, Proofpoint, Fortinet, CrowdStrike, McAfee, and Trend Micro
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