May 29, 2024
Security Spending Market
Ict

Global Security Spending Projected To Boost The Growth Of The Global Security Spending Market

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.

Market Overview:

The security spending market involves providing security solutions to protect assets of individuals, enterprises and governments. It includes various products and services like identity and access management, risk and compliance management, data loss prevention, unified threat management, security information and event management and firewall. With increasing threats from cybercriminals, data breaches and security attacks, security spending has become imperative for organizations across all industries to safeguard confidential data and critical infrastructure. The security solutions help in preventing malware, spam and phishing attacks to protect business operations and customers’ private information.

Market key Trends:

One of the major trends in the security spending market is the rise in adoption of cloud-based security solutions. As more enterprises are moving their infrastructure and applications to the cloud, the demand for cloud security is on the rise. Cloud platforms provide flexibility, scalability and cost benefits but also introduce new security challenges which are driving the need for cloud-based security-as-a-service offerings. Another trend is the increase in spending on Internet of Things (IoT) security with more organizations embracing IoT technology. However, lack of security in connected devices poses threats which is fuelling investments in IoT-specific security solutions, platforms and services. There is also a growing focus on security for mobile applications and Bring Your Own Device policy due to rise in mobile threats and risks of data leakage.

Porter’s Analysis

Threat of new entrants: The threat of new competitors or entrants entering the security spending market is moderate. High costs associated with security solutions and the requirement of expertise act as a barrier for new players.

Bargaining power of buyers: The bargaining power of buyers is high in the security spending market. Buyers can negotiate on the pricing and features of solutions due to availability of multiple vendor options.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as the market has many solution providers. However, the switching cost for buyers is high if they change suppliers.

Threat of new substitutes: There is a moderate threat from new substitutes in the market. However, security requirements keep evolving with changing threats which require updated solutions.

Competitive rivalry: The competitive rivalry is high among the key players to gain greater market share through innovation and portfolio expansion.

Key Takeaways

Market size
The global Security Spending Market Growth is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period of 2023 to 2030, due to increasing digitization and rising cyber threats. Factors like IoT proliferation, remote working adoption are driving the need for advanced security solutions.

Regional analysis

The North American region dominates the security spending market currently. However, Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rapid digital transformation of enterprises across industries in the region.

Key players

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, Akamai Technologies. Key players are focusing on partnerships and mergers to expand their solutions portfolio and geographical footprint.

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