Information security products and services are forecasted to grow 11%+ to reach more than $180 billion in 2023.
At Sapphire, we are committed to addressing the rising concerns surrounding online privacy and security. With the widespread use of the internet, personal data is increasingly vulnerable to cybercrime attacks and data breaches. Regrettably, cybercrime has become more sophisticated, and the COVID-19 pandemic has only compounded the issue by forcing us to be more reliant on the digital world. The risks to individuals, companies, organizations, and governments have never been higher. As industry leaders, we are dedicated to providing you with the necessary information and tools to safeguard yourself and your business against these ever-evolving threats.
The global market for information security has experienced steady growth from 2017 to 2022, with expenditures rising from 101.5 billion U.S. dollars to 169 billion U.S. dollars. The majority of spending has been focused on security services, infrastructure protection, and network security equipment. Specifically, it is expected that expenditures on security services will reach almost 76.5 billion U.S. dollars by 2023.
Looking ahead, the information security technology market is projected to continue growing in the next few years. By 2024, worldwide spending on information security is forecast to more than double that of 2017. With the rise of new markets like the Internet of Things (IoT), managing access to information has become increasingly important, leading to a shift towards managed security services and other IT security segments. Additionally, revenue from cloud management and security services is expected to reach almost 30 billion U.S. dollars in 2022, compared to just five billion in 2015.
Cloud Security Leads Growth in Information Security Spending
According to Gartner, spending on information security and risk management products and services is forecast to grow 11.3% to reach more than $188.3 billion in 2023. Cloud security is the category forecast to have the strongest growth over the next two years. As organizations increase focus on ESG, third-party risk, cybersecurity risk and privacy risk, Gartner forecasts that the integrated risk management (IRM) market will show double-digit growth through 2024, until greater competition results in cheaper solutions.
Zero Trust Network Access Emerges as Fastest-Growing Segment in Network Security
ZTNA is the fastest-growing segment in network security, forecast to grow 36% in 2022 and 31% in 2023, driven by the increased demand for zero trust protection for remote workers and organizations’ reducing dependence on VPNs for secure access. As organizations become familiar with ZTNA, there is a growing trend to use it not only for remote working use cases but also for workers in the office.
Gartner predicts that by 2025, at least 70% of new remote access deployments will be served predominantly by ZTNA as opposed to VPN services, up from less than 10% at the end of 2021.
Remote Work Continues to Drive Investment in Security Technologies
Demand for technologies that enable a secure remote and hybrid work environment will increase beyond 2022. As organizations look to create secure work-from-home environments, they are exploring solutions that offer quick return on investment. As a result, technologies such as web application firewalls (WAF), access management (AM), endpoint protection platform (EPP) and secure web gateway (SWG) will witness short-term demand at least until 2022.
Gartner. (2022, October). Data retrieved from Gartner.com.