▾ G11 Media Network: | ChannelCity | ImpresaCity | SecurityOpenLab | GreenCity | Italian Channel Awards | Italian Project Awards | ...

Double-Digit Revenue Growth for Security Products in 2023 is Forecast to Continue Through 2028, According to IDC

#CNAPP--Worldwide revenue for security products totaled $106.8 billion in 2023, an increase of 15.6% compared to 2022. And revenue growth was strong across the board with all six product categories re...

Business Wire

NEEDHAM, Mass.: #CNAPP--Worldwide revenue for security products totaled $106.8 billion in 2023, an increase of 15.6% compared to 2022. And revenue growth was strong across the board with all six product categories registering double-digit year-over-year growth, according to new data from the International Data Corporation (IDC) Worldwide Semiannual Security Products Tracker.

"Security is a board level conversation; cyber risk is business risk. Thus, security spending remains strong and carries with it a certain level of immunity from the negative effects of economic uncertainty. In fact, the emergence of GenAI and other AI technologies are contributing to increased budgets for security offerings in 2024," said Frank Dickson, group vice president, Security & Trust at IDC. "GenAI brings pressure to increase cybersecurity budgets on two fronts: to secure an organization's development and use of GenAI applications and to use GenAI assistants to uplevel security analysts, in both efficacy and efficiency."

The largest technology category in 2023 was Network Security with worldwide revenues totaling $27.4 billion. Nearly three quarters of this revenue came from four secondary markets: Firewall/Unified Threat Management (UTM); Secure Web Gateway; Web Application and API Protection; and Virtual Private Network (VPN)/Zero Trust Network Access (ZTNA). The Network Security category includes five other secondary markets: Segmentation; Infrastructure Protection; Intrusion Detection Systems/Intrusion Prevention Systems (IDS/IPS); Cloud Access Security Broker; and Network Sandboxing.

The next largest technology categories were Endpoint Security and Security Analytics with 2023 revenues of $21.6 billion and $20.0 billion respectively. Revenue in the Endpoint Security segment was divided between the Modern Endpoint and Consumer Digital Life Protection secondary markets. The Vulnerability Management and Security Information and Event Management (SIEM) secondary markets accounted for nearly two thirds of the Security Analytics revenue, with the remainder coming from the Network Security Analytics, Orchestration and Automation Tools, and Cloud-native XD markets.

The remaining technology categories – Identity and Access Management, Information and Data Security, and Cloud Native Application Protection Platforms (CNAPP) – delivered $37.8 billion in combined revenue for 2023.

The technology category with the greatest year-over-year revenue growth in 2023 was Cloud Native Application Protection Platforms at 31.5%, followed by Identity and Access Management at 21.4%. The other categories all saw annual revenue growth in the mid- to upper teens.

In terms of deployment, public cloud continued to capture a growing share of security product spending. In 2023, nearly two thirds of all security products revenue came from public cloud deployments with the remainder coming from on-premise deployments and hardware appliances.

The top five companies in the security products market in 2023 were Microsoft, Palo Alto Networks, Cisco, Gen Digital, and Fortinet with combined revenue of $28.8 billion or nearly 27% of the overall market.

A graphic illustrating the worldwide market share of the top 5 security product companies in 2023 is available by viewing this press release on IDC.com.

IDC forecasts the global security product market will continue to see double-digit growth over the next five years with total revenue reaching $200 billion in 2028. The fastest growing product categories over the 2024-2028 forecast period will be Cloud Native Application Protection Platforms, Security Analytics, Identity and Access Management, and Information and Data Security, all with compound annual growth rates (CAGRs) in the teens or higher.

IDC's Worldwide Semiannual Security Products Tracker provides total market size and vendor shares for 25 security markets, including cloud-native application protection platform, information and data security, endpoint security, identity and access, network security, and security analytics. The Tracker also includes annual five-year market forecasts for all 25 security markets as well as at the worldwide, regional, and country levels.

Click here to learn about IDC's full suite of data products and how you can leverage them to grow your business.

About IDC
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights.

Fonte: Business Wire

If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter.

Related news

Last News

Sparkle works on environmentally sustainable content distribution

The Italian company partners with MainStreaming for high-performance, energy-efficient video streaming

Fintech: Links tests the use of exponential technologies in the banking…

Links Management and Technology just concluded the testing phase of a research project focused on banking transformation

Axyon AI: Italian Artificial Intelligence for Finance applications

Axyon AI offers an AI platform specifically designed for asset management, with several interesting strengths for those approaching machine/deep learning…

Italian Artificial Intelligence tackles medical emergencies at sea

Mermaid-AI is a telehealth platform at sea based on a visor equipped with an AR, medical Artificial Intelligence algorithms, satellite communications…

Most read

Switzerland Existing & Upcoming Data Center Database 2024 - Emerging Data…

The "Switzerland Existing & Upcoming Data Center Portfolio" database has been added to ResearchAndMarkets.com's offering. This database product covers…

Supply Wisdom Risk Management Expert Available for Comment on Global IT…

Jenna Wells, former Marine Corps Captain and Chief Customer & Product Officer of real-time risk intelligence platform Supply Wisdom, is available…

Eaton names Tiffany Hanisch senior vice president, Internal Audit

Intelligent power management company Eaton (NYSE:ETN) today announced that Tiffany Hanisch has been named senior vice president, Internal Audit, effective…

Transact Campus Rolls Out Mobile Credential Technology at the University…

Transact Campus, (“Transact”) the award winning leader in innovative mobile credential and payment solutions for a connected campus, today announced the…

Newsletter signup

Join our mailing list to get weekly updates delivered to your inbox.

Sign me up!