Total revenue global information security market 2011-2024

The information security market has increased considerably over the past years. In 2024, the revenue of the security technology and services market worldwide is expected to peak at 210 billion U.S. dollars. Information security refers to the practice of managing access to information, whether that is securing information from unauthorized access or verifying the identity of those who claim to have authority to access information. 

Security services as the main area of information security spending

Most of the global spending on information security technology in recent years has concentrated on security services, which comprise among others consulting, hardware support, and implementation. Factors explaining this trend include an ongoing demand for technologies enabling a secure remote and hybrid work environment, triggered by the COVID-19 pandemic, as well as the steady rise in Internet of Things (IoT) spending over the last decade.

Outsourcing security services

As businesses continuously migrate their data to the cloud, security as a service (SECaaS), defined as a cloud-based model for outsourcing a company’s IT security, appears as an increasingly popular data security solution. By adopting this model, businesses can ease their own security team’s responsibilities and avoid the costs and maintenance of in-house alternatives. The SECaaS market is projected to reach more than 81 billion U.S. dollars by 2033.