Two sides of dealing with the same coinIn the consumer context, IT security may be limited to the use of passwords to control access to computer hardware or the use of firewalls and anti-virus software to protect desktop computers and other electronic consumer devices from harmful or malicious intrusion. At the other end of the spectrum, enterprise information security is a complex undertaking, covering computers, servers, routers, telecommunications equipment, and other electronic systems, relying on software, hardware, and information management policies to secure corporate data.
Main market segments: Or having the right money in the right placeSince the number of threats is continuously increasing, the need to protect digital assets and network devices has become greater too. In 2022, the information security market was estimated to be worth 172.5 billion U.S. dollars, with data security and privacy remaining the most critical security areas worldwide.
The industry’s emergence and revenue growth has been observed across all segments due to its expanding nature and continuous development of external threats. For instance, security services - a major market and the largest IT security segment - generated over 71 billion U.S. dollars in 2022. Security software also plays an essential role in the global IT security industry, peaking its worldwide revenue at nearly 61 billion U.S. dollars in 2021. Security software is meant to ensure protection on laptops or mobile devices from malicious threats and offers support to a broad range of actors – from companies and users to systems and data.
Additionally, as long as businesses continue to improve their IT infrastructure and transfer their data to the cloud, they also leave themselves exposed to innumerable risks. Hence, the Security as a Service (SECaaS) market was valued at approximately ten billion U.S. dollars in 2022 and was forecast to be ten times higher by 2023. This business model is based on a service provider that incorporates their security services into business infrastructure based on a cost-friendly subscription that most individuals or corporations can purchase, without requiring additional on-premises hardware.