Cybersecurity products and service providers have been urged to be on the alert as spending on security products and services is projected to reach 151.2 billion in 2023.

According to a recent report released by PreciseSecurity, spending in the security technology market would reach $106.6 billion before the end of this year, predicting that the Information Security Technology market to surge in the next years.

The report attributed the surge in the market to large investments from different companies and organizations around the world on cybersecurity.

“Globally, the whole market would be growing between 2018 and 2023 by 57 percent from $96.3 billion to $151.2 billion,” said Justinas Baltrusaitis, the editor at PreciseSecurity.

According to the report, the banking industry is one of the sectors that is expected to invest a large amount of funds on security solutions, considering the fact that there have been many attempts for hackers to acquire funds from banks.

Other industries that will experience the fastest spending on security solutions, include government, telecommunications and resources. They will be growing at a CAGR of 12.5 percent, 11.9 percent and 11.0 percent Compound Annual Growth Rate (CAGR), respectively.

Increasing investment in security products and services is a natural response to the growing number of various hacks and attacks companies experienced.


ITPulse is a wholly information technology communication (ICT) news website, with a special focus on the African continent. The website provides up-to-date biz-tech news, analysis and comprehensive and thorough insight into the continent's ICT terrain

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