New data from the International Data Corporation (IDC) Worldwide Semiannual Security Products Tracker projects double-digit year-over-year growth of the worldwide revenue for security products. The revenue totalled $106.8 billion in 2023, marking a significant increase of 15.6% from 2022 and showing strength across all six product categories.
"Security is a board-level conversation; cyber risk is business risk. Thus, security spending remains strong and carries a certain level of immunity from the negative effects of economic uncertainty. The emergence of GenAI and other AI technologies are contributing to increased budgets for security offerings in 2024," said Frank Dickson, group vice president of security & Trust at IDC.
"GenAI brings pressure to increase cybersecurity budgets on two fronts: to secure an organisation's development and use of GenAI applications and to use GenAI assistants to uplevel security analysts, in both efficacy and efficiency."
Frank Dickson
Technology categories
The largest technology category in 2023 was Network Security, with worldwide revenues totaling $27.4 billion, followed by Endpoint Security ($21.6 billion) and Security Analytics ($20.0 billion. Identity and Access Management, Information and Data Security, and Cloud Native Application Protection Platforms (CNAPP) – delivered $37.8 billion in combined revenue for 2023.
Double-digit growth
IDC projects double-digit growth for the global security product market over the next five years, with total revenue reaching $200 billion in 2028.
The fastest-growing product categories over the 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.