Information Security Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Endpoint Security, Cloud Security, Network Security, Application Security, Infrastructure Protection, Data Security, and Others), By Solution (Unified Threat Management (UTM), IDS/IPS, DLP, IAM, SIEM, DDoS, Risk & Compliance Management, and Others), By Services (Professional Services (Risk and Threat Assessment, Design, Consulting, and Implementation, Training & Education, and Support & Maintenance) and Managed Services), By Application (IT & Telecom, Retail, BFSI, Healthcare, Defense/Government, Manufacturing, Energy, and Others), and Region Forecast 2019-2030.

The information security market was valued at US$ 247.3 billion in 2023 and is anticipated to grow at a CAGR of 8.2% over the forecast years (2024-2030). The information security market is propelled by the demand for data protection across businesses, regulatory compliance requirements, and an increase in cyber threats. The need for strong security solutions is further increased by the growth of cloud use and remote work. Nevertheless, the industry is constrained by factors including the high expense of putting in place extensive security measures and the lack of qualified cybersecurity experts. There are opportunities to grow managed security services and create cutting-edge technologies like AI and machine learning for threat identification and response. The move to cloud-based security solutions, the emphasis on zero-trust security models, and the need for training and awareness campaigns to counter human error a major contributing cause to security breaches are some of the major trends.

Key Players 

The information security market size is inclusive of several companies such as BAE Systems Plc, Broadcom, Inc., Centrify Corp., Check Point Software Technology Ltd., Cisco Systems, Inc., FireEye, Inc., Fortinet, Inc., IBM Corporation, Lockheed Martin Corp., LogRhythm, Inc., McAfee, LLC., Palo Alto Networks, Inc., Proofpoint, Inc., Sophos Ltd., and Trend Micro Inc. 

Key Developments

•  In March 2023, the introduction of the Cortex XSIAM module for identity threat detection and response was announced by Palo Alto Networks. Organizations can swiftly combine user identification and behavior data with this threat detection and response solution and then leverage powerful AI technologies to expose identity-driven threats.
•  In November 2023, Innotec Security, a European provider of cyber security as a service with capabilities including threat detection, simulation, cyber intelligence, response and incident management, application security, and security consulting, was purchased by Accenture, a managed services and technology solutions company. With this purchase, Accenture hopes to grow its resources, presence, and capacity while also satisfying the growing demand for managed security services in the European cybersecurity sector.

Information Security Market Segmentation

By Type: In the market, Endpoint Security is the most common type. The growing number of laptops, smartphones, tablets, and Internet of Things (IoT) devices linked to business networks is the main cause of this domination. Effective endpoint protection is essential because enterprises are more vulnerable at the endpoints due to the rise in remote work and mobility. Endpoint security solutions prioritize protecting sensitive data, staying in compliance with legal requirements, and identifying and addressing threats at the individual device level. Strong endpoint security measures are becoming more and more necessary due to the increase in cyberattacks, which include phishing and ransomware assaults. Endpoint security is the market leader despite the importance of other security types, such as network and cloud security, which are similarly crucial for an organization's security posture.

By Solutions: Due to its all-encompassing approach to threat detection and response, Security Information and Event Management (SIEM) solutions are frequently seen as dominating in the field of information security systems. SIEM solutions give enterprises real-time insights into possible risks and facilitate quick incident response by aggregating and analysing security data from several sources. The entire security posture is improved by their ability to integrate with other security measures, such as Unified Threat Management (UTM) and Intrusion Detection/Prevention Systems (IDS/IPS). Furthermore, SIEM systems facilitate regulatory compliance by providing comprehensive reporting and monitoring features. The need for SIEM solutions is growing along with the sophistication of cyber threats, which makes them necessary for efficient information security management.

By Services: The market leader in information security is Managed Services. The primary factors contributing to this domination are the complexity of cyber threats and the increased pressure on businesses to safeguard confidential information and adhere to legal requirements. With managed services, companies may contract with specialist companies to handle their security requirements, freeing them up to concentrate on their main business while guaranteeing that strong security protocols are in place. In addition, a lot of businesses are looking for affordable solutions that offer round-the-clock monitoring and quick incident response due to the growing expenses connected with data breaches and cyber disasters. Managed services are a recommended option for businesses wishing to improve their threat detection and response capabilities since they also make use of cutting-edge technology like artificial intelligence and machine learning.

By Applications: Due to its pressing need for strong security measures, the Banking, Financial Services, and Insurance (BFSI) industry is sometimes seen as dominating in the information security system market. Due to the high risk of cyberattacks and handling of sensitive financial data, this business requires strict regulatory compliance and risk management. To safeguard client information and uphold confidence, BFSI companies use cutting-edge security solutions including encryption, fraud detection, and real-time monitoring. Investments in security technology are substantial due to the complexity of the financial sector and the possible effects of breaches on customers and the economy. The need for all-encompassing security solutions is growing as digital transformation quickens in the banking and financial services industry, further solidifying its leadership in the field of information security.