Alexandra Borgeaud
Research expert covering cybersecurity and tech in Latin America
Security software - statistics & Facts
In a global environment characterized by an ever-increasing number of cyberattacks, the need for stronger cybersecurity practices and awareness is felt as ever before. This is notably illustrated by the significant growth experienced by the global security software industry over the past years. In 2022, the global annual revenue from security software was valued at more than 60 billion U.S. dollars, registering the highest market increase since 2016. Undoubtedly, security software is one of the most critical segments of the overall information security market, recording revenues of almost 190 billion U.S. dollars in 2023.
Security software spending reflects companies’ concerns
The more companies expand their web presence, the higher the risks. Therefore, security software expenditure must be the main priority on a company’s security spending list. For instance, productivity software and security software were the top leading segments in terms of software budget distribution for companies in North America and Europe as of 2023. As the software market is migrating increasingly from an on-premises model to a cloud subscription model, cloud-based security solutions, such as defending against malware, are also highly emphasized in an organization’s security budget. In fact, these solutions are seeing the most significant increase in the level of spending compared to other types of security spending. After the coronavirus (COVID-19) determined and accelerated the widespread remote work practice, it is no surprise that companies are taking cloud security as well as identity and access management (IAM) seriously.Tackling cyberthreats
In a century where cybercrimes are rapidly becoming some of the most threatening and harmful crimes, information security is the anchor that keeps companies and individuals alike safely surfing in an increasingly digital world. In 2023, zero trust network access (ZTNA) was the emerging IT security technology that most global companies already had running. This security solution ensures secure remote access to a company’s network (data, application, and services), based on well-defined access control policies. Unlike Zero Trust Architecture – which concentrates on understanding who or what is accessing the corporate network – ZTNA focuses on application access and has begun to be used as an alternative to Virtual Private Networks (VPN). The global Zero Trust security market is forecast to reach133 billion U.S. dollars by 2032, representing a fourfold increase compared to its 2023 value. Tackling increasingly complex and varied cyberthreats will, without a doubt, require increasingly innovative security solutions.
