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Double-Digit Revenue Growth for Security Products Forecast to Continue Through 2028

June 28, 2024 By admin Leave a Comment

On June 27, 2024, IDC released new data revealing that worldwide revenue for security products reached $106.8 billion in 2023, marking a 15.6% increase from 2022. This growth spanned all six product categories, each achieving double-digit year-over-year increases.

The largest category in 2023 was Network Security, with revenues totaling $27.4 billion. This included significant contributions from Firewall/Unified Threat Management, Secure Web Gateway, Web Application and API Protection, and VPN/Zero Trust Network Access. Additional secondary markets in Network Security included Segmentation, Infrastructure Protection, IDS/IPS, Cloud Access Security Broker, and Network Sandboxing.

Following Network Security, the next largest categories were Endpoint Security and Security Analytics, with revenues of $21.6 billion and $20.0 billion respectively. The Endpoint Security segment’s revenue was divided between Modern Endpoint and Consumer Digital Life Protection markets. The Security Analytics segment saw significant contributions from Vulnerability Management and SIEM, along with Network Security Analytics, Orchestration and Automation Tools, and Cloud-native XD markets.

Identity and Access Management, Information and Data Security, and Cloud Native Application Protection Platforms (CNAPP) collectively generated $37.8 billion in 2023. Notably, CNAPP experienced the highest year-over-year growth at 31.5%, followed by Identity and Access Management at 21.4%, with the remaining categories achieving mid- to upper-teen growth rates.

In terms of deployment, public cloud solutions dominated, capturing nearly two-thirds of security product revenue in 2023, with the rest from on-premise deployments and hardware appliances.

The top five companies in the security products market in 2023 were Microsoft, Palo Alto Networks, Cisco, Gen Digital, and Fortinet, collectively earning $28.8 billion or nearly 27% of the market. IDC projects the global security product market will maintain double-digit growth, anticipating total revenues of $200 billion by 2028. The fastest-growing segments over the forecast period include Cloud Native Application Protection Platforms, Security Analytics, Identity and Access Management, and Information and Data Security, each expected to achieve compound annual growth rates in the teens or higher.

IDC’s Worldwide Semiannual Security Products Tracker offers comprehensive market size and vendor share data for 25 security markets, along with annual five-year market forecasts at worldwide, regional, and country levels. For more detailed insights, including a graphic illustrating the worldwide market share of the top five security product companies in 2023, visit IDC.com.

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