Security Market Size and Forecast (by Country, IT Solution Area, Size Band and Vertical) to 2027
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Security Technology Market Report Overview
The global security market size was valued at US$ 156.54 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 13.11% to reach US$ 289.79 billion by 2027. The cumulative revenue generation for security providers is estimated at US$ 1,286.18 billion for 2022-2027.
Security Market Outlook, 2022-2027 (US$ Billion)
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The ‘Security Market’ opportunity forecast report provides the total addressable market for security solutions from 2019 to 2027.
Market Size (2022) | US$ 156.54 billion |
Market Size (2027) | US$ 289.79 billion |
CAGR (2022-2027) | 13.11% |
Key Segments | · Application Security
· Content-Filtering and Anti-Spam Appliances · Data Protection · Endpoint Security Platforms · Firewalls and VPN Appliances · Fraud Prevention and Transactional Security · Identity & Access Management · Intrusion Prevention Systems · Managed Security Services · Messaging Security · Multi-Factor Authentication (MFA) · Network Monitoring and Access Control · Network Security · Security Intelligence and Management · Server Security · Unified Threat Management (UTM) Appliances · Web Security |
Key Regions | · North America
· South & Central America · Western Europe · Central & Eastern Europe · Middle East & Africa · Asia Pacific |
Key Verticals | · Manufacturing
· Information Technology · Retail · Retail Banking · Government · Insurance · Transport and Logistics · Healthcare · Construction · Energy · Consumer Goods · Financial Markets · Utilities · Communication · Education · Foodservice · Travel and Leisure · Media · Pharmaceuticals · Mining · Medical Devices · Others |
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Security Market Segmentation by Region
The security market is geographically segmented into North America, South and Central America, Western Europe, Central and Eastern Europe, Middle East Africa, and the Asia Pacific.
North America dominated the security market with a revenue share of 33.5% in 2022. Undoubtedly, the US held the largest market share of 90.0% in this region. On the other hand, Asia Pacific and Western Europe held the second and third positions with 31.3% and 17.9% of market shares, respectively.
Security Market Share by Region, 2022 (%)
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Security Market Segmentation by Vertical
Manufacturing, information technology, retail, retail banking, insurance, government, transport and logistics, construction, healthcare, and energy are a few of the key end-use industries making use of security in their operations. In terms of vertical end-use segments, the manufacturing sector held the highest market share of 9.0%, followed by the information technology sector.
The security market for the energy sector is expected to be the fastest-growing segment, recording an estimated CAGR of 16.57%, during the forecast period.
Security Market Share by Verticals, 2022 (%)
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Security Market - Competitive Landscape
A few of the major players significantly impacting the security market are Cisco Systems, Palo Alto Networks, Check Point Software Technologies, Fortinet, and Symantec among others.
Leading Security Companies
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Scope
This product provides revenue opportunity forecasts in the security market from 2019 to 2027, spanning 52 geographical markets, 6 regions, and 22 verticals.
Key Highlights
- The global security market is expected to grow at a CAGR of 13.11% over the forecast period.
- North America will hold the highest market share of 33.5% in the security market over the forecast period. Asia Pacific and Western Europe will follow with market shares of 31.3% and 17.9%, respectively. The Middle East, Africa, Central and Eastern Europe, and South and Central America together are expected to account for the remaining market share of 17.2%.
Reasons to Buy
- Access the current state and expected growth (next 5 years) of the security
- Determine lucrative sectors for security, considering their current contribution to the overall security market and their expected input toward the market growth over the next 5 years.
- Identify the geographies/countries that would contribute to the security market growth over the next 5 years.
Frequently asked questions
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What was the security market size in 2022?
The security market size was estimated at US$ 156.54 billion in 2022 and is expected to reach US$ 292.81 billion in 2023.
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What will the security market growth be by 2027?
The security market is expected to grow at a compound annual growth rate of 13.11% over the forecast period to reach US$ 289.79 billion by 2027.
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Which industry vertical led the security market in 2022?
The manufacturing sector was the largest vertical with 9.0% market share in 2022.
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Which region accounted for the largest security market share in 2022?
North America dominated the security market with 33.5% market share in 2022.
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