Worldwide spending on security products and services set to reach $151.2 billion in 2023

Worldwide spending on security products and services is set to reach $151.2 billion in 2023, according to a recent report from PreciseSecurity.com.

The report says the market would grow by 57% from $96.3 billion in 2018. It says the market is expected to reach $106.6 billion this year.

The information security technology market continues to move forward with large investments from different companies and organisations around the world, with the banking industry one of the sectors that is expected to invest the largest amount of funds in this market, the company says.

"Considering there have been many attempts for hackers to acquire funds from banks, the banking industry is expected to spend the most on security solutions," the report says.

The report shows that the industries that will experience the fastest spending growth include government, telecommunications, and resources. They will be growing at a CAGR of 12.5%, 11.9% and 11.0% respectively.

"Although the growth in investment from companies and organisations in the security information technology market is expected to increase, these could be conservative estimations," the report says.

"Increasing investment in security products and services is a natural response to the growing number of various hacks and attacks companies experienced."