Global IT security spending market to Reach $133.8Bn by 2026
A new report added to the online inventory of Wise Guys Reports (WGR) reveals that the global IT security spending market is set to grow at a phenomenal speed over the next coming years. Global spending on security-related hardware, software and services will increase at a compound annual growth rate (CAGR) of 9.2% between 2018 and 2026. The global IT security spending market is expected to reach to USD 133.8 billion in 2026.
Information technology (IT) security is useful to secure data and information of multi-user or single user networks and protects information and data from all kind of frauds. Companies invest in IT security in order to monitor, detect, report, and counter threats regarding their businesses.
The leading businesses that are expected to spend the most on security solutions in the coming years include banking, discrete manufacturing, and federal/central government.
The cost benefit offered by global IT security spending market is also viewed as a prominent market driver. These tools are useful in safeguarding companies’ data from getting accessed unethically. However, lack of security awareness and more usage of pirated software are some of the challenges negatively affecting the growth of the global IT security spending market.
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Global IT security spending Market: Segmental Analysis
The segmental analysis of the market has been conducted based on type, application and region. Some of the major players in the global IT Security Spending market include Microsoft, AVG Technologies, Check Point Software Technologies, Symantec, Cisco Systems, Juniper Networks , Fortinet etc
By type, the market has been segmented into Network Security, Content Security, Wireless Security, Endpoint Security, Application Security and Cloud Security.
Based on application, the market has been segmented into Aerospace, Government, BFSI, Manufacturing and others.
Global IT security spending Market: Regional Analysis
On the basis of region, the market has been segmented into United States, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa. In Europe countries including Germany, UK, France, Italy, Spain, Russia and Poland are covered. Malaysia, Singapore, Philippines, Indonesia, Thailand, Vietnam etc are covered under Southeast Asia. In North America, countries such as the U.S. and Canada are covered. Geographically, the US is the largest market which is expected to spend major amount towards IT security spending. In terms of revenue, North America accounts for the largest share of the global IT security spending market. China also emerges as the second largest market as the businesses invest more of their funds and resources to ensure that their businesses have the best security system. Faster adoption of the advanced technologies and growing preferences to virtual and cloud environments is urging entrepreneurs to reconsider about the security measures thus pushing the global IT security spending market.
The report presents a clear analyse of the production, revenue, price, leading players of global IT Security Spending markets in different regions and provide clear insights to the individuals and businesses as well.
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