The size of the information security technology market could reach $151.2 billion in 2023, driven by the banking and telecoms sectors.

That’s according to a report from PreciseSecurity.com, which predicts spending in the security technology market will reach $106.6 billion this year. 

The report asserts that information security technology spending continues to move forward with large investments from different companies and organisations around the world, with the whole market growing by 57% 2018 and 2023 from $96.3 billion to $151.2 billion. 

The banking industry is one of the sectors that is expected to invest the largest amount of funds in this market.

“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,” say the authors.

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% Compound Annual Growth Rate (CAGR), respectively. 

Although the growth in investment from companies and organizations in the security information technology market is expected to increase, the firms stresses its estimates could be conservative estimations. 

Justinas Baltrusaitis, the editor at PreciseSecurity.com, said: “Increasing investment in security products and services is a natural response to the growing number of various hacks and attacks companies experienced. In my opinion, this projection could be certainly realistic but I am not closed to think this number could be even higher.”