By 2023, the information security technology market is estimated to be worth 151.2 billion U.S. dollars worldwide, while revenues are expected to reach 124 billion U.S. dollars in 2019. Security services represent a major market and are forecast to generate 64 billion U.S. dollars. Security software has increasingly played a valuable role in the global IT security industry, producing revenues of 36.3 billion U.S. dollars in 2018. The largest firms in the cybersecurity market are multi-billion dollar companies such as Cisco, Paloalto Networks, and Symantec, each of which controls a market share of between six and ten percent.
Analysts have suggested that security trends are being shaped by new markets, such as big data or the internet of things. One impact of this has been the shift towards managed security services, a result of the difficulty organizations face in deploying and managing the skills and equipment necessary to face new, rapidly evolving threats. Consequently, security appliances have recorded increased revenues, from 3.1 billion U.S. dollars in the second quarter of 2017 to 4.47 billion U.S. dollars in the final quarter of 2018. Similar to their position in the cybersecurity industry as a whole, Cisco and Palo Alto Networks are noteworthy security appliance vendors, each occupying a market share of over 16 percent respectively as of 2019. Other industry players are Check Point, Fortinet, and Symantec.