Cybersecurity Market to Reach $1.19 Trillion by 2029 as Palo Alto Networks Secures CIO Spend
PANW•A bank forecasts the global security and safety market at $974 billion in 2026 and $1.19 trillion by 2029, with cybersecurity spending up 12.5% to $240 billion next year. A survey of 40 CIOs finds cybersecurity budgets rising 6.2% in 2026, with Palo Alto Networks among vendors with strongest spending plans.
1. Investment Report Raises Market Outlook
An investment report raises the addressable global security and safety market outlook to $974 billion in 2026 and $1.19 trillion by 2029, implying a 7% compound annual growth rate. The analysis identifies cybersecurity as the primary growth driver, projecting spending to reach $240 billion this year and $323 billion by 2029.
2. CIO Spending Survey Highlights Vendor Rankings
A survey of 40 CIOs indicates software budgets will grow 6.2% and cloud allocations 10.1% in 2026, with cybersecurity spending also up 6.2%. Palo Alto Networks ranks among the top vendors expected to benefit, as 68% of participants establish dedicated AI security budgets to address emerging generative AI threats.
