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The increasing market of mobile and web platform, evolution of next-generation cyber security solutions, and need of integrated security solutions are some of the growth opportunities, which contribute towards the global IT security spending market in the forecast period.
Information technology (IT) security is used to safeguard data and information of multi-user or single user networks. It protects information and data from unofficial access and fraudulent modification. Spending on IT security refers to the measures taken to monitor, detect, report, and counter threats. IT security spending involves the expenses sustained by the government organizations and enterprises to secure their network, systems, and data. It also includes costs incurred while safeguarding computers, communications, along with information and data. IT security spending is a long-term investment to protect and save critical data.
Businesses are lowering their IT budgets, due to tough economic conditions, however, security remains a priority for businesses. Medium-sized businesses are highlighting more of their IT funds and resources to ensure that their businesses are compliant with various data security regulations. The businesses want to give their customers assurance, about the services they provide. With network security leading the way, medium sized businesses are anticipated to invest heavily in all market segments, driven by the need for solutions with advanced capabilities in application control as well as greater scalability.
The global IT security spending can be segmented, on the basis of security type, solution, service, vertical, and region. The IT security types include network security, content security, wireless security, endpoint security, application security, and cloud security. Content security spending is driven by encryption and data-loss prevention (DLP) solutions, owing to the growing need for protecting corporate data. On the basis of services, the global IT security spending market can be segmented into consulting, risk & threat assessment, design & integration, managed security services, and training & education. Based upon solutions, the IT security spending can be categorized as identity & access management, risk & compliance management, encryption, unified threat management, data loss prevention, firewall, antivirus & antimalware, or intrusion prevention system (IPS) or intrusion detection system (IDS), security information and event management (SIEM), distributed denial of service (DDoS), disaster recovery, whitelisting and mitigation. Security management investment is gaining significance in medium-sized businesses, due to the necessity of having greater visibility through an increasingly diverse infrastructure. In addition, the industry verticals can be divided into aerospace, government; BFSI; telecommunication, defense, and intelligence, healthcare; retail; manufacturing; and others.
The growing shift to virtual and cloud environments and bring-your-own-technology trend represents the major advances in IT security market that are forcing businesses to rethink their security measures and fuelling product refresh cycles. Now-a-days, business data resides in a disjoint ecosystem of virtual, on-premises and cloud environments. This shift is also expected to drive infrastructure management, and security investment in near future.
The increasing trend of bring your own device (BYOD) at workplace, big data analytics, and intelligence based cyber solutions, along with the growth of social media are some of the major trends in the IT security spending market. However, lack of security awareness, increased use of pirated software, and cyber talent gap are some of the major challenges hindering the growth of the IT security spending market.
Some of the major competitors in the global IT security market are Check Point Software Technologies Ltd., Palo Alto Networks, EMC Corporation, Fortinet, Inc, McAfee, Inc, Juniper Networks, Inc., Symantec Corporation, and Trend Micro Incorporated.