IT Security Market to Hit $30 billion by 2017By: Sean Patterson - August 12, 2013
As the internet has grown, so have the dangers of its interconnectedness. Business of all sizes are at risk for multiple types of intrusions into their networks, including the relatively new phenomenon of hacktivism.
It’s no surprise, then, that the IT security industry is being forecasted for explosive growth in the coming years. Analyst firm Canalys today released estimates showing that IT security spending will reach $30.1 billion by the year 2017. The firm also predicted that IT security would not be largely affected by poor economies, as business are likely to prioritize it over other spending.
Latin America in particular is predicted to increase its IT security spending. Current infrastructure projects are expected to drive a 15% increase in IT spending in Latin America this year. Europe is on the opposite end of the spectrum, with Europe, the Middle East, and Africa estimated to have increased their combined IT security spending only 3% in 2012.
“The sluggish growth was primarily down to the poor performance of the European market, which was hindered by economic uncertainty,” said Nushin Vaiani, an analyst at Canalys. “We expect an increase in investment as businesses of all sizes begin to gear up for the impending changes to the EU data protection directive. This will work to boost overall growth in the EMEA market to 8% for full-year 2013.”
Canalys also predicted that medium-sized business will see large IT spending growth in the coming years. The spending increase is expected to come from businesses catching up with new data regulations.