Business Impact of Security Incidents and Evolving Regulations Driving Market Growth
Worldwide spending on information security products and services will reach $86.4 billion in 2017, an increase of 7 per cent over 2016, with spending expected to grow to $93 billion in 2018, according to the latest forecast from Gartner, Inc.
Within the infrastructure protection segment, Gartner forecasts fast growth in the security testing market (albeit from a small base) due to continued data breaches and growing demands for application security testing as part of DevOps. Spending on emerging application security testing tools, particularly interactive application security testing (IAST), will contribute to the growth of this segment through 2021.
Security services will continue to be the fastest growing segment, especially IT outsourcing, consulting and implementation services. However, hardware support services will see growth slowing, due to the adoption of virtual appliances, public cloud and software as a service (SaaS) editions of security solutions, which reduces the need for attached hardware support overall.
"Rising awareness among CEOs and boards of directors about the business impact of security incidents and an evolving regulatory landscape have led to continued spending on security products and services," said Sid Deshpande, principal research analyst at Gartner.
"However, improving security is not just about spending on new technologies. As seen in the recent spate of global security incidents, doing the basics right has never been more important. Organisations can improve their security posture significantly just by addressing basic security and risk related hygiene elements like threat centric vulnerability management, centralised log management, internal network segmentation, backups and system hardening," said Mr Deshpande.
Other assumptions behind Gartner's latest information security market forecast include:
The EU General Data Protection Regulation (GDPR) has created renewed interest, and will drive 65 per cent of data loss prevention buying decisions today through 2018.
The GDPR has caused an overall panic and unease among organisations in Europe, but will also have a global effect since multinationals will also need to adhere to the new law. While organisations are working toward strengthening their knowledge of the regulation, those with some form of data loss prevention (DLP) already implemented are determining what additional...