August 22, 2017 by Canadian Underwriter
Worldwide spending on information technology security products and services will reach US$86.4 billion in 2017, an increase of 7% over 2016, according to the latest forecast from Gartner, Inc.
Spending is expected to continue its growth to US$93 billion in 2018, the Stamford, Conn.-based research and advisory company said in a press release last week.
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, a software development and delivery process. Spending on emerging application security testing tools, particularly interactive application security testing, will contribute to the growth of this segment through 2021, Gartner said in the release.
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 editions of security solutions, “which reduces the need for attached hardware support overall,” the company said.
“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,” suggested 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. Organizations can improve their security posture significantly just by addressing basic security and risk related hygiene elements like threat centric vulnerability management, centralized log management, internal network segmentation, backups and system hardening,” Deshpande said in the release.
Other assumptions included in the latest IT security market forecast include: