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Data privacy concerns a key factor in rapid security market growth

It's no secret that data security is top of mind for nearly all organizations. So much so that worldwide spending on information security products and services will reach more than $114 billion in 2018.

That figure represents an increase of 12 percent from $101.5 billion in spending last year, according to a new forecast from Gartner Inc. In 2019, the market is forecast to grow 9 percent to $124 billion.

Privacy concerns are becoming a key factor is this rapid growth, and Gartner thinks these concerns will drive at least 10 percent of market demand for security services through 2019. They will also impact a variety of segments, such as identity and access management (IAM), identity governance and administration (IGA) and data loss prevention (DLP).

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"Security leaders are striving to help their organizations securely use technology platforms to become more competitive and drive growth for the business," said Siddharth Deshpande, research director at Gartner. "Persisting skills shortages and regulatory changes like the EU’s General Data Protection Regulation (GDPR) are driving continued growth in the security services market."

Organizations are continuing their journey toward compliance with GDPR, which has been in effect since May 25, 2018. Implementing, assessing,. and auditing the business processes related to the GDPR are expected to be the core focus of security service spending for EU-based organizations, and for those whose customers and employees reside there.

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