September 15, 2011 – Ongoing changes in the business technology landscape are driving growth in the security markets, says independent technology analyst Ovum.
Ovum monitors security software markets annually based on retail figures from suppliers and doing user surveys on spending. New research found that from a $16.8 billion market in 2010, security software is on track to grow to revenues of $23.3 billion in 2015.
Ovum says that a key driver is the increasing threat to enterprises of data theft in attacks from hackers seeking sensitive or competitive information. High-profile attacks such as Sony highlight the potential damage that businesses face if sensitive and valuable data is stolen.
Continuing interest in security is also due to cloud computing, increased mobility through personal devices and social networking in business. These environmental changes are creating additional demands driving the growing market globally, according to Ovum research.
“The security issues these phenomena raise can be significant, and they need to be tackled accordingly,” says Ovum principal analyst Graham Titterington.
Key investment targets will be in encryption software, along with advanced encryption key management environments and new types of anti-malware protection.
With the study, Ovum released a new security vendor rankings and market share analysis. Symantec tops the list globally, followed by McAfee and third, Trend Micro.
“This year’s study shows a continuation of the trend in security spending outstripping general IT spending overall,” says Titterington.
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