Security spending increases despite economic pressures
Double digit growth sees revenues pass $16.5bn during 2010
Enterprises have indicated that spending on IT security will remain high on the priority list, despite continued pressure of budgets, resulting in worldwide revenues surpassing $16.5bn by the end of this year.
The increase of 11.3% over 2009's revenues of 14.8bn surprised analysts, who had been expecting single digit growth for the second year running. In 2009, the recession slowed growth in the security markets to 7%.
Gartner put the increase in growth down to the difference in market conditions between the current economic problems, and those experienced in 2001-2002, in particular the level of maturity in the market, penetration of technology, confidence in IT and geographical and vertical mixes.
"Most segments of the security software markets will continue to grow over the next few years, although a significant degree of variation is expected between the more-established and less-mature technologies" warned Ruggero Contu, principal researcher analyst at Gartner.
While consumer spending on security will continue to lead the market, enterprise end-point security will remain a firm second in terms of revenue, at $4.2bn versus $3bn this year.