Global information security spending to reach $86.4bn in 2017, says Gartner
According to the market intelligence firm, the rise of security incidents and new regulations are driving the market’s development
In its latest spending forecast for the global information security market, Gartner noted that spending on security products and services will experience a 7% increase over 2016, culminating in $86.4bn in 2017.
Further projections indicate the market will continue to grow, reaching $93bn by the close of 2018.
Outpacing consulting, implementation services, and IT outsourcing, security services is expected to be remain the fastest growing segment, though Gartner projects steady growth from hardware support services. The latter is being driven wider adoption of public cloud, software-as-a-service (SaaS) security solutions, and virtual appliances.
Sid Deshpande, principal research analyst at Gartner, 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."
He added: "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."
Gartner research also highlighted within the infrastructure protection segment, the fastest developing area lay with the security testing market, which grew in parallel to the increase in global data breaches and demand for application security testing.
Additionally, the market research firm noted that spending on emerging application security testing tools, which includes interactive application security testing (IAST), will help drive continued growth in the segment all the way through to 2021.