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Global security market to cross $67 billion by 2013: Report

Global security market to cross $67 billion by 2013: Report

By Press Trust of India | Updated: 12 June 2013 13:33 IST

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As companies continue to expand the technologies they use to improve their overall security, the worldwide security technology and services market is forecast to reach USD 67.2 billion in 2013, a rise of 8.7 per cent from 2012 levels, research firm Gartner Tuesday said.

The security spend stood at USD 61.8 billion in 2012 and is expected to touch USD 67.2 billion in 2013 and to more than USD 86 billion in 2016, Gartner said in a statement.

"With security being one of the top IT concern areas, the prospect of strong growth is assured. The increases in the complexity and volume of targeted attacks, coupled with the necessity of companies to address regulatory or compliance-related issues continue to support healthy security market growth," Gartner Research Director Ruggero Contu said.

Gartner expects to see three main trends shaping the security market moving forward - mobile security, big data and advanced targeted attacks.

Bring your own device (BYOD) is a mega trend that will have a far-reaching influence on the entire security industry, it stated.

The amount of data required for information security to detect advanced attacks and support new business initiatives will grow rapidly over the next five years, it said.

In a separate report, Gartner said less than 10 per cent enterprises have a "true" information strategy.

According to a recent research, Gartner found that management thinking at an "information as strategy" level is still evolving.

"When asked about the new kinds of information they anticipate as being disruptive in the next few years, half of the respondents to Gartner's 2013 Worldwide CEO and Senior Executive Survey could not provide an answer or name a technology," Gartner Country manager for Research (India) Partha Iyengar said at an event Mumbai.

Competition will increasingly be defined by differential access, control and value recognition and timely exploitation of information, he said.

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