TechNavio recognizes the following companies as the key players in the Global IT Security Spending Market: Check Point Software Technologies Ltd., Cisco Systems Inc., EMC Corp., Fortinet Inc., Hewlett-Packard Co., Juniper Networks Inc., McAfee Inc., Palo Alto Networks Inc., Symantec Corp., and Trend Micro Inc.
Commenting on the report, an analyst from TechNavio’s team said: “One of the major trends witnessed in the market is the increasing demand for cloud-based security solutions. The demand for cloud-based security solutions is increasing in the Global IT Security Spending market, primarily because of the significant advantages attributed to such solutions. Moreover, companies are finding it difficult to manage standalone or integrated network components because of issues such as budget constraints, and lack of resources and expertise to address security issues. Hence, companies are increasingly opting for cloud-based IT security solutions, which are cost-effective, compliant with PCI DSS, and offer round-the-clock monitoring of the system. Therefore, the increasing demand for cloud-based solutions is expected to contribute to the growth of the Global IT Security Spending market during the forecast period.”
According to the report, one of the major drivers is the need to improve the quality of protection. As the frequency of attacks is increasing, organizations are increasingly implementing IT security solutions that efficiently monitor and provide enhanced protection. The quality of protection can also be enhanced by outsourcing security responsibilities to service providers that have core expertise in this field. Hence, more end-users are adopting IT security services, a trend which is supporting the growth of the Global IT Security Spending market.
Further, the report states that one of the major challenges faced by the vendors in the market is the high cost of implementation. Despite the potential benefits provided by IT solutions, certain organizations refrain from investing in such solutions owing to the high costs associated with them. In addition, there are certain hidden costs involved in the maintenance of such solutions. Factors like these discourage end-users from adopting these solutions, thereby affecting the growth of the Global IT Security Spending market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/global-it-security-spending-market-2012-…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/it-hardware-software-services
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TechNavio Announces the Publication of its Research Report -Global IT Security Spending Market 2012-2016
