- The key vendors in the global IT security spending market 2015-2019 are Check Point Software Technologies Inc., Cisco Systems Inc., EMC² Corp., Fortinet Inc., Juniper Networks Inc., McAfee Inc., Palo Alto Networks Inc., Symantec Corp., and Trend Micro Inc.
London, 22 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global IT security spending market 2015-2019. The increasing demand for cloud-based security solutions is a critical trend observed in this market. Many companies prefer adopting cloud-based solutions as managing standalone or integrated network components is difficult. These solutions are cost-effective, payment card industry data security standard (PCI DSS) compliant, and also offer round-the-clock system monitoring. This market is expected to grow at a rate of 9.88% during the forecast period of 2014-2019.
The recent surge in unauthorized access to networks and resources as a result of server virtualization is a major factor that positively affects the market. Increasing instances of security threats to companies has disrupted their business operations and has also affected their brand loyalty. Security breaches an organization’s IT infrastructure can lead to the loss of critical data and can also result in severe financial losses. This has forced enterprises, especially SMEs, to increase their spending on IT security.
“The need to protect networks from advanced cyber threats has led to the adoption of multiple IT security solutions such as cyber security, web security, email security, data loss prevention, endpoint security, content security, and network security solutions worldwide,” says Faisal Ghaus, Vice President of Technavio Research.
“This has resulted in a complex IT infrastructure, making it difficult for end-users to manage these solutions. Organizations are therefore adopting converged security solutions such as unified threat management and next-generation firewalls.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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