2014-03-26 09:43:02 - Global IT Security Spending Market 2012-2016 - a new market research report on companiesandmarkets.com
The Global IT Security Spending market is to grow at a CAGR of 9.29 percent over the period 2012-2016. One of the key factors contributing to this market growth is the need to improve the quality of protection. The Global IT Security Spending market has also been witnessing the increasing demand for cloud-based security solutions. However, the high cost of implementation could pose a challenge to the growth of this market.
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.
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.
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 key vendors dominating this market space are Check Point Software Technologies Ltd., Cisco Systems Inc., EMC Corp., Fortinet Inc., Hewlett-Packard Co., Juniper Networks Inc., McAfee Inc., Palo Alto Networks Inc., Sourcefire Inc., Symantec Inc., and Trend Micro Inc.
Other vendors are Akamai Technologies Inc., Barracuda Networks Inc., Citrix Syatem Inc., Dell SonicWALL, F5 Networks Inc., Radware Ltd., IBM Corp., Microsoft Corp., and Trustwave Holdings Inc.
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