With increased focus and media attention on the protection of corporate data and systems, IT security is moving higher and higher up the corporate agenda. A recent IDC survey showed that 56% of organizations expected their IT budget to increase over the next 12 months with 83% expecting their security spend to increase. Organizations surveyed had an average annual IT expenditure of £15.4 million. The same survey showed that currently security spend accounts for 6% of IT budgets and this is set to grow to 11% within the next 12 months.
The Western European security software market grew by 19.1% in 2006, compared to 2005, and will continue to grow from 2006 to 2011 with a CAGR of 11.4%. “Growth is still important in this area because the need for security grows with the need for IT. Regulation compliance, IT weakness, complexity, and attacker agility are the main drivers of investment,” said Eric Domage, IDC’s Western European Security Software research manager.