IT security software spending up 19 percent last year
Monday, June 22, 2009
Global spending on IT security grew 18.6 percent to $13.5 billion in 2008, according to a report from Gartner. Analysts said demand for appliance-based products led growth in spending, particularly within email security and secure web gateway markets.
Although Symantec continued to be the market leader, accounting for 22 percent of worldwide security software in 2008, the company's market share was down from 24.4 percent of the market in 2007. McAfee experienced the strongest growth rate among the top five vendors.
The combined top five vendors' market share is gradually falling in favor of smaller players, Gartner said.
"During times of economic uncertainty and budget restrictions, IT security leaders increasingly need to show business value and cost-effectiveness for security measures, and this has impacted and slowed sales cycles," said Ruggero Contu, principal research analyst at Gartner.
Contu said software as a service (SaaS) and host-based offerings and expected increasing interest from the small and midsize business (SMB) sector will sustain growth in the market in 2009.
Gartner predicts that the security software market will show signs of slowdown but will continue to grow at around 9 percent.
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