A/NZ security market to surpass US$1.6 billion: IDC

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Analyst firm IDC has updated its July 2007 security solutions market forecast, predicting the industry is set to surpass US$1.6 billion by 2011 instead of just reaching it.

The new findings from IDC's report, ‘Australia and New Zealand Security Solutions 2H 2007 Forecast Update, 2007-2011’, cited the increasing sophistication of the threat landscape as a key market driver behind the increase.

Higher usage of new business technologies including mobility, wireless networks, Web 2.0 and pressure from government and industry regulations were also contributing factors.

"New business enabling technologies are being adopted by organisations trying to lower costs and improve operational efficiency. These pressures are coupled with constantly evolving security threats and emerging technologies," said IDC's senior analyst for Security Solutions ANZ, Patrik Bihammar.

According to IDC, market developments including the need for stronger information protection and control and continuing consolidation in the security market have also played a part.

"Organisations in ANZ will need to continue to invest in IT security to maintain their security and risk posture and protect their assets and information against increasingly sophisticated threats targeting the core of any business, its information and intellectual property," Bihammar said.

In July 2007 IDC estimated the security solutions market would have ‘double-digit compound annual growth rate to reach almost US$1.6 billion by 2011’ which would provide growth opportunities for vendors and service providers.
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