Gartner optimistic on security spending

Security software market will grow by eight percent.

The worldwide market for software security products will continue to grow this year despite the adverse economic conditions, although at a reduced rate, according to figures released today by analyst firm Gartner.

The firm predicted the security software market will total US$14.5bn (£8.9bn) in 2009, an eight per cent increase from 2008, but will shoot up by 13 percent next year to US$16.3bn (£10.1bn), as the signs of economic recovery start to appear.

Analyst Ruggero Contu argued that although the market continues to be affected by the downturn, growth will continue this year because security is one area of the IT budget where cuts cannot be risked.

“In the medium term, the greatest growth opportunities will come from software-as-a-service (SaaS), appliance-based offerings and small and medium businesses (SMBs), which are in security catch-up mode compared with large companies and therefore spend a higher percentage of their budgets on security,” he added.

Vendors offering better-integrated products, and strong and trusted partnerships with other players stand the best chance of meeting customer demand and thus economic success, he said.