DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/8spzpt/global_it) has announced the addition of the "Global IT Security Spending Market 2012-2016" report to their offering.
The analysts forecast the Global IT Security Spending market 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.
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 mentioned in the report 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.
Commenting on the report, an analyst from the team said: 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.
According to the report, 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.
For more information visit http://www.researchandmarkets.com/research/8spzpt/global_it.
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