Article posted: Apr 11, 2017
By Joakim Thoren, CEO
Analyst research firm International Data Corporation (IDC) says companies are prepared to spend more money on their security this year. Its recently updated Worldwide Semiannual Security Spending Guide, forecasts worldwide revenue for security-related hardware, software and services will reach $81.7 billion in 2017, an increase of 8.2 percent over 2016. IDC's Spending Guides provide a granular view of key technology markets from a regional, vertical industry use case, buyer, and technology perspective.
Versasec's key takeaways from the survey are:
- Global spending on security continues to grow at a healthy clip.
- Key vertical industries such as government, banking and discrete manufacturing will each spend more than $5 billion on security products this year.
- Security spending is on the rise for telecommunications, state/local governments, healthcare, utilities and banking.
- The United States will be the largest market for security products and is expected to see $36.9 billion in security-related investments. Western Europe will make up the second largest market with spending of nearly $19.2 billion this year.
- European organizations are focused on data, cloud and mobile security.
IDC forecasts of security markets bode well for companies like Versasec. As organizations look to shore up their overall security activities, identity and access management should continue to be a highly-sought solution especially for the government, banking and discrete manufacturing industries.
In addition, the survey suggested that smaller businesses with fewer than 500 employees would spend roughly one third of the $81.7 billion to keep their companies secure. Versasec is working hard to provide secure, affordable identity and access management solutions for organizations of all sizes.
To learn more about how your organization can implement and scale identity and access management solutions using Versasec's award-winning vSEC:CMS product suite, visit: https://versasec.com/products.php